April 18, 2021 

Gold Enters Major Bull Market


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 By bluejay

09/28/2009  8:44AM

Last on gold is $994.30.

What if everyone in the world wanted a 1-ounce gold coin?

 By bluejay

09/27/2009  11:01PM

Gold continues lower tonight with a last of $988.00. Actually, there are many people out there that each time gold breathes while taking a rest they worry. My reaction to this concern is best expressed by watching the debt clock continuously advance.


The following excerpts are from the article by Lorimer Wilson entitled "Gold Warrants & Shares have better Prospects Than Gold Itself." The complete essay is available at kitco.com under commentaries.

The Merits of Owning Gold and Silver Mining Stocks

If gold were to escalate considerably in price (i.e. to $2,000, $3,000, or even more) in the next few years it would have a significantly positive impact on the profitability of the companies who mine it and the royalty companies that buy it from marginal producers. For example, with gold priced at $1,000/oz., and the cost of production at perhaps 600/oz. the gross profit margin is 40.0%.If 2 years from now, however, gold has risen to $2,000 and the cost of production has increased by only 20% to $720/oz. then the mining companies’ gross profit margins will have gone up from $400/oz. to $1280/oz. or 220%!

With such a dramatic increase in their operational profits one could reasonably expect that the share prices of such companies’ stocks would go up dramatically too. That, coupled with the fact that most gold and silver based stocks are still significantly below what they were at their highs back in 2007 would lead one to expect truly major increases in their stock prices. That is the rationale for finding and investing in those gold and silver mining and/or royalty companies with the right mix of capable management, strong financing, major resources and geographically and politically well-located properties to reap the benefits of such a surge in the price of gold and silver. Were the trend in appreciation of the large- and mid-cap producers versus gold remain constant at approximately 3 to 1 (as depicted above) such profits would be exceptional.
 By bluejay

09/16/2009  10:55PM

Last on gold is $1023.40.
 By bluejay

09/15/2009  11:59PM

Last on gold is $1017.00.

It certainly appears that Chinese interests have the cartel on the run.

I guess we'll just have to wait for COMEX trading later this morning to see if the miscreants can answer back in any meaningful way. If not, Up, Up, Up and Away We Go.
 By bluejay

09/15/2009  10:06PM

Last on gold is $1008.60

Jim Sinclair’s Commentary

Pressure is coming from everywhere to prevent FASB from requiring the truth to be told.

Pressure is even sophisticated as below. Harmonize means don’t !!

Fair value proposals should be harmonised: E&Y
IASB and FASB should co-ordinate fair value projects
Written by Accountancy Age
15 Sep 2009

The US and international accounting rules maker should harmonise their fair value revisions, a big four firm has said.

Accounting firm Ernst & Young, said both the US’ Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) should head off criticism of an uneven playing field by coordinating their fair value projects.

FASB and the IASB are trying to converge US accounting rules with international standards.

An outstanding criticism from some in Europe is that the differences between the two systems results in an uneven playfield, with companies in the US benefiting from a softer accounting treatment, in the area of valuation.

Ruth Picker, Global Leader of IFRS at E&Y, said an approach needed to be found which balances the interests of all stakeholders.

“Overall, we believe our suggested way forward achieves both of these objectives simultaneously,” she said

 By bluejay

09/15/2009  12:33PM

Where do you think all this expanding debt is leading us?


When this debt bubble bursts owning gold affiliated companies or having the metal in your sole possession will help keep you and your family afloat as the financial tsunami that follows will surely put Main Street America underwater.

Believing in Washington's magic show will leave you baffled and confused when this event comes to pass. Actually, you might just start laughing in disbelief as did the Roman's when they had to come to terms with their Empire's demise as a result of towering debt that just couldn't be serviced anymore.
 By bluejay

09/15/2009  11:15AM

Last on gold is $1008.90.

The following supplied link give perspective in chart form to some items that may be of interest to you.

 By Dave I.

09/13/2009  10:16PM

A Book: "THE GOLD STANDARD IN THEORY AND HISTORY", edited by Barry Eichengreen.
This book is an excellent study of how the world backs the value of our money. Gold is still part of it, but there are other Commodities and the consumer price index as away of stabilizing the money of the world. In China the labor market is a commodity, that is now backed by dollars.
The principle of having multiple items of value to back the dollar, or any currency gives a better balance to stabilize monetary value, as well as increase trade with funds to make the trade work. Gold is basically a hedge when inflation expands. The actual flight to over invest in Gold as a hedge does more to destabilize monetary value.
 By bluejay

09/13/2009  11:53AM

U.S. Dollar closed at 76.64, off 1.53 for the week.

Check out the US dollar chart at the following link: http://futures.tradingcharts.com/chart/US/W

What you will be seeing is a chart of a "train wreck" very similiar to the Enron and Fannie Mae charts prior to their collapse. The dollar has been fighting with heavy overhead resistance in the 90 to 92 area for the past five years. I view this trading pattern as representing a vast amount of pent-up negative energy just waiting to be released to the downside in what should be an historic short term wipeout. Got your gold?

It seems that the last quarter of past trading years for the greenback has usually pointed lower, all with the execption of 2008. Late last year's strength was attributed to the percieved "safe heaven" dollar buying as the Eastern European banking sector melted down.

Austrian and the Netherlandic bank loans to the developing nations in Eastern Europe were especially high with 80% and 66% of their GDP, respectively. Most of Eastern European problems emanated from the world collapse of the Collateralized Debt Obligations compliments of the American Investment Bankers, including AIG.

These are my feelings based on the condition of the US dollar chart, all hell is about ready to break loose on the downside. The only question that remains is how high will the 98 1/2% of Americans who already don't hold gold take it when they finally accept the truth that their dollar denominated wealth is in the process of being destroyed?

As Martin Armstrong has stated many times, "Debt equals the destroyer of civilizations."

China has been sitting on the alarm button for months now. Calling its gold home is one of the most significant developments in recent years that should alert responsible folks that big financial shifts have already started.

The Wall Street money junkies have ruined it for all of us. There is no leadership in Washington or statesmen anymore. Moral decay is at its height being fostered by an arrogant government that continues to be absorbed by its needs for more power and greed.

I heard the other day that 98% of Americans were against bailing out the banks. Henry Paulson is what's wrong with this country and what does Congress do about him and his likes? They do nothing because our representatives take their orders from Goldman Sachs and the other Wall Street Banksters. Why doesn't Obama do something about this cancer in our system? Would it have anything to do with the $1,000,000 that Goldman contributed to his campaign?

Each and every American is responsible for $235,000 of the nation's sky-high debt. One can only wonder what'll it be next year at this time?

What does this mean for people who are broke? Does this mean in the future that our children and our grandchildren will be in servitude to the banks or the government? Does this mean a return to feudalism and slavery for the masses?

Capitalism is the only system that really works. Then I ask you the following question, why does Wen Jiabao, Premier of China support captalism to a far greater extent than our own president????

Rome made great accomplishments during it day as did the US, but in the end the Romans were choked to death by TOO MUCH DEBT.

This is the reason why the dollar has much farther to go to on the downside, TOO MUCH DEBT.
 By bluejay

09/12/2009  10:21AM

Something that may have eluded us, gold with a close on Friday of $1005.10 set an all-time high weekly close.

Is gold establishing some sound footing in and about the $1000 area with emphasis coming from China readying itself for sustained upward momentum in the months ahead? The following link provides us with some proof that such an event is quite likely:

 By bluejay

09/09/2009  11:22PM

Last on gold is $996.20.

Another stupid statement intended to mislead the public, this time from the Fed chairman.

Recent comments from John Embry, Sprott Asset Management with the contained dense statement from Chairman Bernanke.

One of the most outrageous comments that I have seen in a long time was Bernanke’s testimony to Congress recently when he said, “We also believe that it is important to assure the public and market that the extraordinary policy measures we have taken in response to the financial crisis and the recession can be withdrawn in a smooth and timely manner as needed to avoid the risk that this policy could lead to a future rise in inflation.”

That's just an outright lie. They can't possibly withdraw the stimulus. If they did – either raise interest rates or shrink the Fed balance sheet- the economy and the financial system would collapse.
 By bluejay

09/09/2009  7:12PM

Last on gold is $992.40.

Think about the following statements each time gold gets soft under $1,000.

Jim Sinclair’s Commentary

Into Gold. That is an interesting comment.

China Raises the Money-Printing Alarm
Published: Tuesday, 8 Sep 2009 | 4:40 PM ET

At a conference in Lake Como, Italy, a leading Chinese economic spokesman—Cheng Siwei—criticized Ben Bernanke’s loose monetary policy. “If they keep printing money to buy bonds it will lead to inflation,” said Cheng, “and after a year or two the dollar will fall hard.” Cheng went on to say that China was diversifying its roughly $700 billion of U.S. foreign-exchange reserves into gold. “Gold is definitely an alternative, but when we buy, the price goes up,” he said. “We have to do it carefully so as not to stimulate the market.”
 By bluejay

09/09/2009  9:02AM

Last on gold is $999.20.

As we hover in the 1000 area on gold and threaten to move into all-time high territory out come the stupid statements:

What is fascinating is the extent to which gold still holds reign over the financial system as the ultimate source of payment,” Greenspan said. This guy is as looney as the Water Board.

And not to forget another related stupid statement recently by the CRWQCB: The Original Sixteen to One is a "shell company(new spokesperson for the SEC?)." Senator Wiggins in Sacramento got an earfull about this one last night.
 By bluejay

09/08/2009  6:40PM

last on gold is $1001.00.

Barrick announces plan to eliminate gold hedges.

In an agreement with a syndicate of underwriters Barrick will sell 81.2 million shares representing an amount of $3 billion at $36.55 a share. $1.9 billion of the amount will be used for retiring its hedge positions.


Isn't it interesting that Barrick has NOW decided to cover the last of their shorts. I remember years ago when Jim Sinclair ran a full page add in a major newspaper warning producers that they should cover their hedges when gold was significantly lower.

Hmmm...I wonder how how much money Barrick's management has cost its shareholders by ignoring that "free" advice from a man who basically called the gold top in 1980.
 By Michael Miller

09/08/2009  8:01AM

Interesting to see gold price increasing when DJI is up $61.59 and PX is up $9.05. I never really understood those financial pundits who claimed that these markets worked in opposition to each other.

Gold remains the loose cannon in international and domestic finances.
 By bluejay

09/08/2009  7:56AM

Last on gold is $1002.70.

For what it's worth, below is the link to the late December 2008 WSJ article on the prediction of a US split-up:

 By bluejay

09/07/2009  11:02AM

Last on gold is $994.40.

Increasing level of insanity in government, it's not just California.

Lyndon LaRouche made the following comments in late August 2009 for Executive Intelligence Review in a article entiled, America Must Reject Obama's Sellout of the Nation by John Hoefle:

"In reappointing 'Bailout' Ben, Obama is committing himself to the continuing collapse of the dollar and the removal of the dollar as the world reserve currency." LaRouche said, "These moves will quickly and inevitably lead to the complete breakdown of the global monetary system, and civilization itself. The Fed is already bankrupt, due to the actions of Greenspan and Bernanke, and must immediately be put into bankruptcy protection. We should stop all the bailout programs, take back the bailout money already issued, and put the banks into bankruptcy protection. Without such steps, we face a complete disintegration of the system within weeks."

The complete article:

 By bluejay

09/04/2009  10:34AM

Last on gold is $994.60.

Don't believe the following excerpt, China wants its gold on Chinese soil for another very good reason: Big Wall Street banks are ruining all markets with their flood of paper products and China has had enough.

By Chris Oliver, MarketWatch
HONG KONG (MarketWatch) -- Hong Kong is pulling all its physical gold holdings from depositories in London, transferring them to a high-security depository newly built at the city's airport, in a move that won praise from local traders Thursday.

The facility, industry professionals said, would support Hong Kong's emergence as a Swiss-style trading hub for bullion and would lessen London's status as a key settlement-and-storage center.
 By bluejay

09/03/2009  10:25AM

Gold having a great day.

Last sale is $996.20
 By bluejay

09/03/2009  7:28AM

Last on gold is $981.70.

Significant news from China.

China pushes silver and gold investment to the masses
A report suggests that the Chinese government is pushing the general public into buying gold and silver bullion, which could have a dramatic effect on the markets.

Author: Lawrence Williams
Posted: Thursday , 03 Sep 2009


We are indebted again to Paul Mylchreest's Thunder Road Report for news that will bring big smiles to gold and silver investors everywhere. Apparently China is pushing the idea of buying gold and silver for investment purposes to the general population in the way that Western television sells soap powder. If 1.3 billion Chinese citizens start buying gold and silver, even in tiny quantities, imagine what that will do to the market!

The report notes that China's Central Television, the main state-owned television company, has run a news programme letting the public know how easy it is to buy precious metals as an investment. On silver investment the announcer is quoted as saying " China has introduced its first ever investment opportunity for silver bullion. The bars are available in 500g, 1kg, 2kg and 5kg with a purity of 99.9%. Figures show that gold was fifty times more expensive than silver in 2007, but now that figure has reached over seventy times. Analysts say that silver has been undervalued in recent years. They add that the metal is the right investment for individual investors and could be a good way to cash in."

What appears to have happened in China is a total relaxation of strictures on holding precious metals by the individual with the government pushing gold and silver as an investment option, seemingly at every opportunity. This is a far cry from the situation only a few years ago where the distribution of gold and silver was strictly controlled. Now, the Thunder Road Report notes that every bank will sell gold and silver bullion bars in four different sizes to individuals and gold related investments are said to be soaring in popularity.

Around a year ago, Leyshon Resources managing director, Paul Atherley, in an investor presentation in London - and no doubt delivered elsewhere in the world too - commented that some employees at the company's gold mining project in northern China would, on pay day, go to the local bank and buy a small gold bar as an investment and wealth protector. To an extent we put this down at the time to mining company hype - but this seems to be exactly the same phenomenon noted by Thunder Road. The Chinese are being converted from being the lowest per capita gold consumers in the world to a nation of small precious metals investors. Now, by next year, Chinese consumption of gold is likely to exceed that of India, which has been for years the world's biggest gold market. And one suspects that the potential for gold purchasing by individuals is only in its earliest stages. As more and more Chinese move into the cities and individual wealth grows, this trend is only likely to accelerate.

Paul ends the piece on Chinese gold and silver potential with the following comment: "Simply put, the Chinese government is trying to trigger a national gold craze...and it's working. The Chinese public now has gold trading platforms on steroids.... ...Also, for the first time in history, Chinese investors can even trade gold abroad (in London) with the swipe of a ‘Lucky Gold' card. I can't even get Bank of America to open a foreign currency account."

This may be an overstatement of the case from a precious metals bull - or it may not! Certainly if China is indeed pushing the public to buy gold then there may well be a hidden agenda here. It's unlikely they are doing it and will suddenly pull the rug out from under millions of investors. A cynic (or a raging gold bull) would suggest that this will precede a move to switch a good proportion of the country's reserves into gold which would have a huge effect on the global gold price and could prove disastrous for the dollar. Maybe it's not in China's interests to drive the dollar down too much until it has managed to divest itself of the huge dollar overhang (see the article on Chinese Sovereign Wealth Funds we published yesterday - Chinese sovereign wealth fund dumping dollars for strategic investments like gold ). The country may well already be, of course, surreptitiously building its gold reserves without reporting the build-up.

If the Chinese are indeed beginning to buy gold and silver as the quoted report suggests then this has to be a strong signal that prices are going to rise, and perhaps rise dramatically, in the relatively near future. We await comment from other China watchers for confirmation of the gold and silver buying spree, but with global gold production at best flat and probably in decline, even a small increase in Chinese buying could have a substantial impact on gold and silver prices.

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