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Just in case there was any confusion, when I said there was fuzzy thinking in that claim, I was referring to the idea from pundits of US returning to gold standard to prevent devaluation.
Redknight I think we are on the same page. Gold is going higher and we don't want a return to the gold standard!
"A man-portable drill rig arrived at Cerro Quiroz on 3rd October 2020, as drilling crews prepare to recommence drilling (Figure 2)."
12 days on and I would hedge a guess and say they are already a 100m's in.
I'm assuming Blanca is being drilled as last RNS prep'd that. NM has a habit of late in surprising us all.
Next week, we might get the first tranche of assays on Porvenir. Early news on Blanca. An update on Hueca and an update on Hole 2 porvenir with 150m+ drilled.
Oh my giddy aunts... I think that's even too much for majority of us.
So...replying to both...
First I am NOT advocating a return to the Gold Standard...please read more carefully...the $10,000 price would be driven by demand alone...and still would;d not put it anywhere near an all time high in REAL terms...
Second, as an expert Quady, please offer your opinion on how the US can reduce its $7 TRILLION debt with inflation at 2%...
Oh and BTW you still didn't substantiate your earlier statement with facts...
Off out to play golf...
ATB to all...
Regarding another major buying in to block NCM and BHP gaining control - seems pretty clear that the reason any major has or would invest in Solg is to try to gain full control of it. If you tried to get another major onboard you would basically be asking them to invest a chunk of their cash in order to make it impossible for themselves or any other major to get control of Solg. I don't think any major would go for that because they would essentially just be making an equity investment rather than lining up future mining reserves. If you wanted another large holder on the register wouldn't it be better to get a large commodities/resources fund, or sovereign wealth fund or pension fund to invest on the understanding they would be holding for the long run and not likely to accept the first buy out offer that comes along?
Either way I think that's a fairly moot argument now because we are well funded through the current drilling phase and the Porvenir "discovery" has changed the lanscape somewhat. Feels like Solg has the best defences possible, adding another 10% shareholder won't change much. It's now a case of NM playing the hand he has got as best as possible, which I have confidence he will.
redknight it was rhetorical, if you want to treat it, as a question, then please go ahead.
Such a move would inflate the price of gold.
What the world needs to do, is cut government debt, and consumer debt.
Yes it would halt growth, but at some point in the future, it needs to happen, as the countries that don't engage will have their currencies devalued.
Seems to be some fuzzy thinking in that claim. Firstly why would they want to stop the USD weakening? The only realistic way to pay off $trillions in debt is to inflate it away by devaluing the currency. If you fix the dollar you would face the problem that all the debt you accumulate today has to be paid back in the future at today's value. If you allow the currency to continually weaken then you can borrow today and pay back in devalued dollars in the future. The Fed has just committed to allowing inflation to run above the 2% target to achieve an average (over an unspecified time period, which is basically the authorities giving themselves the leeway to try to stoke material inflation as they please).
Also the logic of that plan doesn't make sense does it, because today an ounce of gold buys $1900. If you fix the rate to be one ounce of gold buys $10,000 then you have instantly devalued the dollar by over 5 times.
I think it's more likely that gold will reach $10,000 an oz precisely because there is NOT a gold standard, and the dollar will continue to be devalued by all the money printing currently taking place.
Don’t forget they’re currently mobilising a drill to stick in the epithermal gold deposit at Blanca
It may not be at the disputed part of the site, but it could still show some stonking (and potentially near surface) gold, very close to Alpala... and news might not be far off
DBW, yes that’s true, 2nd on the list
Sorry if it has been previously posted
"don't think that's a possibility." is an opinion on the question that sporty asked about gold hitting $10,000 an ounce.
If you look at his reply, he took it as advice...
"Thanks for replying Quady - it did seem outlandish - but wanted some sensible opinion "
Please substantiate your own off the cuff response "I wonder how much gold would be required"
The US de facto left the gold in 1976.
In 1960, while on the Gold Standard, the US has $19.4 BILLION of Gold Reserves, while the Fed Balance Sheet was $3.26 TRILLION...that's a gold backing of only 1:170...
Now I'm not an expert on gold and silver, but I know enough to offer an informed opinion and here it is...
Gold could easily reach $10,000 an ounce
In 1971 it would have taken only 0.2 ounces to buy the S&P Index price...today it takes 1.84 ounces...
If it returned to 0.2 ounces at the current S&P the Gold price would be $17,500 an ounce...
So is the S&P massively overvalued or is gold massively undervalued...?
And then there is silver...
And SOLG has oodles of both...makes the copper price tame in comparison...
AIMHO as usual...
How will CGP go out of business?
yes, competitive tension (CT) ..we need some CT to bid up the value
Jason W also said yesterday , starting 3rd drill at La Hueca but he couldn’t comment as results “hadn’t been released yet” ..... must mean they have them.
I guess you could make both a positive and a negative argument for the delay , but there’s definitely loads in the pipeline..... not forgetting PFS could drop at any moment.
Too right DBW. If Rio were to come in, that would be huge, even bigger than Porv purely because of the fantastic logistical , and potential processing, advantages it would enjoy.
So much to look forward to here in the short, medium and long term.
The tender offer is still active on solgold's web site
The Goldbugs and their "Great Leap Forward" to the gold standard are full time dreamers, just like your Communists. Actually I think the Communists might have more of the inside running currently! For example, the BBC often features card carrying Communists, but they would never interview a goldbug in a million years. Our Social Betters at Davos are using covid-1984 to push their "Great Reset" plan for remaking society... a plan which is a lot more Owen Jones and a lot less Ron Paul.
Not forgetting Rio right on the doorstep too
I already asked Solgold this morning to clarify...
Do we have an answer yet? If not, does anybody have an expectation as to when we might?
How long before majors start bidding
Weeks or months my opinion is they will come
But succeeding might be different who knows maybe NM might let a few hints come our way
Alpala as I understand it is now with the engineers to form the workings of the mine, as Nick has given his list of 10 priority targets Blanca being at the top, I cannot see much changing. Porvenir excitement has not been clarified yet, so to me Blanca will be pushed hard for the gold, liquidity helps Solgold, eases worries for lenders and opens doors to more loans as and when required.
As Blanca is next door to Alpala, access from mines to ports, water and energy to mines can go hand in hand. Keeping costs down, returning cash quick will be the way forward, trouble is information and Nicks future thoughtsare way ahead of us, we are so behind the curve but hopefully catch up soon
Looks like a bit of a stand-off today at the OK Corral between the bulls and the bears on low volume. Only one way to settle this ...... FIGHT !! lol, come on the bulls ;)
redknight, your posts recently are a bit strange.
You attack addicknt yesterday, when he was correct, and you attack me today, for something I have not done either.
Please point out, where I have said I was an expert on Gold.
Quady...I know you always say you are offering opinions, but please don't present yourself as an expert on gold when somebody may consider this as a possible investment decision...
I have researched gold in detail for 5 years or so and, as a result, have made almost as much from gold/silver investments as from copper...
Bloomberg is a highly credible reporting medium...I watch it every day...
When the UK and the US were last on the Gold Standard there was nowhere near parity in terms of gold backed security...
Global balance sheets continue to expand exponentially...US QE was never wound down...you cannot rule out an agreement between the world's leading central banks to simply 'topslice' debt, move to gold/silver backed currencies (after all the amount of physical gold backing the digital gold markets is about 3%...if all futures were taken to delivery the gold price would rocket..)
There Fed's balance sheet has increased by $3 TRILLION in just 7 months(75%) simply to support Wall Street and avoid the mother and father of all crashes...J P Morgan (who hold the FED's gold) have just been fined $920 MILLION for gold price manipulation, (which us 'gold bugs' have suspected for years)...
The Chairman of Franco Nevada was recently directly quoted as saying gold could reach $10,000 (and they are the biggest gold streamers in the world)
Many other sources take this idea seriously (would you challenge Rorbes as well as Bloomberg?)
Here is just one link...
My portfolio has 45% SOLG, 10% ATYM, 10% FTSE100 and the rest is in Gold/Silver funds e.g. GPM and Blackrock Gold & General...
I respect your views on copper and you are regarded as an authority on here, but please stick to what you know...
Good morning all, personally I think this is the beginning of the journey for SolGold transforming into a major - we will look back in the years to come and see late 2020 as the catalyst for SolGold - All the fun and games NM has had to deal with will reap massive rewards for LTH's. ALB