Board-Ansicht
Mix-Ansicht- Must read: - Günter, 04.05.2002, 16:42
Must read:
GOLD, SILVER, PLATINUM, PALLADIUM AND DIAMONDS
Japanese March gold sales were one-third less from the gain in February purchases but at 13.18 tons was equal to the strongest months in the past 15 years.
We believe the resignation of Bill Demchak, head of global structed finance and credit at JP Morgan Chase has a great deal to do with the inevitable collapse of the company's gold derivative positions. We could be very close to a major scandal and a major breakout in gold.
One thing for sure England is through selling gold. They have about 300 tons left and they may well need that to join the Euro.
Barry Cooper at CIBC World Markets in Toronto favorite gold stock is the unhedged *Goldcorp (GG-NYSE). The Canadian producer's shares are up 41% this year. Most of Goldcorp's gold comes from the Red Lake district of N. W. Ontario, an area that has produced some 16 million ounces of gold since the 1930's. Goldcorp's average grade from its underground Red Lake mine was about two ounces per ton versus a worldwide underground average of.25 ounces per ton. Cooper estimates Goldcorp will be able to pull as many as six million ounces of gold from the mine. Production this year will approach 500,000 ounces. With Goldcorp shares, which sell for about 28 times current earnings, you are buying an option to participate in future gold rallies and on their expanding their reserves through discovery.
The bottom in gold has now firmly been set. The next phase will take us to the old high of $850 an ounce. You've seen the gold shares have led the way with outsized gains while bullion has simply set a bottom support level. The gains in shares during the next phase should be simply astronomical. We believe that *Agnico-Eagle (AEM-NYSE) and *Goldcorp (GG-NYSE) will lead the charge.
Mega hedger Barrick Gold announced a 3.5 million ounce gold discovery at its Alto Chicama property in north-central Peru. That is 110 tons of gold that might show up in six years.
Gold continues to hold over $300 an ounce as the Japanese, Arabs, Russians, Chinese and others continue to buy physical gold.
Gold funds were up 37% in the first quarter while the S&P 500 was flat. Gold funds are up 72% in the last 12 months. In spite of this, cash flows into gold funds are at a trickle. The investor is in denial. They'll join us somewhere near the top.
The ESF, Exchange Stabilization Fund, continues to sell gold into the market to suppress its price. We'd guess soon they'll have no more to sell. AIG is now the designated seller taking the dubious mantel from Goldman Sachs, Citigroup and JP Morgan Chase. That's Mr. Greenberg and his CFR cohorts.
Eight months ago we recommended Kinross at $.36, then we recommended it again at $.49 a share. It recently traded at $1.72. As we said several months ago this is an anxious buyout candidate. We hadn't said much about the company in the ensuing months because in that production category we felt AEM and GG were better quality long-term holds.
We get weary listening to the garbage that passes for news or objective opinion. Philip Klapwijk, managing director of Gold Fields Minerals Services said, it will take much worse political crisis to send gold higher. We do not quote GFMS figures in our publication because they are not worth the paper they are written on. We believe GFMS is in the back pocket of the gold manipulation cartel. This is just another effort to talk gold down. Every industry has its meatheads like GFMS, Barrick, Placer Dome and AngloGold. It's difficult having the enemy within the gates, but we can overcome their derision.
The gold cartel must be having fits. Resistance at $305.00 and $307.00 have been broken. The Cartel is doing its best to beat back the charge. On the enemy front line is The Exchange Stabilization Fund, but it will be to no avail. The dollar has come unglued and it hasn't even dropped much versus the pound, euro and Swiss franc. They will be back Thursday night in Asia and in Europe fighting to save their hides. All indices except the Dow have broken and the Dow will follow in spite of the intercession of The Plunge Protection Team. After $310.00, its $313.00 then $325.00 to $330.00. They even dragged out GFMS to trash gold, but that didn't work. We then saw other comments that gold shares were overpriced by a newsletter writer. We guess being old and having been involved in gold and silver shares for 42 years gives you a leg up. We can remember when it was common for gold and silver shares to sell at 150 times earnings. Thus, we find the overpriced comment stupid. We are in a battle for our freedom and gold is the key to that freedom. It is imperative that gold moves higher because as it does it will expose the entire elitist scheme for world government. They can't make their plan work at $500, $850 or $1,500 an ounce. It will expose the dollar as a fiat currency and all currencies not backed by gold as fiat. Who would want a world currency with no backing after seeing gold climb in a classic flight to quality? Make no mistake the stakes are enormous and we are at war. We shall win. When the public finds out what's been done to them the carnage of the French Revolution will look like child's play. Billions of dollars have been lost by investors due to this criminality. Right now there are so many factors that are positive for gold and silver it is overwhelming. Also, keep in mind that the dollar is at 115.76, support is at 114.64. The dollar is already down 10% versus a few currencies. The key currencies that have to break and thus far are only up slightly are the pound, euro and Swiss franc. If they break further 114.64 will be broken and the dollar will go into freefall. We also expect as the dollar falls interest rates will move higher as foreigners recognize there will be no further recovery and move out of dollar assets into other currencies and gold. Are the Japanese really going to sit idle as the Japanese economy and the dollar collapse? We don't think so. They'll spend more of those now uninsured funds to buy other assets, some $500 - $700 billion worth. The FED can't raise interest rates because there will be no recovery and all those interest rate swaps have put corporations into short-term paper. This is a classic trap. While this plays out the demand for physical gold has exploded. That is in spite of the protestations of The World Gold Fantasy Council and GFMS. They are either bought and paid for by the elitists or they are incredibly stupid. How can the stock market stay at such lofty prices with unbelievably bad news? We recommended shorts on AOL, Tyco, Dynegy and many others months ago. They are collapsing, yet the market doesn't go down. It doesn't go down because the FED and our government are manipulating the market. We see scandal after scandal and the market stays the same. Now you know where your tax dollars are going. Wait until the reckoning.
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