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2016 Sprott Natural Resource Symposium

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July 30, 2016

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Discussion
157 Comments
    Jul 30, 2016 30:07 AM

    Thanks for the show fella’s,
    I’m stuck at work on Saturday night:(
    But listening to the weekend show sure helps pass the time !
    Cheers

      Jul 30, 2016 30:41 AM

      Our pleasure, Skeeta!

      Jul 30, 2016 30:38 PM

      Dang, you got a job where they pay you to listen to the KER?

      Or at least let you listen while they pay you?

        Jul 31, 2016 31:53 AM

        If I could get paid to listen to Mr. Big Al Korelin I’d be rich. Rich I tells ya! 🙂

    Jul 30, 2016 30:19 AM

    A jolly good KER show. Much appreciated guys.

    Brent, Joe, Rick had great sections, and it was fun to hear updates on Exeter, Auryn, and First Mining Finance. Hope everyone has a great weekend.

      Jul 30, 2016 30:42 AM

      Cory did a great job at the Conference.

        Jul 30, 2016 30:27 PM

        I will second that! DT

      cws
      Jul 30, 2016 30:12 PM

      Hey Excelsior and all!
      Check out Golden Tag, Do you remember this one back in the day?
      News out late Friday

      GOLDEN TAG COMPLETES $900,000 FINANCING, INKS DEFINITIVE SAN DIEGO PURCHASE AGREEMENT
      They now own 100% of the project.

      Updated Mineral Resource Estimate San Diego Project

      Indicated – 31.6 Million Ounces Silver, 258 Million lbs. Lead and 444 Million lbs. Zinc. , and representing a total of 55.5 Million Ounces Silver Equivalent.
      Inferred – 83.8 Million Ounces Silver, 833 Million lbs. Lead and 1,213 Million lbs. Zinc. representing an additional total of 155.3 Million Ounces Silver Equivalent.

      Market has forgot about this company but not for long.
      Compare to others like SSV

        Aug 01, 2016 01:07 PM

        Hey CWS – I just saw your post, but yes, I’ve been watching the action in Golden Tag and it has created quite the stir on Tommy’s site.

        Check out this room for Golden tag where it is being discussed:

        https://www.ceo.ca/gog

      Jul 31, 2016 31:20 AM

      Interview with Brent Cook of Exploration Insights – “Focus on Mid-tiers…Time to Focus on Juniors?”
      Published on Jul 29, 2016

      “In this interview, we follow up with Brent at the Sprott Natural Resource Symposium in Vancouver, and talk about developments in the mining sector since PDAC March 2016. We find out where to focus in the sector? Which countries to invest in? What has changed with the mid-tiers and is it time to now look at the junior space and much more.”

    Jul 30, 2016 30:33 AM

    RE: Segment 4. Does anyone know if Auryn Resources associated with AURYN Mining Chile SpA ? Just wondering as I have owned MDMN for more than a decade just bought by AMC.

      LPG
      Jul 30, 2016 30:14 AM

      Bobby.
      Re: Auryn Mining Chile SpA, I suggest you pull up some Auryn Resources financials – the 2015 annual results for example.
      Within the financials, you will have a list of all the companies subsidiaries and associated companies. You’ll then have the answer to your question.
      Hope this helps.
      Best to you,
      LPG

        Jul 30, 2016 30:43 AM

        Thanks LPG

          Jul 30, 2016 30:31 PM

          yes, thanks LPG

    Jul 30, 2016 30:14 AM

    OT: not seeing any political commentary I thought I would ask this question:

    Will the people of the United States “unite” behind our next president? If your candidate does not get elected will you stand behind the peoples choice?

      DFS
      Jul 30, 2016 30:39 AM

      May I suggest, Bobby, that is a really stupid question.
      The support for any person should depend on that person’s performance in the job, not blind adherence to political party or patriotism, or political correctness, or race, or sex, or any other prejudice.
      So, to actually answer your question. No, I would not give blind support to the future President, whomever it might be, just because of the office that person holds, regardless of respect for the office, itself.

        Jul 30, 2016 30:31 AM

        Heaven forbid that Americans become strategic voters and not proletariats in the party line?

        Jul 30, 2016 30:48 AM

        DFS….YOU are the problem with the USA. IMHO we shall see what the others say.

          Jul 30, 2016 30:21 AM

          Really Bobby..I could say the same about you as far as being a problem..do you really like the last 7 3/4 years? If so then I understand where you are coming from…

            Jul 30, 2016 30:14 PM

            God ,then country….Hilly is of unsound mind,better read Romans 1:27-,real simple people.

            Jul 31, 2016 31:34 AM

            Yes as an independent I was appalled.

            Jul 31, 2016 31:06 AM

            Ok,got ya ,now I understand.Best J.

      Jul 30, 2016 30:05 AM

      No

      Jul 30, 2016 30:18 AM

      I don’t know about other people but I will not stand behind Clinton under any circumstances just like I have not accepted the marxist socialist obama whi=o has nearly succeeded in destroying the Constitution and all that it stands for along with setting race relations back a hundred years.

        Jul 30, 2016 30:46 AM

        Valid point, Gator.

        Jul 30, 2016 30:11 PM

        I signed a pledge to support the Republican nominee, and, unlike Ted Cruz and Jeb and Kasich, my word is my bond.

      Jul 30, 2016 30:45 AM

      I will answer this today. Bobby, in a Daily Editorial.

        DFS
        Jul 30, 2016 30:56 AM

        You can expect me to make a comment on that!
        Also one about the media!

      Jul 30, 2016 30:34 PM

      Dang it, Bobby, why should I unite behind my rulers when they steal over 40% of everything I make, run up ruinous debt, give my money to rent seekers of every stripe including corrupt foreign gooberments, make enemies for me all over the world and steal what’s left of my privacy and liberty???

        Jul 31, 2016 31:47 AM

        Ebolan, Actually my point (and i mentioned no political party) was not support of the leader but support of the People. Let the country UNITE with the choice of the voters.

          Jul 31, 2016 31:11 AM

          Bobby..you don’t unite behind something that is wrong regardless of whether it was voted in or not. you fix it…

            Jul 31, 2016 31:57 PM

            why should the minority try to fix what the majority voted for! seems like sour grapes to me.

          GH
          Aug 01, 2016 01:45 AM

          Bobby, you presuppose we have a functional electoral system rather than a big, disgusting charade.

            Aug 01, 2016 01:10 PM

            or an educated population.

    DFS
    Jul 30, 2016 30:27 AM

    Interesting show.
    Don’t take this wrong, but my interest (trying to stay ahead) is in platinum and, of course, silver.
    Seg. 8: I usually appreciate Mr. Rule for his precision in the use of English.
    I was a little surprised with his use of beta in describing companies.
    Both alpha and beta have technically precise meanings and definitions when talking about stocks.
    Alpha is a measure of performance relative to its peers.
    A weighted alpha is a measure of performance with weighting to more recent growth.
    Beta, however, is a measure of volatility.
    Rick seemed to be implying it would one be better to invest in a fund to reduce beta risk, rather than to pick high beta individual stocks,
    ; I.e. Stocks with higher volatility, which in a bull market would out-perform stocks with low volatility. (Other things being equal)

    Or was Mr. Rule trying to imply that since this first bull run is over, it would be better to buy low volatility stocks to protect against a bear trend. If this is the case, I might suggest that he may have misread the world macro-economic picture.
    But what do I know?

      Jul 30, 2016 30:33 AM

      The first bull run is not over.

        Jul 30, 2016 30:48 AM

        Define “first bull run,” if you would.

          Jul 30, 2016 30:54 AM

          Most people believe that a correction is inevitable, and as DFS believes this ‘first bull run’ is over, that the next move will be a meaningful correction. I think gold prices are conforming with fundamentals such as interest rates lagging inflation, and declines in the dollar.

            DFS
            Jul 30, 2016 30:03 AM

            I do not think the first bull run in mining is over.
            I do believe there is a natural pace to all markets and high RSIs can imply future flatness for a while, or a decrease in the slope of the growth.
            I also am aware of technical summer doldrum effects, but I am certainly not selling stocks at this time.

          DFS
          Jul 30, 2016 30:58 AM

          I think FranSix meant “leg” rather than “run”

    Jul 30, 2016 30:02 AM

    OK, so I began by looking at the one outfit in Canada that has Beta in the title and by looking at the fund that provides a yield in the gold sector. To my surprise the gold sector fund yields 4%. But there was no great gosh-awful blowoff in the sector and a denouement that still overshadows the outlook in the sector. Will there be an opportunity to take profits and buy this fund? How does it compare with Sprott ETFs? But then again, owning a single mining company with a string distribution might be better, especially if organic growth is in the cards. I think this is the basis ford the discussion with Mr. Rule. If Americans want to participate in Canadian-listed equity, then you have to resort to Pentrade, but then you would also have to pay taxes in $CAD terms under the Canadian Revenue Agency.

    http://www.stockwatch.com/News/Item.aspx?bid=Z-C%3aHEP-2391280&symbol=HEP&region=C

      Jul 30, 2016 30:30 AM

      Americans can also use Interactive Brokers to trade Canadian stocks (or almost anything else around the world).

      What taxes are you referring to?

        Jul 30, 2016 30:52 AM

        Under NAFTA, you may have to pay the Canadian government taxes you would otherwise not pay if the same stock was interlinked on U.S. exchanges. But a lot of people simply will not buy pink sheets.

        Had no idea IB was a good source for foreign listings, THX.

          Jul 30, 2016 30:23 AM

          Thanks. I wonder if that applies to non-Americans trading Canadian stocks.

          I’ve been very happy with IB for over 9 years now and it has only improved, imo & fwiw.

          Jul 30, 2016 30:49 AM

          For what it is worth, we use otc in our fund and it is turning out ok.

            Jul 30, 2016 30:56 AM

            I would have expected that OTC is the market for trades in the U.S., but Sprott’s funds are cross listed and have the benefit of spread in the sector, although probably less beta than individual stocks.

            DFS
            Jul 30, 2016 30:31 AM

            There quite a difference between pink sheets and greys, however.

    Jay
    Jul 30, 2016 30:24 AM

    Man, can you guys PLEASE mute the bubbles, clicks and dings from your computers when you’re recording?

    It’s like amateur hour when you’re recording these things 🙂

    Jul 30, 2016 30:57 AM

    Since it’s the end of the month, it would be time for the monthly chart in gold:

    http://schrts.co/AJKfps

      Jul 30, 2016 30:03 AM

      The implication is that I clearly need a good set of reading glasses, but also that the elliot wave count on the chart suggests a Wave One extension in elliot wave terms. That means the highest you can expect is perhaps 25% over the previous high, or perhaps 2.52 times the low in December.

      Clearly this means value will be in the high beta stock in the gold sector, and not perhaps capital gains in gold ETFs. But there would also be returns in dividend regimes.

        Jul 30, 2016 30:43 AM

        I agree completely. Your 2.52 times the low in December is very close to my 2700 target. A double from here will be a miserable showing compared to the miners especially the right juniors.

          Jul 30, 2016 30:36 AM

          I think this is because people don’t understand he commodity aspect of gold, that the ore has to be blasted, hauled to the mill, refined and sold first before it winds up on the futures market. That would put cash flow into gold miner’s hands, and their shareholders. The miners were left for dead as people rushed into bullion products not realizing miners are the yielding asset.

            DFS
            Jul 30, 2016 30:08 AM

            Part of the problem is that many miners forward sell, to assure smother and predictable cash flow. This also alters profits.

        DFS
        Jul 30, 2016 30:41 PM

        FranSix, while I do not expect a significant correction in mining shares soon, I would add that is not how I feel about the general market.
        For the general market, I believe it is overvalued by most historic measures, and thus I would expect a reversion to the norm, at sometime.
        Historically, August, September, October tends to be a seasonally lower period for stocks.
        With government money pumping and share buying, nothing is highly predictable.
        With interest rates the lowest in 4,000 years, there is simply no historic correlation between interest rates and stock prices even available.
        With the IMF calling for essentially universal money injection world-wide, while I believe such action as insanity, I also understand it is the only politically-acceptable mode of sustaining economies.
        I also know that continuous pumping of a bubble will ultimately cause it to burst at its weakest point. Will it be a bank in Germany, or Italy that blows up first? Will it be possible to quickly stick on a patch on the bubble before it completely collapses? Such questions are way above my knowledge to answer. What scares me more, however, is that most poiiticians and many economists appear to be even more stupid than I am, and I no longer trust many of them.

    Jul 30, 2016 30:43 AM

    The monthly chart for gold looks great:

    http://schrts.co/re73TX

      Jul 30, 2016 30:51 AM

      Thanks, Matthew.

    Jul 30, 2016 30:44 AM

    SLV closed above the 200 week MA for the first time in 3.3 years:

    http://schrts.co/z88guo

    Jul 30, 2016 30:26 AM

    Silver is up 27% versus gold since March:

    http://schrts.co/upPyoe

    DFS
    Jul 30, 2016 30:04 AM

    Thanks, Matthew. (If only I could read charts!)
    In my silver-centric world, Silver has a beta of 1.0, while Gold currently has a beta of 0.22, which in a sustained bull market, other things being equal, pure silver related stocks would out-perform pure gold- related stocks by a factor theoretically of 4.5 over the near term.
    Good luck on finding pure silver-related stocks or gold-related stocks, however.

    (However changes in Beta would signal a flagging bull sooner than an eye can detect changes in any jagged chart line in my humble opinion; but what do I know, I,m not intelligent or artistic enough to read a chart)

    Jul 30, 2016 30:16 AM

    TED Spread monthly says that rating interest rates to narrow spreads is no longer possible, and that presumably the TED Spread will continue to widen. That being said, LIBOR has gone below the treasury bill rate, so we may see a surprise in this area:

    http://schrts.co/nWda5N

      Jul 30, 2016 30:19 AM

      So which chart is right in forecasting or being a leading indicator?

      http://schrts.co/FU4F7A

      DFS
      Jul 30, 2016 30:43 PM

      How can interest rates be used to predict much, when they are clearly TOTALLY manipulated?

        Jul 30, 2016 30:17 PM

        Interest rates vs inflation are a leading indicator for gold prices.

    Jul 30, 2016 30:39 PM

    Great show Cory – many thanks. Good to walk away from PMs whilst away on holiday to come back and see new highs. Ivan Bebek modestly says Auryn’s share price is doing OK. Well a three bagger to date is more than okay in my book as are three baggers plus in First Mining Finance and First Majestic. Of the latter two Keith Neumeyer is a CEO who puts his shareholders’ gains at the forefront of his investment strategy. Needless to say all these companies are fully endorsed with Sprott and Rule’s full backing.

    DFS
    Jul 30, 2016 30:47 PM

    One would almost think you were French, taking off July, Andrew!
    Welcome back.

      Jul 30, 2016 30:08 PM

      He’s not FRENCH, …he has been stuck in the Chunnel for the last week

        Jul 31, 2016 31:55 AM

        None of the above, except for my Huguenot roots. Walking or should I say hobbling in the Welsh mountains!! A

    Jul 30, 2016 30:18 PM

    The very elevated risk should be obvious at this point but I still think the XAU has another 20 – 30% left to the upside before we get a significant pullback.

    http://schrts.co/FCG14G

    DFS
    Jul 30, 2016 30:47 PM

    Here’s one of the most comical review of an interesting mining stock by Robert Moriarty:
    http://www.321gold.com/editorials/moriarty/moriarty073116.html
    Thanks for the chuckle, Bob.

      Jul 30, 2016 30:46 PM

      Thanks for pointing that out. I think Bob hit the salient points perfectly – and I own it.

      Jul 30, 2016 30:32 PM

      Thanks for posting that article DFS. I thought Bob’s review of Strategic Metals was funny and informative. I’m impressed with not just the royalty stream part of their business, but also all the stock they hold in various other companies. There are actually a number of prospect generators I like right now. I just found out about 5 more that were not on my radar this week that I’m doing some homework on. Project Generators continue to grow in number and are an interesting business model and sub-sector of the miners.

        DFS
        Jul 30, 2016 30:01 PM

        I don’t know if you followed SLRRF at all. I used to follow it, but it, because it was silver/zinc, but it changed interest to gold, and I lost track. Also a project generator.

          Jul 31, 2016 31:17 AM

          DFS – Yes I do follow Silver Range Resources, but my interest is really more in Strategic Metals (SMDZF), mentioned above, because they hold a big chunk of (SLRRF) [w/ 9,480,340 shares]. Strategic Metals (SMDZF) has it’s risk diversified over a number of different companies and assets, and that what I meant about being “impressed with not just the royalty stream part of their business, but also all the stock they hold in various other companies.”

          Major Shareholders of Strategic Metals (SLRRF):

          Panarc Resources: 10,000,000
          Insiders & Consultants: 9,625,154 shares
          Strategic Metals Ltd: 9,480,340
          Tocqueville Gold Fund: 2,926,000
          Total: 32,031,494

          Fact Sheet on Silver Range Resources:

          http://www.silverrangeresources.com/assets/docs/sng-fact-sheet_july2016-20160719081358.pdf

            Jul 31, 2016 31:20 AM

            Correction. That should have said Major Shareholders in Silver Range Resources (SLRRF).

            You get the idea though…. exposure to (SLRRF) through (SMDZF)

        Jul 31, 2016 31:12 PM

        “SHANGHAI (Scrap Register): China’s domestic zinc concentrate TCs are expected to fall further in the near term due to ore supply tightness. Mines and traders sold actively recently due to high zinc prices, and this helped ease ore tightness some, slowing declines in domestic zinc concentrate Tcs, said SMM. ”

        “But many domestic zinc smelters are still scrambling for ore against low raw material inventories. Mines in Hunan’s Huayuan suspended production as local explosive supplies were cut off due to inspections. Beneficiation plants having raw material remain in production, though. When their mining operation will restart is still unsure…”

        http://www.scrapregister.com/news/39657/chinese-zinc-concentrate-tcs-may-fall-further-on-tight-supply

    Jul 30, 2016 30:50 PM

    Silver has some fork resistance at 20.60 on Monday:

    http://schrts.co/0OzytR

      DFS
      Jul 30, 2016 30:48 PM

      I’m showing resistance at $20.66 for what it’s worth.
      Volume is solid, though, so I’m expecting just hesitation prior to penetration above.

        Jul 30, 2016 30:06 PM

        I agree; silver should have little trouble getting through that level.

        The dollar is our new friend. It topped right where it was supposed to and is now heading for 94 and change (for starters).

        http://schrts.co/0YUoLC

          Jul 30, 2016 30:14 PM

          There’s better support just below 93:

          http://schrts.co/y0nMXF

          Jul 30, 2016 30:20 PM

          Yup, it’s not looking good for the dollar bugs…

          http://schrts.co/IcpYUi

            Jul 31, 2016 31:39 AM

            After the large surge up in the US Dollar back in early 2015, it really has just traded sideways for about 1 1/2 years (vexing both the Dollar bears and bulls alike).

            I have heard the case from deflationists that this was all just a consolidation in the greenback before it’s next move higher to 110 or 120, but then there are the dollar bears that think it is teetering on the edge of a large correction back down into the 80’s.

            Recently the USD has put in a lower low and lower high, and I see where it broke back down below the top line of the fork on your chart.

            I tweaked your chart slightly making the time frame 5 years and swapped out the short SA for a 200 day EMA, and kept the 500 day EMA on there, because the buck did bounce off the 500 day twice recently, but it has bounced off the 200 day prior to that (and is there at present). If both those EMAs fail to offer support, do you see a major pullback down to those prior peaks around 85 – 84?

            http://stockcharts.com/h-sc/ui?s=%24USD&p=D&yr=5&mn=0&dy=0&id=p54537961920&a=456927233

            Jul 31, 2016 31:43 AM

            BTW – I’ve been meaning to ask you this for a long time. When you pick out the chart colors and used the “Colors for the Vision Impaired” is that:

            A) because you have eyesight challenges?

            or

            B) Are you making a funny and trying to show investors that are missing glaring things on the chart that they may be “vision impaired”. Knowing your sense of humor, I’ve always wanted to ask to see if you had a little jab thrown in on those charts 😉

            Jul 31, 2016 31:34 AM

            Well… it’s not because I have eyesight challenges! 😉

            Jul 31, 2016 31:49 AM

            I think the dollar is going to at least 87:

            http://schrts.co/WmY6np

            Jul 31, 2016 31:54 AM

            Funny, that is what I thought.

          Jul 30, 2016 30:24 PM

          Note the close below the lower Bollinger band:

          http://schrts.co/Xh6vEU

    DFS
    Jul 30, 2016 30:51 PM

    Also SGE sits at about $20.55, some 20 cents above the US.

    Jul 30, 2016 30:31 PM

    XAU to 133 next:

    http://schrts.co/3KgwHh

      DFS
      Jul 30, 2016 30:47 PM

      You chart-readers have it all over me with XAU, there’s no volume for me to work with, so I’m completely stumped to predict anything on XAU, or HUI.

    Jul 30, 2016 30:37 PM

    When the USB:GOLD H&S top activates, the miners will fly:

    http://schrts.co/Q2k5yR

      DFS
      Jul 30, 2016 30:54 PM

      Is that chart implying October some time for the take-off?

        Jul 30, 2016 30:16 PM

        More like late August or early September is my guess for the completion of the H&S pattern but the miners look like they want to head higher immediately.

        Silver too…

        http://schrts.co/DqO4dx

    Jul 30, 2016 30:45 PM

    Those who can view a monthly chart will like this one…

    UST:GOLD

    http://schrts.co/UMGcal

    DFS
    Jul 30, 2016 30:20 PM
    DFS
    Jul 30, 2016 30:15 PM

    Most seasonal charts for miners seem to bottom in late July.
    http://charts.equityclock.com/seasonal_charts/AEM.TO.PNG

    DFS
    Jul 30, 2016 30:19 PM

    Silver seems to move a bit ahead of gold seasonally

    http://charts.equityclock.com/seasonal_charts/SLW.PNG

    DFS
    Jul 30, 2016 30:27 PM

    Meanwhile in Turkey they are at it again!

    https://www.rt.com/news/354042-turkish-police-incirlik-nato-coup/

    I sure hope they moved the US NUKES OFF BASE.

    Jul 30, 2016 30:59 PM
    Jul 30, 2016 30:57 PM

    Oh Baby it is cold outside!:
    https://www.youtube.com/watch?v=RZlICdawHRA

    Jul 31, 2016 31:43 AM

    For Bob Moriarty….
    ————————————-
    Earnings recessions lead to actual recessions.

    At least that has been the case the majority of the time for the past 5 decades and I have a chart that shows it. So I will again post that graph of falling corporate S&P profits showing the huge megaphone pattern (now in decline) but this time overlaid with a little extra information.

    (Chart comes from Jesse Felder of TheFelderReport.com)

    Grey bars are recessions of course. But more notably perhaps is what happened to the stock market each time earnings tanked. The conclusion is obvious here as there has not been an earnings recession of any magnitude that was not also accompanied by at least a 20% draw down in the S&P.

    What is really, really interesting though is that the list of major crisis that are noted on this chart show clearly that each of them happened during the end of the earnings recession and just prior to or during the onset of actual economic recession.

    Got that?

    It tells us that falling earnings are a prelude to much bigger troubles and as we know now the S&P has already seen two consecutive quarters of deflating earnings for the major companies and a third is almost certainly on its way.

    And that means this really is a time to consider caution in your investing.

    So we are not out of the woods by a long shot and most especially as this recession in earnings coincides with the CRB turning down on the weekly charts. And as already mentioned, that massive megaphone projects into negative earnings growth territory for the entire S&P if it carries through to its natural conclusion.

    Good to see you won’t argue facts with me Bob. But you are great with bluster and BS. Sorry to tell you this again…but we are still deflating.

    Here it is: Corporate Profits Percentage Change from prior year since 1965 — FRED Chart
    http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/07/25/20160730_bear1.jpg

      Jul 31, 2016 31:25 AM

      Birdman:

      If you have stopped saying that opinions are more important than facts, I’ve fine with that. The facts are that markets discount the future.

      The CRB in constant dollars hit the lowest it has ever been in Jan/Feb of this year. That’s not an opinion, it’s a fact. If your opinion is that it will go lower, you have a right to that opinion but I was pointing out in January that it’s irrational to say something is going to go lower than it has ever gone before in 5000 years.

      So far I’ve been right and you have been wrong. But you were dead wrong on gold and silver all along and I was dead right. So the facts support me and who knows, if a clock can be right twice a day, maybe your opinion will be right some day.

      I’m not commenting on the S&P and a recession, that can and probably will happen but deflation measured by the CRB is behind us so far.

      At every bottom there are 100 reasons to sell. That’s what makes a bottom. Everyone is saying prices will go down. And every time they are wrong.

        Jul 31, 2016 31:38 AM

        You are an investor Bob. And you should know very well from experience that just because something is down does not mean it cannot go lower. Your 5000 year bottom is arbitrary of course and its one of your choosing. I have been pointing out that there are good reasons commodities will fall lower. On that weekly CRB Index by the way you should have noted a falling expanding wedge (eg; a declining megaphone) and that one points to at least one more decline before it bottoms and heads back up. I happen to believe we will see the CRB all the way back at 1970’s levels before we are done but we will only know that for certain once the months have gone past. Its probably immaterial anyway and none of it was meant to start and argument. You sound ridiculous with the “you were wrong and I was right” comments btw. What is this anyway?

        Primary school?

        Jul 31, 2016 31:55 AM

        By the way Bob, I am not claiming to know it all. My point is merely that there are still quite a number of charts that conflict with the popular consensus that inflation is coming, gold is in a new bull market and deflation is dead and gone. Those have not resolved themselves. So these conversations are something quite apart from trading day to day. Like everyone else I am only attempting to make sense of it all. Not sure why that seems to bother some people here so much.

          B
          Jul 31, 2016 31:56 AM

          Jul 28 The 175% Advance in Gold Stocks in 5 Months, 22 Days Now Places Us As the 11th Greatest 1st Leg Up in Any Bull Market GannGlobal Must Watch

          Double post is just trying to get the link to work.
          Gann global figures a 25-57% correction is on the way.

    Jul 31, 2016 31:21 AM

    Bird:

    Charts are charts. They are not facts. It’s like reading tea leaves, every person who reads tea leaves sees something different. My opinion is that the consensus does not see inflation, the consensus sees deflation.

    As to the CRB and a 5000 year bottom being arbitrary, that’s an absurd comment. Do you think a 10,000 year bottom would better reflect today? How many times do I need to say it. At the bottom of everything, there are hundreds or more good reasons to sell. That’s what makes bottoms.

    And by the way, you have been wrong all along and lots of people here got it right. You act that your opinion is more valuable then the fact that lots of people disagreed with you and they were right.

    The months have gone by and you are still wrong. At some time you need to concede the point. The dollar didn’t make new highs, gold didn’t tumble below $1000 and the only megaphone I hear is you.

      DFS
      Jul 31, 2016 31:20 AM

      Zerohedge sees this as a cause for inflation:

      http://www.zerohedge.com/news/2016-07-30/us-government-entitlements-sixth-biggest-economy-earth

      I see it as a cause for government welching on its promises.

        Jul 31, 2016 31:46 AM

        I agree with Zero Hedge and that makes you right, too. Governments love to inflate their way out promises because it is the most insidious and politically acceptable default available to them.

      B
      Jul 31, 2016 31:53 AM

      Jul 28 The 175% Advance in Gold Stocks in 5 Months, 22 Days Now Places Us As the 11th Greatest 1st Leg Up in Any Bull Market GannGlobal

      From 321 gold, figures a pretty substansive correction is on the way, 25-57%.

    DFS
    Jul 31, 2016 31:51 AM

    I summarized earlier what Japan actually did, but here’s David Stockman’s take:
    http://davidstockmanscontracorner.com/pay-attention-to-what-boj-did-do/

    DFS
    Jul 31, 2016 31:01 AM

    I’ve lost track of accidents, suicides and murders (unexplained, of course) of associates of Hillary. It was over 50 unexplained deaths in the last 20 years.
    Should I add in this one? I think, yes!

    http://hiddenamericans.com/politics/dnc-data-director-seth-rich-was-likely-assassinated-multiple-clinton-connections/

      Jul 31, 2016 31:18 AM

      Hitlary is a mass murderer. Think of all the Libyans, Syrians, etc. who wound up dead because of her. It’s no surprise that she thinks she can murder Americans with impunity. To her we are all Libyans

      And wtf is Obomber with 1.7 billion of our stolen dollars? Why buying Afghans radios, of course. Absurd.

      https://www.antiwar.com/blog/2016/07/29/us-awards-1-7-billion-contract-to-buy-radios-for-afghan-army/

        Jul 31, 2016 31:29 AM

        Obamnation,picked that trick up,from Clinton Haiti relief fund contract ,from that rich Billionaire donator from Britain.

          Jul 31, 2016 31:37 AM

          Poppy field phone network….PFPN……..New cabinet position needed to be filled..apply now,must be a smoker and higher than a kite.

          Jul 31, 2016 31:00 PM

          I bet the day after Obomber is outta the WH he starts a foundation, if he hasn’t already.

          Slick Willy showed how it’s done.

      AJ
      Jul 31, 2016 31:38 AM

      Clinton Body Bags
      Decades-old political rumor claims Bill Clinton quietly did away with several dozen people who possessed incriminating evidence about him.

      http://www.snopes.com/politics/clintons/bodycount.asp

        Jul 31, 2016 31:46 AM

        Clinton could turn out to be like that NUT in Turkey ,take over the military,and put Obamy in charge of the Poppy fields in Afghanistan.

        Jul 31, 2016 31:56 AM

        I love how lazy people rely on Snopes to avoid looking into a subject for themselves. What’s with the blind faith in such an obviously establishment-friendly operation?

        http://www.liveleak.com/view?i=cb1_1443274004&comments=1

          Jul 31, 2016 31:17 PM

          Wonder if Billy is still seeing Monica……liar snoop should check it out

          Jul 31, 2016 31:31 PM

          I wonder the same thing. Snopes is not impartial.

          Jul 31, 2016 31:24 PM

          Yup, never trust snopes (should be called snoops).

          It’s financed by George Sorrows.

    B
    Jul 31, 2016 31:30 AM

    Monarchy is a more honust system.

    “I make the rules,do whatever I want and if you disagree I boil you alive.”
    Honust.

    The americans pretend the people elect their leaders, entirely dishonust, but as long as enough people are happy, why would they question?

    Heck, even if the people at the dnc were paid to cheer as per the advertisments, so?
    They wanted the work, its horray for Hillary she gave us work. lol

      Jul 31, 2016 31:16 PM

      The rules are broken..DOJ..showed it on MSN

        Jul 31, 2016 31:17 PM

        It is the face of every American

          Jul 31, 2016 31:22 PM

          In the face……dang phone ,must be a democratic phone,only writes what it thinks you should say.

      Jul 31, 2016 31:34 PM

      The sky will fall!

      What if the feral gooberment’s debt doubles in the next 8 years like it did under Obammy? What if interest rates reverse to the mean? What if they don’t and price discovery for credit is smothered as it has been for over a decade?

      Maybe are rulers can keep the crack addicted economy limping along but what if they can’t?

      Can the day of reckoning be put off for another generation?

        Jul 31, 2016 31:35 PM

        Maybe are rulers can…

        Should be OUR. Dang iPad!!! 🙂

    Jul 31, 2016 31:19 PM

    Left out “in”

    Jul 31, 2016 31:35 PM

    Why doesn’t Al interview Bob M anymore, I like listening to Bob’s shtick, I think the problem is Bob tells it the way it is, Al who is very conservative can’t handle Bob M’s persona. DT

      Jul 31, 2016 31:48 PM

      OWL is busy writing his new book….,”Baby Steps,and Bob Doesn’t Know Owl Shi###”

        Jul 31, 2016 31:49 PM

        Just joking Bob , we love ya….J

      Jul 31, 2016 31:03 PM

      I agree. I would like to hear a lot more of Bobby M. on the KER. Can’t even remember the last time he was on.

      Jul 31, 2016 31:03 PM

      DT:

      My wife insisted I not be speaking on Kereport due to a couple of clowns who insisted on attacking me at every turn. Al wanted me on, Barbara didn’t want me on. We run a free website and adults are responsible for their own financial decisions. I really get tired of jerks who want to blame everyone else for their own actions.

      Al is perfectly willing to listen to alternative view points.

        Aug 01, 2016 01:12 AM

        Bob,

        Forget about the couple on neanderthals that were bloviating just to disrupt things and hear themselves talk. 99% of us here would like you to return to the show from time to time. We value both you’re investing and political take on things.

        Most of those bitching and complaining would do the same-thing even if they won the darn lottery.

        At-least pop in once in awhile. Much appreciated.

        V

          B
          Aug 01, 2016 01:25 AM

          Absolutely V,
          Bob interviews are great.

    Jul 31, 2016 31:31 PM

    I watch The Buffalo Evening news quite often to get a different perspective. Buffalo which had been a proud American city is dieing, their infrastructure is terrible. Americans need to start building their cities and making them places that people can live in again. These older cities were allowed to decay but they must start turning the future into the past.

    Jul 31, 2016 31:25 PM

    Hillary is running on the Obama platform. The Obama platform never EVER balanced a budget! He is the first president that never EVER had a 3% GDP growth! He has destroyed this country as bad as Bush.

    Here’s a financial and political “call”.
    Oil will tank, which will make junk bonds tank, which will make the stock market tank weeks later. All this is about to happen ( say the charts )
    Then Obama looks like an idiot, and Hillary is running on a ..looser..platform. And even the moron supporters that she had will abandon her.

    Trump wins!! We win!

      Jul 31, 2016 31:07 PM

      I’ll drink to that…or anything else….

      Aug 01, 2016 01:58 AM

      Many of them Chartster are being paid $50 daily just to occupy seats at her conventions and to hoot deliriously as and when told.
      Just how sick is that?!

        Aug 01, 2016 01:03 AM

        Things are at an all time low in the U.S
        When a Presidential candidate can get away with saying “What does it matter.”This becomes very disturbing.
        “The U.S cannot cannot return to greatness until the secrecy of the National Security State of hidden finance is exposed. ” Catherine Austin Fitts.
        https://www.youtube.com/watch?v=feW-iDhkoiA

        Aug 01, 2016 01:10 AM

        Hilly is so cheap,she is not paying scale for union actors ….$50 a day ,joke, should be $50 per hour.

          Aug 01, 2016 01:13 AM

          Bill gets $750,000 for one speech….what a low life

    Aug 01, 2016 01:08 AM

    Happy 15th Anniversary of 321 gold. Bob M.

      Aug 01, 2016 01:00 AM

      +15 (Happy anniversary 321gold)

    Aug 01, 2016 01:59 AM

    Mexus gives a mine update, discusses audit and releases info on JV partner
    08/01/2016

    http://www.mexusgoldus.com/news.php

    Aug 01, 2016 01:59 AM

    Could you tell me the name and the ticker of the junior gold play Ghana traded in Australia mentioned by Joe Mazumdar in his recent interview with you? Thanks. Regards, Antonio