Guess I’m with you completely, as I’m feeling the same pain for a couple of years now.
I’m still on board and consultant to a number of mostly pm miners - and all of ‘em have merit - and as much as I deplore todays circumstances I’m totally convinced to see the junior explorers and developers (of merit) really appreciate rapidly and even may lead the next leg of the POG up in a substantial way.
Don’t lose confidence - our time is just ahead … frr
total bull imo <G>
“Well, in the end you can’t keep the good ones from performing … even in difficult environs … ”
Sure but they can shake out all the early ones to the party and take their shares on the cheap for the real ride, and surely that is the game at hand by the crooks? I hope so other wise I am hangin on to a fools dream.
What a success story.
Back in 1995 I’ve become involved with the founder Stan Dempsey, a really smart guy - lawyer, geologist and landman - who offered to help some juniors in the general area of NV’s Battle Mountain (now known as Cortez) Trend. Few responded - though today I wish some would have as Stan won a big part of the South Pipeline deposit and from there he went on to build his royalty empire, which IMHO is the sole successor of Pierre Lassonde’s Franco Nevada in this world.
I also remember some years back an ugly, biased essay by Forbes, probably introduced by parties of rather evil will - to be somewhat polite - have effected a sharp correction in its share price - from about 30 to below 14 in a day or two.
Well, in the end you can’t keep the good ones from performing … even in difficult environs … cheers frr
…….% versus per cents……….
……sorry about your computer though
Another leak in the dyke? who wouda thunk it? Them bankers better chew up some more gum, me thinks they are going to need it.
I am still waiting to hear of banks carying loans on their books being underwater because of the ‘reverse mortgages’ that have been popular the last few years. I am sure those loans were calculated with an appreciating housing market in mind. Now with prices droping as much as 30% in some areas, seems to me some banks could be in trouble with those contracts. Then again, a little creative accounting could keep those problems covered up for years.
TORONTO, ONTARIO–(Marketwire - April 30, 2008) - Kinross Gold Corporation (”Kinross”) (TSX:K)(NYSE:KGC) announced today that it has subscribed for 3,000,000 common shares of BCGold Corp. (”BCGold”) pursuant to a non-brokered private placement. After giving effect to the private placement, Kinross will hold approximately 12.8% of the issued and outstanding common shares. The subscription price for the common shares is CAD $0.35 per common share for an aggregate purchase price of CAD $1,050,000. The private placement is subject to approval by the TSX Venture Exchange.
The common shares issued to Kinross will be pooled with an escrow agent and released in four equal allotments on a quarterly basis, commencing 15 months from the date of issue. A 6% cash finder’s fee is payable to an independent financial management and investment advisory company.
Kinross will have the right to participate in future financings of BCGold to maintain its then equity interest in BCGold at up to 10%, subject to approval by the TSX Venture Exchange and subject to maintaining a minimum 5% equity interest in BCGold.
The investment in BCGold is part of Kinross’ strategy to increase its exposure to quality exploration opportunities by investing in junior resource companies.
BCGold has its head office at Suite 1400 - 625 Howe Street, Vancouver, British Columbia V6C 2T6 and is listed on the TSX Venture Exchange.
I don’t have an answer to your question, will defer that one to some of the sharper minds here at the Tent. (and that’s most anyone) He He …..It is a very good question though.
think I posted this yesterday and appears to have pinpointed a low, the convergence of the 65wma, channel bottom from 40hui, and fan line from the 1996 high(shown as resistence for nearly all of 2006 and 2007) Concern now/there always is… would be building a right shoulder with a high against the next fan line up at 440 ish. A third touch of the bottom rail after that would cause some serious pause….
By RUTH SIMON
April 30, 2008
As the growth in subprime mortgage delinquencies appears to be slowing, lenders are seeing a rapid rise in defaults on a type of mortgage that gives consumers with good credit several different monthly-payment options.
These mortgages, which are sometimes known as “pick-a-pay” or payment-option mortgages but are generically called option adjustable-rate mortgages, are turning out, in some cases, to be even more caustic than subprime loans, in part because the loan balance and the monthly payments on some loans is growing even as home prices are falling.
PICK-A-PAY PROBLEMS
• The News: Lenders are seeing a rapid rise in delinquencies for option ARMs.
• The Background: The loans became popular during the housing boom because of their low minimum payments.
• The Problem: Many borrowers now say they didn’t understand features of the loans.
These loans have become the focus of investigations and a spate of lawsuits by borrowers who believe they were misinformed about the mortgages’ complicated structure. Losses on option ARMs could be “in some cases close to subprime” mortgage levels, according to a recent report by Citigroup.
On Tuesday, Countrywide Financial Corp. said that 9.4% of the option ARMs in its bank portfolio were at least 90 days past due, up from 5.7% at the end of December and 1% a year earlier. Countrywide also reported that it had charged off $125 million of these loans in the first quarter, compared with $35 million a quarter earlier. Bank of America Corp. said last week that it will stop making option ARMs altogether after it completes the acquisition of Countrywide Financial, which in recent years has been the largest originator of these loans.
Washington Mutual Inc. reported earlier this month that option ARMs account for 50% of prime loans in its bank portfolio, but 70% of prime nonperforming loans. At Wachovia Corp., non-performing assets in the company’s option ARM portfolio, which was acquired with the company’s purchase of Golden West Financial Corp., climbed to $4.6 billion in the first quarter from $924 million a year earlier.
Nationwide, delinquencies on subprime loans — at about 28% as of February, according to First American CoreLogic — remain much higher than for option ARMs. But recent reports from mortgage securitizations suggest that subprime delinquencies have started going bad at a lower rate while delinquencies on option ARMs are speeding up.
Unlike subprime loans, which went to people with weak credit, option ARMs were generally given to borrowers considered to be lower-risk. But lending standards weakened in recent years and many borrowers now have little or no equity. Many lenders reduced the teaser rates on these loans as home prices climbed, making them appealing to borrowers looking to make the lowest monthly payment possible.
Now, with home prices dropping in California, Florida and other markets where option ARMs were popular, a growing number of borrowers with these loans now owe more than their homes are worth, one reason delinquencies are climbing, lenders say.
Meanwhile, at FirstFed Financial Corp., 30% of borrowers whose loans recast to this higher level fell behind on their payments in the fourth quarter. Most other lenders won’t see large numbers of resets until at least 2009 or 2010.
Many borrowers now say they didn’t understand the features of the loan. For example, borrowers who make the minimum payment on a regular basis can see their loan balance grow and their monthly payment more than double when they begin making payments of principal and full interest. This typically happens after five years, but can occur earlier if the amount owed reaches a predetermined level — typically 110% to 125% of the original loan balance.
![[chart]](http://s.wsj.net/public/resources/images/NA-AQ267_PICKAP_20080429192416.gif)
“My sense is that many option ARM borrowers are in a worse position than subprime borrowers,” says Kevin Stein, associate director of the California Reinvestment Coaliton, which combats predatory lending. “They wind up owing more and the resets are more significant.”
Option ARM sales practices have become the subject of investigations by attorneys general in California, Colorado and Illinois and a number of private lawsuits.
Some borrowers say they weren’t suited for these loans or that the terms were poorly disclosed. Edward Marini, a 63-year-old disabled Vietnam veteran, took out a $280,000 option ARM from Countrywide Financial when he refinanced the mortgage on his 2,000-square-foot home in Little Egg Harbor, N.J., in 2005, pulling out cash to pay off some debts. “The way I understood it was that I would have a really low payment for five years,” says Mr. Marini.
Mr. Marini recently received a note from Countrywide that his payment, now about $1,300 a month, would jump to about $3,800 next year, well above his $3,250 a month in disability payments. Mr. Marini, who owes more than his home is worth, says he was turned down by Countrywide for a refinance and, more recently, for a loan modification. “I didn’t think they would even pull this kind of stuff on someone who is on a fixed income,” he says.
In a lawsuit seeking class-action status filed in U.S. District Court in Los Angeles, Mr. Marini and other borrowers allege that Countrywide put them into option ARMs that were “inappropriate and unsuitable.” Mr. Marini wasn’t told that his loan balance would rise if he made the minimum payment, says his attorney, Joe Whatley Jr. A Countrywide spokeswoman said the company’s policy doesn’t comment on pending litigation.
Other borrowers say they were provided with misleading disclosures. “It was a widespread practice for originators not to be honest about the true terms of the loans [in disclosures] to borrowers,” says Jeffrey Berns, an attorney in Tarzana, Calif., who has filed lawsuits seeking class-action status against more than 50 companies that sold option ARMs.
I bought bullion to hold. Am convinced economic wheels are coming off so still feel comfortable despite this first experience with a big price drop. Ted Butler says the 8 largest shorters have an even stronger position. Can someone explain in laymens terms how gold price can eventually break upwards from a cabal the can hammer the price? Are they fighting what can only be a delaying action? Thanks
Royal Gold FY07 Gold Reserves Up 17% - Update [RGLD]4/30/2008 3:35:33 PM Royal Gold Inc. (RGLD, RGL.TO) on Wednesday said its total precious metals reserves at the end of calendar 2007 have increased from last year.At the end of calendar 2007, gold reserves increased 17% to 49.5 million ounces, while silver reserves have surged 71% to 1.0 billion ounces over the previous calendar year-end estimates.
In Betze-Post mine, the company expects to produce about 792,000 ounces of gold in calendar 2008. In Leeville mining complex, the company expects production of about 415,000 ounces of gold in calendar 2008.
From Mulatos mine, the company anticipates production of approximately 120,000 ounces of gold for calendar 2008. From Bald Mountain mine, it estimates production of about 28,000 ounces of gold in 2008.
RGLD is currently trading at $28.31, up 43 cents or 1.54%, while RGL.TO is currently trading at C$28.75, up 76 cents or 2.72%.
I have pounded this think to death 
but somehow it just would not show me Silver up 26%, so I pitched it 
. Do I need a new one or was it only up 26% in Canada?
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Be sure and take some photo’s,at Totts , for those of us,who could’nt make it.Good Luck ! To All, my heart is goin to be there ! Rollo
and the possibility of an island reversal is in the cards if we get some metal strength overnight and into tomorrow’s NY open.
Up another 30% and we’ll manage to get back around the recent highs in stocks. ABX needs to go up 40% to challange its recent high; AUY 54%. Oh, ho-hum… no blood, no foul..
HUI up 3% with gold flat…
….when is the last time we saw that?
….also silver up 26% is significant….
we could have hoped for. A long way to go from here but maybe a tourniquet was applied.
Ment may be right about one more paint job coming, but we are definitely closer to a bottom today than yesterday.
The real news is that we don’t have to face another Fed meeting for a couple of months. Correct me if I’m wrong.
Probably, certainly much higher than the cpi indicates. In any case, a long way to go before the negative rate environment goes positive.
tinyurl.com/3999t6
try this link above
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