Weekend Show – Sat 4 Mar, 2017

The week of higher markets, a sell off in metals and rate hike odds exploding

Click download link to listen on this device: Download Show

I can not express how happy I am to be back in the saddle and chatting with our great lineup of guests. On this weeks show I focus on the US markets, odds of a March rate hike by the Fed and of course the precious metals. It was a crazy week were we finally saw the S&P move more than 1% in a single day, that move was higher, and the metals had that drop that we were looking for. The most extreme move came from the bond market where we saw yields spike higher. Odds of a March rate hike began the week below 50% and rose to over 80% in just a couple days. This further drives home my thought that we are moving into a new paradigm of interest rates moving up (albeit slowly) and central banks playing catch up.

Starting on Sunday I will be attending the PDAC in Toronto. This is the largest metals conference in North America with pretty much every resource company attending. My days are already packed but please email me if there are any companies that you would like me to sit down with. I have received a number of emails from listeners regarding companies but please keep them coming! Also if you are in Toronto and would like to meet up for a beer or just a quick chat make sure you reach out! I can be reached at Fleck[at]kereport.com.

  • Segment 1 & 2: I kick off this week’s show with Jesse Felder, founder or TheFelderReport.com (click here to visit Jesse’s site). Jesse and I chat for two segments about the disconnect between soft data and hard data and what this means for the broad markets.
  • Segment 3: Avi Gilburt, founder of ElliotWaveTrader.net shares his technical insights on gold and silver as well as the S&P.
  • Segment 4: Auryn Resources (TSX:AUN) Executive Chairman Ivan Bebek address a couple questions from listeners regarding recent news out of their properties in Peru and the stock performance. Click here to visit the Auryn website and read up on the recent news out of Peru.
  • Segment 5 & 6: The first two segments of the second hour I am joined by Chris Martenson from PeakProsperity.com. In the first segment we chat about Chris’s upcoming seminar and transition to his outlook for the markets in the second segment. Click here to learn more about Chris’s annual seminar.
  • Segment 7 & 8: I wrap up the weekend show with Dana Lyons in two segments. Dana and I discuss how he filters through all the data and what he thinks is most important. In the second segment we discuss safe haven assets including treasuries and gold stocks.

Click download link to listen on this device: Download Show

Click download link to listen on this device: Download Show

Click download link to listen on this device: Download Show

Click download link to listen on this device: Download Show

Click download link to listen on this device: Download Show

Click download link to listen on this device: Download Show

Click download link to listen on this device: Download Show

Click download link to listen on this device: Download Show

Jesse FelderAvi GilburtIvan BebekChris MartensonDana LyonsCory Fleck

  1. On March 4, 2017 at 2:49 am,
    CFS says:

    Thanks Guys. Hi Skeeta.

    • On March 4, 2017 at 3:05 am,
      Excelsior says:

      It’s gonna be a really big show……

      Hope everyone has a great weekend. Rest up cause next week is going to get lively.

    • On March 4, 2017 at 1:16 pm,
      Tad says:

      Thanks guys. Good to have you back Cory.
      I’m really hoping Avi is correct.
      Thanks for the info Ex. Good stuff.
      Skeeta ! Are you spending all your time in your new pool 🙂

      • On March 4, 2017 at 1:22 pm,
        Excelsior says:

        Glad to share Tad. Yeah were is Skeeta lately. I’d love to hear his thoughts on any Aussie stocks that have his attention lately. You’re right….. he’s probably at the pool.

        • On March 4, 2017 at 1:22 pm,
          Excelsior says:

          were = where

          • On March 5, 2017 at 3:52 pm,
            Excelsior says:

            Skeeta – are you out there and OK??

  2. On March 4, 2017 at 2:55 am,
    Excelsior says:

    Gold Stocks’ Spring Rally 2
    Adam Hamilton – Mar 03, 2017


      • On March 4, 2017 at 2:57 am,
        Excelsior says:

        Wanted to share this site where I’ve been finding all kinds of new miners.

        Now THIS is a list of mining companies:


        • On March 4, 2017 at 4:18 am,
          Excelsior says:

          (SCZ) (SZSMF) Santacruz Silver Announces Agreement to Assign San Felipe Project to (USA) (USAS) Americas Silver Corporation

          “Santacruz Silver Mining Ltd. (TSX.V:SCZ)reports that its wholly-owned subsidiary, Impulsora Minera Santacruz, S.A. de C.V., has entered into an agreement with Americas Silver Corporation to assign 100% of its interest in the San Felipe Project located in Sonora, Mexico to Americas Silver for US$7 million plus VAT paid on execution of the Agreement, comprised of US$5.0 million plus VAT to the Company and US$2.0 million plus VAT to Minera Hochschild Mexico, S.A. de C.V., the underlying property vendor. These amounts were paid on March 2, 2017.”

          “We are pleased to have executed on our two-fold plan to divest these non-core assets and to improve our balance sheet through the elimination of the principal amount outstanding on our JMET Note. Santacruz is first and foremost a silver producer, and we look forward to increasing production at our Veta Grande and Rosario operations.” stated Arturo Prestamo, President and CEO.


          • On March 4, 2017 at 4:20 am,
            Excelsior says:

            Americas Silver Corporation Acquires Option on the San Felipe Property in Sonora, Mexico
            Mar 02, 2017

            Highlights of the Acquisition

            – Adds an additional high quality silver-zinc development project in a safe, mining-friendly jurisdiction
            – Potential for low capital, highly profitable silver and zinc production without shareholder dilution
            – Further increases silver and zinc leverage per share
            – Attractive acquisition value of 31 cents per silver equivalent ounce (99 cents/indicated resource ounce and 46 cents/inferred resource ounce)1 is highly accretive to overall asset portfolio based on the most recently published NI 43-101 technical report (described below)
            – Free cash flow from San Rafael supports San Felipe advancement

            * Darren Blasutti, President and Chief Executive Officer of Americas Silver, stated,

            “As we did when we acquired Scorpio Mining and the San Rafael project two years ago, we are taking a disciplined and highly accretive approach to our external growth strategy. The San Felipe acquisition provides our shareholders with an exciting development asset at an attractive valuation, which has the potential to add material high margin production scale that further enhances the tremendous value proposition of Americas Silver.

            “While we remain highly focused on successfully executing the development of San Rafael on time and on budget, we are extremely excited to add this project to our pipeline. We believe it has the potential to drive the next leg of growth for our Company as we transition to a leading first quartile silver producer in 2018 and beyond.”


    • On March 4, 2017 at 2:59 am,
      Excelsior says:

      Clive Maund – published Tuesday, February 28, 2017
      #TechnicalAnalsysis #Chart


    • On March 4, 2017 at 3:00 am,
      Excelsior says:

      Gold and Silver Bullion Versus the Miners
      Technical observations of RossClark – BOB HOYE, INSTITUTIONAL ADVISORS
      #TechnicalAnalysis #Chart


  3. On March 4, 2017 at 2:58 am,
    Excelsior says:

    March Fed Funds Rate – Comes in Like a Lion and Out With a Hike
    March 3, 2017 – by Gary Wagner #TechnicalAnalysis #Video
    #Gold #Silver #Dollar #DOW


  4. On March 4, 2017 at 3:01 am,
    Excelsior says:

    Gold Market Correction Tactics
    Super Force Precious Metals – Video #TechnicalAnalysis
    Morris Hubbartt – posted Mar 3, 2017

    > #Silver Versus #Gold Video Analysis


  5. On March 4, 2017 at 3:07 am,
    Excelsior says:

    Rate Hikes ‘Meaningless;’ #Gold Has Already Bottomed
    Mar 03, 2017 – #BMO #Video Interview
    Guest(s): Pierre Lassonde Chairman, Franco-Nevada

    “Mining magnate and chairman of Franco-Nevada Pierre Lassonde is confident in the mining sector for 2017, noting that gold prices bottomed over a year ago and should only move higher. Speaking with Kitco News at the BMO Metals & Mining Conference, Lassonde said expectations that gold prices will fall under pressure because of increased interest rates may be misplaced. ‘The rate hikes are meaningless,’ he says.”


  6. On March 4, 2017 at 3:12 am,
    Excelsior says:

    #Cobalt: will 2017 be a year of change?
    Roskill | about 17 hours ago


    • On March 4, 2017 at 3:13 am,
      Excelsior says:

      Hoarders the real reason cobalt is rising: Capital Economics
      Simona Gambarini on BNN

      “Cobalt prices continue to be the star performer among the industrial metals. We speak with Simona Gambarini, commodities economist at Capital Economics, who says the surge is due to hedge funds buying massive amounts of physical cobalt and hoarding it, hoping it will be worth more once electric cars really take off.”


      • On March 4, 2017 at 3:16 am,
        Excelsior says:

        Benchmark Mineral Intelligence

        Raw Material Impact of the Lithium Ion Battery Surge
        Feb 28, 2017 – BMO Global Metals and Mining Conference


      • On March 4, 2017 at 7:02 am,
        Dick Tracy says:

        China has the most to gain from electric cars, their pollution levels are way off the charts and that effects everyone in China rich and poor. The Chinese Hedge Funds are the big buyers and they can move the cobalt market much higher. The electric driverless car is a much needed and welcome improvement for mankind, yesterday I noticed a Hummer on the roads, it’s sad to think that there are people who still don’t get it except for their ego and the cheap price of gas. DT

        • On March 4, 2017 at 9:12 am,
          Excelsior says:

          DT – Yes, agreed about China’s interest in EVs. They are putting into use whole fleets of electric buses. Each year they have added more and more, with the driving force being cutting down on air pollution in the cities.


          China 100% Electric Bus Sales Grew To ~115,700 In 2016
          February 3rd, 2017 by James Ayre


          • On March 4, 2017 at 9:13 am,
            Excelsior says:

            China Electric Bus Sales Still Exploding
            February 25th, 2017 by Zachary Shahan


          • On March 4, 2017 at 10:17 am,
            Steven John says:

            Thanks Excelsior for posting the clean technicia article. Interesting read. We have a Telsa dealership here where i live in Austin, Texas that always seems busy when I drive by the dealership.

          • On March 4, 2017 at 1:28 pm,
            Excelsior says:

            Thank Steven John. Yes, Tesla has put a fire under the battery tech space in the US, but there are other car companies rapidly moving into Electric Vehicles as well. Globally (especially in Asia) things have already been moving this direction with Electric Buses and Electric bikes. Those Electric bus sales increases are substantial, and I could see many other metropolitan areas in cities all over the globe doing the same thing.

            Also, there is a real need for the developing world to have more battery powered devices like laptops, tablets, smart phones, power tools, drones, etc…

            I think Tesla dominates too much of the discussion personally, as there are about 6 huge battery factories going up, but his Gigafactory gets all the news. However, Elon is always into something, so you have to admire that kind of initiative.

    • On March 4, 2017 at 10:03 am,
      Excelsior says:

      One driver in Cobalt mining today is find sources outside of the conflict-ridden DRC.

      If you checked out that video up above the analyst mentioned that Hedge funds were buying and holding 6% of the Cobalt in warehouses anticipating a further run up in prices, and tightening supply. When those hedge funds rush into the markets to sell at higher prices, I’d step to the side as it will take the air out the pricing rally.

      Still, look at how well Cobalt prices have done in the last year (more than doubling).


  7. On March 4, 2017 at 3:20 am,
    Excelsior says:

    A short history: How #Bitcoin reached parity with #Gold
    Visual Capitalist | about 12 hours ago


  8. On March 4, 2017 at 4:02 am,
    CFS says:

    Bitcoin is still fiat, though!

  9. On March 4, 2017 at 4:04 am,
    CFS says:

    Bitcoin is suitable as money for trade; less so as a place to store wealth, IMHO.

    • On March 4, 2017 at 4:14 am,
      Excelsior says:

      Agreed. Just thought it was an interesting article and graphics.

    • On March 4, 2017 at 4:58 am,
      OOTB Jerry says:

      Would not surprise me one bit…….if a govt agency owned bitcoin, and is going to eventually bail in the bit , later.

      • On March 4, 2017 at 9:15 am,
        Excelsior says:

        Ha! I love it – “Bail in the Bit”

  10. On March 4, 2017 at 5:27 am,
    Steele says:

    Probability for a US March rate hike jumps to 94% as Yellen gives March a green light.


  11. On March 4, 2017 at 5:42 am,
    BDC says:

    Bill: Gold Trading Range bottom developing. “Tug-of-War: FED vs GOLD” https://www.youtube.com/watch?v=n_9eF4v65OY

  12. On March 4, 2017 at 5:57 am,
    RICHARD/DOC says:

    On February 4, 2017 at 9:33 am,
    RICHARD/DOC says:

    I will be shocked if gold/silver do much the first half of the year—-the conventional markets should do okay the first half of the year and gold/silver will not take out their highs any time soon. There will be no “fantastic’” move. I’ve put my chips on the table which I don’t do very often.
    On February 4, 2017 at 9:53 am,
    RICHARD/DOC says:

    In the first 2 months of last year at the beginning of the gold run, there was a 22% gain; this year at the beginning of the 2 month run we have seen less then a 9% gain. The odds of a repeat like last year are small. I would listen very closely to Dana Lyons’ views which I believe are going to be more accurate.
    Just to reiterate the above.

    • On March 4, 2017 at 7:24 am,
      Dick Tracy says:

      Hi Doc, you have a very conservative view of your World compared to what I see out my window. I see bubbles in all the wrong places and at the same time our banks are reporting very large profits. Normally you want strong banks, but a lot of their wealth is tied up in this real estate market which has gone parabolic in Toronto. Over the last year residential real estate has shot up 28%, and that is after at least 15 years of steady gains. I really can’t see a day very soon without a serious reckoning and who knows where that could start it might even begin here. DT

      • On March 5, 2017 at 12:52 am,
        Excelsior says:

        DT – It is good that you pulled profits and bailed on (NAK) (NDM) Northern Dynasty.

        Personally, it was never something I was fan of, but couldn’t ignore the nice little swing trade out of the bounce after the Kerrisdale sell-off, and then the US House Committee on Science, Space and Technology letter to Scott Pruitt, challenging the EPA decision.

        Now that all that recent insanity is past, reality is setting back in for NAK / NDM ……

        Northern Dynasty stock has been chopped in half, and facing a slew of lawsuits from pissed off investors. The sinister thing is, that after all the hoopla, they are no closer to a permitting or mine development solution than they were years ago, and this mine has huge opposition from Alaskan fisherman, environmental groups, and the local community.

        Even Rick Rule, after touting it so often (and slamming other companies with far better prospects) has sold his position. Many newsletter writers that were positive on it, have ducked for cover…. Except Doug Casey & Marin Katusa that continue to pump it what seems like a fruitless effort at this point.

        This was one of the biggest pump & dumps I’ve seen recently, and another black eye for the credibility of the mining industry.

        This new editorial out in the New Yorker sums up the recent history pretty good for any investors that have followed this tale of woe….

        (JohnK – you’ll like the end of this piece)


        By Tim Sohn March 2, 2017


    • On March 4, 2017 at 7:31 am,
      OOTB Jerry says:

      warn us next time we have an 8:00 advertisement……..sect 7………

    • On March 4, 2017 at 9:24 am,
      Excelsior says:

      Doc, I think the run was in the miners more so than that metals both last year and this year. In fact, the seasonality trade is buy tax loss selling and sell by the end of Feb. It is late Dec – early March that is seasonally the stronger period of the year for the miners. This was also true in early 2015 and on some seasonality charts that went back 20-30 years Jan & Feb were typically 2 very strong months for the Precious Metals miners.

      * I am not aware of anyone that forecasted or believed the Q1 Run (as Gwen Preston called it) was going to be stronger this year than last year. The point was to make the seasonality trade with the miners buy buying around the holidays through year end, and then trimming back in late February. That is the part that “Rhymed” with last year, but the percentage move was never going to be as big as last year was a record move off that bottoming in late Dec through mid Jan.


      On January 31, 2017 at 11:31 am, @Excelsior:

      “Yep. Seasonality isn’t perfect, and no 2 years are identical; but is very clear that for the last 2 decades that a good metals trade is to buy in late Dec – then trim some back in late Feb….then buy back those trimmings in March after the PDAC Curse.”


      • On March 4, 2017 at 9:30 am,
        Excelsior says:

        It is interesting that selloff came on hard in late Feb and accelerated into March PRIOR TO the PDAC this year.

        As Matthew noted earlier in the week, the largest mining event on the planet may mark the intermediate lows this year instead of the highs. It will be interesting to see if there is any strength coming out of the PDAC this year as resource investors digest the mega-news-overflow and all the presentations, news, promotions, and break-out discussions.

        #ReverseTheCurse for 2017
        (even though it was non-existent last year for the first time in years due to baby bull).

        • On March 4, 2017 at 12:33 pm,
          Matthew says:

          +1 Ex.

          The current action has still not derailed my view that this year will be a great one. Such a shakeout only helps the odds unless it goes much deeper from here.

          GDM managed to close just above the 50% retracement and 50% Fibonacci fan line yesterday:


          • On March 4, 2017 at 12:37 pm,
            Matthew says:

            Tim Wood has been calling for a new low for gold for over a year, but even if he ends up being right, I’ll still be very happy that I played last year like he’d be wrong. I am still up close to 6-fold even after last week.


          • On March 4, 2017 at 1:14 pm,
            OOTB Jerry says:

            I think you have a better guru rating than Tim

          • On March 4, 2017 at 1:37 pm,
            Excelsior says:

            Matthew – Agreed that this year still has the potential to be a great one, and that the first part of this year already had quite a move in Jan & February.

            This recent corrective move from late Feb to present is good for a shakeout and cleansing of sentiment and chart indicators. Here or maybe 10-15% lower is a great place to consolidate (and add to positions) for the next move higher. I’ve got some dry powder ready to be deployed next week as opportunities present themselves.

          • On March 4, 2017 at 2:00 pm,
            Matthew says:

            I don’t know how anyone can downplay this year’s move with a straight face. It was enough to take my portfolio six figures beyond my 2016 high. Considering some of my timing errors (like Galane), I didn’t expect such heights so soon.

          • On March 5, 2017 at 1:08 am,
            Excelsior says:

            “I don’t know how anyone can downplay this year’s move with a straight face. ”
            — Matthew

            +1000 – I completely agree amigo.


            The only people downplaying the move the miners just had out of late December through late February, were the investors, missed the boat and a fantastic move in almost all the Gold & Silver & Copper & Zinc miners (just like many did last year in the first quarter).

            I posted a few different seasonality charts in Dec & Jan showing that over decades that Jan & Feb were 2 of the stronger months for Precious Metals miners, with a normal selloff into March. (last year being the exception due to the massive rally out of such oversold conditions).

            Gwen Preston came on here and mentioned the normal Q1 run and she has spent a fair bit of time looking at seasonality. I posted some Mickey Fulp interviews where he mentioned the exact same pattern of buying tax-loss selling in December and selling in the first quarter move up.

            It never ceases to amaze me how many investors were starting to throw out the baby with the bathwater at the end of last year with so many prognostications for $900 and $800 gold again. (good grief give that a rest already….)

            *–> This is why, despite so many investors giving themselves the “Contrarian” label, few really are, and why it is always so lonely buying into weakness.


            It was exactly the same with how lonely it felt adding to Uranium miners in November & December of last year, but then at the intermediate peak in January investors started coming out of the woodwork to suddenly get interested in Uranium. I was advocating trimming in mid to late January, and many new investors I was speaking with on ceo.ca, that had just jumped into Uranium stocks for the first time a bit snippy with me over it on the blog and in private messages. I explained I’ve been following Uranium stocks since 2010, understood the lay of the land pretty well, and was only trying to help them lock in some profits.

            **–> This is why, despite so many investors giving themselves the “Contrarian” label, few really are, and why it is always so lonely selling into strength.

            Instead of considering all the overbought signals on the charts, they scoffed at the charts, and said they didn’t matter, and acted like I was proposing shooting the family pet. It was the right course of action to trim back winnings in mid-late January, and I’ve been adding again into the recent weakness, now that they are starting to abandon hope. 😉

    • On March 4, 2017 at 9:38 am,
      Excelsior says:

      Any mining investors that didn’t position for the seasonality trade out of December missed a hell of a trade, just like in 2016 and 2015.

      Here is a chart showing the last 3 months action in GDXJ and SILJ.
      (I bet there were few investors buying new stocks and adding positions as many of the crew here on the KER as sentiment was down once again)

      ** You gotta be in it to win it!


      • On March 4, 2017 at 1:45 pm,
        Excelsior says:

        For investors that don’t have any position in the stocks on their list, it should be mentioned that the miners have had a nice pullback from the recent Q1 run, and if the miners head down a bit more (10-15% more), then this is a pretty good place to at least average into a first tranche position in companies you want to position in. If the metals really pull back hard going into the Summer Doldrums, and the miners follow suit downward, then once can add a 2nd or 3rd tranche to average down into a lower average cost basis. It is difficult to buy when sentiment really starts to turn ugly, but it is at least a starting point. If people really get depressed and start throwing in the towel, then it’s time to buy more. What a wacky world (ha!)

    • On March 4, 2017 at 2:15 pm,
      Paul L says:

      Avi is too bullish. I can’t see higher highs yet. Summer is usually time for a final correction and then a move up starting August and peaking in September/October. I could see 1400+ next year.

      • On March 5, 2017 at 1:17 am,
        Excelsior says:

        I’m agnostic on the Summer Doldrums this year, but concur that from August – October it is the 2nd most opportune time to ride up mining stocks. I’d anticipate there to be more global tension out of Asia and Europe by the Autumn, so it makes sense that Gold has the best chance of making higher highs at that point in the year. Of course, we’ll look at the weekly and monthly charts once we get the summer behind us and evaluate things at that point, but that’s when I’d anticipate a breakout in metals pricing.

        (Last year was the exception and not the norm, as the rally through August was so extreme that it borrowed from the typically Fall rally).

  13. On March 4, 2017 at 6:35 am,
    confused says:

    Thanks Cory,
    That was a great interview with Mr Felder! It is nice for a money guy to actually cite a real economist who don’t dream technicolor or are ideologically insane. I wish you could get him on the show. Yanis Varoufakis also has a compelling view of what the core issues are with the American dollar standard and the current neoliberal mentality the West is being tortured with. William White is probably too busy as he is chairman of the OECD, but Varoufakis might be available. Give him a call.

  14. On March 4, 2017 at 8:16 am,
    Chartster says:

    You put together one heck of a good show this weekend! The comments from Chris Martenson, Dana Lyons and (new guest) Jesse Felder were so on-target and as well-rounded content as you could find anywhere!
    Those are 3 sharp amigos! Thanks for the show!

    • On March 4, 2017 at 9:31 am,
      Excelsior says:


      • On March 4, 2017 at 10:41 am,
        Silverdollar says:

        And I’ll raise you 10…….

  15. On March 4, 2017 at 8:17 am,
    CFS says:

    Re: Seg 1 & 2. Velocity of money increasing and there’s a lot of money out there created over the last decade. With Trump running an incipient Weimar style spending binge, just wait.

  16. On March 4, 2017 at 8:22 am,
    CFS says:

    Increasing interest rates will increase government debt and money creation faster than slowing down inflation in terms of net effects. > Runaway inflation > collapse of monetary system.

  17. On March 4, 2017 at 9:00 am,
    Markedtofuture says:


    Published on Mar 3, 2017
    The criminals are running for the hills!! LBMA is falling apart and will leave NO physical Silver Market on Planet Earth!


    • On March 4, 2017 at 9:31 am,
      Archdeacon (!) Andrew says:

      A group of criminal old men puffing their cigars deciding what the silver price will be each day. ….Bunch of scoundrels whose departure from the LBMA is hugely significant. They announce their exit last thing before the weekend Typical. We mourn their departure: NOT!

    • On March 4, 2017 at 11:03 am,
      OOTB Jerry says:


      • On March 4, 2017 at 11:55 am,
        OOTB Jerry says:

        BEST POST OF THE DAY>>>>>>>>>>jmo

        • On March 4, 2017 at 11:56 am,
          OOTB Jerry says:

          wonder if you will read this in the …….NYTimes, CNN

        • On March 4, 2017 at 12:22 pm,
          CFS says:

          the information about the LBMA was published by Reuters on Friday just after the market close. (As is typical for important news, that they don’t want people to notice.)
          I did catch it and post the information in the market wrap section yesterday of the KeReport within a couple of hours .

          • On March 4, 2017 at 12:25 pm,
            OOTB Jerry says:

            thanks…..did not see your post……

          • On March 5, 2017 at 1:41 am,
            Archdeacon (!) Andrew says:


    • On March 4, 2017 at 11:33 am,
      Excelsior says:

      That was pretty interesting from Road to Roota on the Silver markets and the LBMA.

      • On March 4, 2017 at 11:46 am,
        OOTB Jerry says:

        a BIG Ditto on that one………. 🙂

  18. On March 4, 2017 at 9:31 am,
    Markedtofuture says:

    Mining entrepreneur, Clinton confidant Giustra concedes gold price suppression

    11:11a ET Saturday, March 4, 2017

    Dear Friend of GATA and Gold:

    The price of gold has been heavily suppressed by the U.S. government, Wall Street financial houses, and the banking system, according to billionaire Canadian mining and movie entrepreneur Frank Giustra, a confidant and philanthropy associate of former President Bill Clinton.

    Giustra’s remarks were made in late January at the Vancouver Resource Investment Conference during an interview with Marin Katusa of Katusa Research and were publicized today by GATA Board of Directors member Ed Steer’s Gold & Silver Daily newsletter


    • On March 4, 2017 at 11:05 am,
      OOTB Jerry says:

      Frank might be a little shady…………

    • On March 4, 2017 at 11:35 am,
      Robert Moriarty says:

      Of course it was suppressed. Anyone who understands the math can see at once that it was suppressed all the way from $252 to $1923. Silver was suppressed even more, going from $4 to $50. Thank goodness for Giustra and GATA for telling us the truth.

      Bill Murphy understands more about the crooks and conmen in the business than anyone. He should


  19. On March 4, 2017 at 9:44 am,
    Archdeacon (!) Andrew says:

    Re Auryn Resources I’ve no complaints whatsoever. Sooner have the elephant wag its tail than the other way about.

  20. On March 4, 2017 at 11:14 am,
    Silverdollar says:

    Chris Martenson’s 2nd segment is very deep and telling……playing right into the 1995-6 book “The fourth Turning”. No person can warn us of all the downside happenings that we’re facing but Chris’ ideas are the best I’ve found and his ideas on how to prepare for the onslaught of happenings are far more than just God, Guns and Gold….I’m very grateful for people like him and thank you Cory for allowing us to listen again.

  21. On March 4, 2017 at 12:12 pm,
    Matthew says:

    GDXJ pierced several weekly moving averages but managed to close the week above them. It reversed near an important Schiff fork support (green). If that support fails, we can expect GDXJ in the mid $20s at best. Fork resistance is around $44 next week. A move above that level would be very good news for the bulls.

    Notice the record volume for the week that just ended:

  22. On March 4, 2017 at 12:20 pm,
    Matthew says:
    • On March 4, 2017 at 12:26 pm,
      Excelsior says:


      Did you check out the news on USAS acquiring the project fro SCZ. I own both companies and think it was a good transaction between the two companies. It give Americas Silver a nice project to develop, and gives Santacruz Silver a nice cash injection so they can focus on expanding their 2 mines.

      I posted the news up at the top from both companies releases for anyone interested.

      • On March 4, 2017 at 12:30 pm,
        Excelsior says:

        fro = from

        first sentence ends in . = ?

      • On March 4, 2017 at 12:40 pm,
        Matthew says:

        Yes, I saw that (I put myself on their email list) and it looks like a good deal to me but I haven’t looked at it closely yet.

        • On March 4, 2017 at 1:53 pm,
          Excelsior says:

          Coolio. Yes, I’ve been following the property because Santacruz Silver was trying to work something out with Hochschild, and then in December they canceled the deal and investors freaked out. (That’s when I got more interested though…. always looking for emotional investors to over-react).

          Anyway, it was a double whammy good news for me, because I know SCZ needed the dough, and it wasn’t a main focus for them, and Americas Silver is building out their development pipeline, and adding ounces in the ground. It’s a win-win.

  23. On March 4, 2017 at 12:57 pm,
    Matthew says:

    I just noticed that my “back up the truck” level for GDXJ:GLD was reached yesterday:


    • On March 4, 2017 at 1:44 pm,
      Steele says:

      Oh no, my truck is in the shop. :- The miners should definitely outperform the metals over the next year or so, and probably longer than that.

      • On March 4, 2017 at 1:50 pm,
        Matthew says:

        Well, a few cars, like the S-class Benz, have a two-Hoffa trunk. 😉

    • On March 4, 2017 at 1:53 pm,
      Matthew says:

      I added an Andrews’ pitchfork to the above chart (green) and it added significance to yesterday’s reversal level:


      • On March 4, 2017 at 2:31 pm,
        Silverdollar says:

        So in your opinion (realizing no one has a crystal ball) are you still considering Friday’s chart as a BUTT event?

        • On March 4, 2017 at 3:07 pm,
          Matthew says:

          For now, yes, but let’s see what kind of bounce we get. Looking at the volume and fear that we have, this shakeout has already been very successful and that’s reason enough for cautious optimism.

          GDXJ turned where it “should” have and closed 5.77% above yesterday’s low. That’s a good start.


        • On March 4, 2017 at 3:27 pm,
          Matthew says:

          Fwiw, I agree with pretty much everything Avi had to say in segment 3. I also did not “want” such a pullback in the miners but it hasn’t changed my bigger picture bullishness at all.

          • On March 5, 2017 at 10:00 am,
            Silverdollar says:

            Thanks for the clarification and for your chart postings.

  24. On March 4, 2017 at 2:12 pm,
    Ozibatla says:

    I see you put the long awaited Maund link in Excelsior. Cheers. Poor old Clive, hes up and down like a yoyo. One week hes bearish, the next hes bullish. Great chart analysis and a good read but I think sometimes he gets a little lost amidst all his technicals and doesnt know whether hes Arthur or Marthur.

    • On March 4, 2017 at 11:22 pm,
      Excelsior says:

      Ozibatla – Ha! Good points. Yes Clive is a bit of a yoyo, but sometimes in reviewing his technical analysis, it does point me to things I haven’t considered, and he’s a sharp guy, just a bit of a flip-flopper. I’m always open to reviewing anyone’s thoughts on a macro overview or technical analysis, and I like a buffet, I decide what dishes I may pick a little from, and which one’s I leave for others. At least he’s always entertaining and often informative.

      • On March 5, 2017 at 1:42 am,
        Ozibatla says:

        That he is Excelsior.

  25. On March 4, 2017 at 2:19 pm,
    Paul L says:

    Avi seems to be using a very long ruler to project 2800 s&p for next year. Can’t see that happening. From 2500 ti could fall 10% easily with rate hike fears and other events that pop up in the summer and the vix spikes.

  26. On March 4, 2017 at 5:24 pm,
    Steele says:

    This is an unusually comprehensive weekend report for “likesmoneycycletrading” with lots of charts and potential setups for the major asset classes. I think it’s best to take cycles with a grain of salt, but combined with other data they can be quite useful.


    • On March 4, 2017 at 5:46 pm,
      Big Al says:

      I guess that I may not fully understand cycle theory. Perhaps it is over valued?

      • On March 4, 2017 at 8:58 pm,
        Steele says:

        Big Al, some chartists and traders are firm believers in cycle theory, whereas academics tend to be more skeptical. I prefer a more (mostly) mechanical asset allocation approach because cycles come and go, and this approach helps me get out of my own way.

  27. On March 4, 2017 at 10:19 pm,
    CFS says:

    I find it hard to believe the number of companies that are suckered into providing warrants with financings. When will they ever learn not to give away that share of growth?

    • On March 4, 2017 at 11:31 pm,
      Excelsior says:

      CFS – I agree with you, but if you’re a company trying to raise money in a PP and the investors won’t touch it without warrants then what do you do? (you offer the warrants to clinch the deal, and steal from tomorrow to save the day). A good middle path is to offer a half warrant, which is done sometimes, but most of the time the financings offer the full warrant…. Its the mining dilution machine, and why it is so hard to keep longer term investors in mining stock, because most shares tank right after those warrants become free-trading, and existing shareholders get the shaft.

      It should be noted that when some investors knock streaming deals or a company’s decision to JV a big project or for divesting it’s assets, they don’t consider how dilutive all the traditional paper games represent as well.

      There are times where I much prefer the company just sell an asset (like what Santacruz just did by divesting one of their properties to Americas Silver), much more than the paper dilution game. That way if the company ramps up revenues and free cash flow they can just buy another property down the road, but they are killing existing shareholders (who are the biggest fans, but can become their biggest enemies if the management team is reckless with their debt).

      I see more great projects and companies just killed by too much dilution and then when the stock price dives down too low, then the institutions and larger investors won’t touch them, and then their goose is cooked….

      • On March 4, 2017 at 11:43 pm,
        Excelsior says:

        Clarification to above statement:

        “but they are NOT killing existing shareholders….” when they divest (in contrast to the paper games)

        The point was – sometimes it is far less damaging, to the future of a company, to divest a non-core asset, and flip it to a company that is actually going to work on it or that has the bandwidth to work on it.

        In some cases, a company will divest a project that many investors felt was integral to that company’s future (like what some of the Base Metals companies had to do in 2015 and 2016), but often, the market isn’t giving the company any value for secondary or tertiary properties anyway, so the sale of one of those properties isn’t a big game changer and is quickly forgotten.

        Nobody can forget a debt balloon on the balance sheets though, or a slew of new shares that start trading, expanding the float, and tank the share price, which tanks momentum and sentiment from the existing shareholder base.

        There is a time an a place for each strategy (capital raises through PP, bank loans, streaming deals, JVs with larger companies, divesting properties, spinning out properties into a new IPO).

        This is where the “Great Management Team” part of the equation comes in. It becomes clear that certain teams are very fiscally conservative or make good deals, even if there are tough choices to be made. Then other management teams are serial diluters that don’t give a crap about their shareholder base and just consider investors witless piggy banks and don’t see them as partners. I try to look for companies that see their investors as partners, that have their own skin in the game, and try to consider the longer term ramifications for the decisions they make.

        • On March 4, 2017 at 11:53 pm,
          Excelsior says:

          It has taken me a long time to come to some of these realizations, and one of the things that helped me the most was investing in so many different companies (that approached economic needs in different ways). Often my best lessons were by getting burnt bad and having my rear end handed to me. I’d dissect why I bought the stock, what warning signs I missed, and what strategy the management took. There were times where a company would do a 180 and dig out of the hole and rise to reinvent themselves, some companies that just flat-lined on life support for years, and some companies that sunk their ship.

          There isn’t a one size fits all approach, as each company has it’s own unique mix of assets in their pipeline of projects, some start small and grow organically from within, and some go big, raise big, dilute big, and win or fail big. There are so many different approaches and business models when considering Explorers, Project Generators & Royalty companies, Developers, Producers, and Streamers.

          If it was easy to keep track of all this then all these companies would be properly valued, but many times, companies with serious problems climb to epic heights, and other times very well run companies with good share structures, assets, and balance sheets remain unloved. That the game – to find the opportunities for short term trades or longer term value plays for buying and holding.

          OK – my rant is over….. 🙂

          • On March 5, 2017 at 2:51 am,
            CFS says:

            Thanks, Ex, for putting meat ln the bones of my gripe.
            I have been burnt many times by dilution, but never cease to wonder it is in this business, mostly only in Canadian mining, warrants are still given. It is so rare in other parts of the world, and in other businesses, but I guess that is why there are so many Canadian mining companies.

          • On March 5, 2017 at 4:06 pm,
            Excelsior says:

            CFS – I have the same gripe my friend.

            Yes, part of the challenge for overseas investors is that participating in private placements on Canadian securities is more challenging. For example, those warrants have different legends for US investors where they get stuck holding them for an additional month or more, and often the Canadians have already unloaded shares and tanked the share price by then. You are correct that they are far less common in other parts of the world an in other businesses.

            Personally, I find Canadians miners to be very dilutive, but the worst offenders are the Australian miners. They think nothing of having 1 billion, 2 billion, or more shares out and just keep throwing paper at projects until they get them going, but they really make it tough on investors that get in early on their projects not to get diluted out of the project. It sets up a really bad precedent and gives the Aussie miner a bad rep.

  28. On March 5, 2017 at 12:14 am,
    Excelsior says:
    • On March 5, 2017 at 12:16 am,
      Excelsior says:

      (MLN) Marlin Gold Announces Intention to Commence A Normal Course Issuer Bid

      “The Company intends to purchase, from time to time as it considers advisable over the 12-month period of the NCIB program, an aggregate of 2,489,358 common shares in the capital of the Company, representing approximately 1.44% of the Company’s issued and outstanding Common Shares and approximately 10% of the Company’s “public float”

      “The board of directors of the Company believes that, from time to time, the market price of the Common Shares may not adequately reflect the Company’s underlying value and future prospects and that, at such times, the purchase of the Common Shares represents an appropriate use of the Company’s financial resources and would be in the best interests of the Company’s shareholders.”

      Akiba Leisman, Executive Chairman and Interim CEO states that, “due to the record cash flow La Trinidad has generated from the over 30,000 ounces of gold sold in the last 4 months, we have excess cash to repay debt, invest in high return projects like our exploration programs at Commonwealth and La Trinidad, and buy our stock back at a fraction of fair value.”


  29. On March 5, 2017 at 2:29 am,
    Ozibatla says:

    This ones for JohnK out there if hes reading. Relevant to our conversation the other day.


  30. On March 5, 2017 at 3:23 am,
    CFS says:
    • On March 5, 2017 at 11:42 am,
      Big Al says:

      I enjoyed this article. I don’t find it hard to believe that Obama could lead a move for impeachment and some sort of social revolution.

      I do find the comment about sex trafficing to be a bit on the unbelieveable side.

  31. On March 5, 2017 at 3:41 am,
    CFS says:

    The public University of California, San Francisco just fired 79 IT workers and these have been replaced by H -1B visa holders from India. Interesting when Trump comments !

    • On March 5, 2017 at 11:35 am,
      Big Al says:

      Was there any justifiable reason for the firing and rehiring these workers? That is the important question.

      • On March 5, 2017 at 3:55 pm,
        CFS says:

        Follow the money……UCAL, San Francisco is hurting for funds.
        The State is bankrupt.

  32. On March 5, 2017 at 7:36 am,
    Walter says:


    Thunder Bay, Ontario: Benton Resources Inc. (TSXV: BEX) (“Benton” or “the Company”) is pleased to announce that they will be displaying rock samples, core and maps for their Bedivere Gold Project and Cape Ray gold deposits at PDAC Booth #2117 from March 5th to March 8th. In addition, core from the most recent drilling at Cape Ray will be displayed in Benton’s Core Shack, booth #3119A on March 5th and 6th. Company President and CEO, Stephen Stares, will deliver a presentation on the Bedivere Gold Project at the PDAC Ontario Pavilion on Sunday March 5, 2017 at 1:30PM EST.

    The company encourages investors to come and learn about the upcoming exploration plans for 2017 which will include drilling on Benton’s Cape Ray Fault projects (Staghorn, Isle Aux Mort deposit and Big Pond deposit), along with exciting plans for the Bedivere project. The Benton booth will also be displaying some spectacular visible gold samples from the Traxxin Zone on the Bedivere project where vendors’ samples contained up to 41oz/t gold.

    About Benton Resources Inc. (TSXV: BEX)

    Benton Resources Inc is a well-funded Canadian-based junior with a diversified property portfolio in Gold-Silver, Nickel, Copper, and Platinum group elements..

    Benton’s flagship project is the Cape Ray gold deposits located on the west coast of NL under option to Nordmin Engineering Ltd. (“Nordmin”). Nordmin is earning up to a 50% interest in 4 of the 6 Cape Ray deposits (see Benton PR January 20, 2015) owned by Benton by completing various work programs and project milestones as well as carrying Benton to a full feasibility study and arranging 50% of project financing to production. In February of this year, the companies released the results of updated positive preliminary economic assessment (“PEA”) for their Cape Ray Gold Project (see PR Feb 09, 2017). The results of the PEA include a pre-tax net present value (“NPV”) at a 7% discount rate of $82.2 million with a pre-tax internal rate of return (“IRR”) of 40% and a post-tax NPV at a 7% discount rate of $56.9 million with a post-tax IRR of 34%. The reader should be cautioned that the PEA is preliminary in nature. It contains inferred mineral resources that are considered too speculative to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. The proposed 2017 drill campaign will help bring some of the inferred resources into indicated which will help with the confidence level of the project as we move towards the feasibility study.

  33. On March 5, 2017 at 7:38 am,
    Walter says:

    Today! Hope people attend this today, very exciting times for BEX.
    President and CEO, Stephen Stares, will deliver a presentation on the Bedivere Gold Project at the PDAC Ontario Pavilion on Sunday March 5, 2017 at 1:30PM EST.

  34. On March 5, 2017 at 8:50 am,
    JohnK says:

    I always remain cognizant of Doc’s quote”If Junk goes,so does the market”
    “Watch 2008 as a reference” Look at the monthly volume in JNK. Now look at the monthly volume in 2008.

  35. On March 5, 2017 at 8:55 am,
    JohnK says:
  36. On March 5, 2017 at 12:00 pm,
    CFS says:

    palisade radio on Uranium:


    • On March 5, 2017 at 3:47 pm,
      Big Al says:

      Maybe CFS, but I really don’t think so.

  37. On March 5, 2017 at 3:48 pm,
    CFS says:

    Meanwhile in Germany:

    Deutsche Bank To Raise $8.5 Billion To Help Restructure Firm
    By KEN SWEET – Associated Press – Sun Mar 5, 12:17PM CST
    NEW YORK (AP) — European banking giant Deutsche Bank announced plans to raise at least $8.5 billion in capital and sell off a stake in its asset management business, in a move to help shore up the troubled German firm.

    Deutsche Bank will issue 687.5 million new shares later this month, the bank said Sunday, in an effort to take advantage of the recent run up in the bank’s stock price.

    • On March 5, 2017 at 3:51 pm,
      Big Al says:

      By the way, I also have to say, “there is an advertorial if I have ever heard one.”.

      King should be ashamed.

  38. On March 5, 2017 at 3:58 pm,
    wolfster says:
  39. On March 5, 2017 at 4:51 pm,
    CFS says:

    latest Gary Savage:


  40. On March 5, 2017 at 4:58 pm,
    CFS says:

    A view on Gold TA:

  41. On March 5, 2017 at 5:00 pm,
    CFS says:
  42. On March 5, 2017 at 10:29 pm,
    Excelsior says:

    Optimism slowly returning to mining industry ahead of annual convention
    The Canadian Press – 4 Hours Ago

    Investors have started returning to the sector as prices for gold, other metals have rebounded

    “And although capital is beginning to return to the sector, industry executives say we’re still far from the highs of the last commodity boom several years ago.

    “We haven’t come back to the really buoyant, exuberant days,” says Rob McEwen, chief owner of McEwen Mining.

    While many companies have a little more cash on hand, they may be hesitant to spend it because they’re not completely convinced that commodity prices are heading higher, says McEwen.

    Harquail echoed the sentiment, calling recent commodity rallies “tenuous.” He noted that gold — currently trading at around $1,200 — has begun to pull back again in recent weeks amid expectations of a U.S. Federal Reserve rate hike.

    While commodity prices have improved from last year, they’re still far from bull market territory.

    “When things are at their absolute peak that’s when the biggest, most epic parties are thrown, typically, and we’re not there yet,” said Integra Gold chairman George Salamis.”


  43. On March 6, 2017 at 4:59 am,
    Excelsior says:

    Pure Gold Acquires Important Down Plunge Extension of Madsen Mine

    “Purchase of additional 100% owned patent claims on key structural break in Red Lake locks in long term future of Madsen Gold Project”
    (Marketwired – March 6, 2017) –

    “Pure Gold Mining Inc. (PGM) (LRTNF) is pleased to announce that it has signed a Definitive Agreement to acquire a 100% interest in the 219-hectare Derlak Gold Property from Orefinders Resources Inc. ”


  44. On March 6, 2017 at 5:01 am,
    Excelsior says:

    Anfield Resources Inc. Completes $2.9 Million Private Placement
    (Marketwired – March 06, 2017) – Anfield Resources Inc. (TSX VENTURE: ARY) (FRANKFURT: 0AD) (OTCQB: ANLDF)


    • On March 6, 2017 at 5:04 am,
      Excelsior says:

      Resource Holes at Paul Bay Expand High-Grade Subzones
      Assays Confirm Orora Extension
      (Marketwired – March 06, 2017) – UEX Corporation (UEX) (UEXCF) is pleased to announce assay and radiometric results from the ongoing 2017 exploration program at the Christie Lake Project.

      * Highlights

      – Radiometrics from Paul Bay hole CB-113 encountered 4.94% eU3O8 over 11.2 m from 493.8 to 505.0 m, including a 2.5 m wide interval that averaged 14.29% eU3O8 from 495.3 to 497.8 m, confirming the continuity of the upper high-grade zone within the Paul Bay Deposit

      – Assays from Paul Bay hole CB-108A intersected 2.92% U3O8 over 6.70 m from 599.7 to 606.4 m and CB-108A-1 returned 2.42% U3O8 over 12.6 m from 586.9 to 599.5 m confirming that the lower segment of the Paul Bay Deposit contains a much larger high-grade subzone than previously believed

      – Assays from Ōrora hole CB-110A averaged 2.28% U3O8 over 18.0 m from 471.0 to 489.0 m, which included a subinterval of 9.86% U3O8 over 3.5 m from 475.3 to 478.8 m located 20 m northeast and along strike of discovery hole CB-109

      – The Ōrora discovery remains open in both directions along strike, with the width of the mineralization yet to be determined


  45. On March 6, 2017 at 6:36 am,
    CFS says:

    TORONTO, March 6, 2017 /CNW/ – Agnico Eagle Mines Limited (NYSE: AEM, TSX: AEM) (“Agnico Eagle”) announced today that it has agreed to purchase 38,100,000 common shares of GoldQuest Mining Corp. (TSX-V: GQC) (“GoldQuest”) in a non-brokered private placement at a price of $0.60 per share for total consideration of $22,860,000.

    On closing of the transaction, Agnico Eagle will own 38,100,000 common shares of GoldQuest, representing approximately 15.0% of the issued and outstanding common shares of GoldQuest on a non-diluted basis (after giving effect to the transaction, but otherwise assuming that the number of issued and outstanding common shares of GoldQuest as at the date hereof remains unchanged). Closing of the transaction is expected to occur on or about March 8, 2017 and is subject to certain conditions, including approval of the TSX Venture Exchange.

  46. On March 6, 2017 at 7:11 am,
    Dick Tracy says:

    Ex and Matt, I had a look at USA-T, or USAS, I get it ! DT

    • On March 6, 2017 at 9:03 am,
      Excelsior says:

      USAS is a great company just starting to hit their stride, after turning the ship around.

  47. On March 6, 2017 at 7:24 am,
    Wolfster says:
    • On March 6, 2017 at 9:02 am,
      Excelsior says:


  48. On March 6, 2017 at 8:14 am,
    Wolfster says: