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 By bluejay

07/02/2010  1:56PM

Some years back, Mike relayed a story to me concerning the Comex. He said an acquasintance of his had attempted to submit a tender notice for 100 ounces of gold that he held via a contract with the Exchange.

Comex did everything they could to discourage the man from taking physical delivery. To my mind, the Comex continues to this day in running quasi bucket-shop operation.

Wikipedia defines a bucket shop:

Bucket shops specializing in stocks and commodity futures flourished in the United States from the 1870s until the 1920s.[5]. Edwin Lefèvre, who is believed to have been writing on behalf of Jesse Lauriston Livermore, describes the operations of bucket shops in the 1890s in detail[6]. In the United States, the traditional pseudo-brokerage bucket shops came under increasing legal assault in the early 1900s, and were effectively eliminated before the 1920s.[7] However, the term came to apply to other types of scams, some of which are still practiced. They were typically small store front operations that catered to the small investor, where speculators could bet on price fluctuations during market hours. However, no actual shares were bought or sold: all trading was between the bucket shop and its clients. The bucket shop made its profit from commissions, and also profited when share prices went against the client.

The terms of trade were different for each bucket shop, but bucket shops typically catered to customers who traded on thin margins, even as low as 1%. Most bucket shops refused to make margin calls, so that if the stock price fell even momentarily to the limit of the client's margin, the client would lose his entire investment

The highly leveraged use of margins theoretically gave the speculators equally large upside potential. However, if a bucket shop held a large position on a stock, it might sell the stock on the real stock exchange, causing the price on the ticker tape to momentarily move down enough to wipe out its client's margins, and the bucket shop could take 100% of their investments.[8]

The Comex clearly does not have physical gold to back up all sales. It is basically just a betting operation where the bettors recently have been stirred up with multi-dollar gold advances and declines.

Arnold Bock in his recent Kitco.com article, "Where's the Gold," does an excellent job in discussing where it is and most probably, where it isn't.

http://www.kitco.com/ind/Bock/jun292010.html
 By bluejay

07/02/2010  10:21AM

Dow Jones Averages 9645.92 OFF 86.61

The stock market is either going to have a very short term summer rally or completely collapse from near current levels over a matter of a few months or so into the 6,000 to 7,000 area of the Dow Jones Averages.

If we get a short term rally, it would probably end prior to August setting up a decline in investment account values for the following 10 weeks.

The linked chart below shows the Dow Jones Industrial Averages for the last two years along with two moving average lines: the blue one a 1000 day average and a mustard colored one represents 500 days. If the yellowish 500 day average, currently at 9565, fails to hold DOW prices in here then this market could easily experience a sudden and sharp jolt turning into a monthly waterfall event that Martin Armstrong has already forecast based on market activity from the intraday collapse from May 6, 2010.

http://bigcharts.marketwatch.com/quickchart/quickchart.asp?symb=indu&sid=0&o_symb=indu&freq=1&time=9
 By Michael Miller

06/30/2010  12:43PM

The lead heading of Brent Cook’s article makes a bold statement: Geologic success can only come about if a company is exploring in the right place—a terrain that is capable of hosting a major deposit. His next important point is: Gold mines and discoveries are in Short Supply and that major companies are facing a big problem. He offers the reader a solid opinion: economic gold deposits are extremely rare. He closes,“ Now is the Bad News ”: It Ain’t easy.

I like what he wrote yet even with his 25 years as a geologist, consultant and investment adviser, he is not a miner with high level management responsibilities. Therein lies a problem for a thorough analysis of a mining operation or exploration proposal. Therefore therein lies the problem for you, the seeker of participating in the current bull market of gold.

I can add to Brent Cook’s fine knowledge and other writers with similar expertise in the multi-faceted analysis of gold. A key word that Brent used in describing the rarity of gold deposits is ECONOMIC. For financial survival the underlying values of a deposit are reported in various types of “reserves”. Only one is relevant in comparing the risk/reward and return of capital of a proposed operation. It must be provable. This is the life long industry standard for economic reserves. It must pass the economic test. Probable, inferred, resource or hope and gut feelings do not lend themselves to an economic evaluation for investment. They may have secondary value, but if the operations cannot function over time, they are meaningless!

Mr. Cook closes with the following: “If, for example, you are a company exploring for gold, you have to know where you are, and, more importantly, where you are not in these geologic models. If you are an investor in said company, you had better know too. It means all the difference between making a fortune on what the market has presented you—a sweet spot where the major miners need new deposits and can afford to pay top dollar for discoveries—and missing a real opportunity.”

Original Sixteen to One Mine, Inc will honor its 100-year or centennial anniversary in 2011. Competent geologists and others familiar with its history in Alleghany, California predict that more gold remains in its properties than the 1.5 million reported ounces mined. A world-class deposit is one million ounces. The company knows where it is and it knows its geologic models.

The majors have shied away from the Sixteen to One because many in management misplaced their mining balls for security. This is a social complete turn around from the Fred Searles or Maxie Anderson and other mining men of the past. Corporate security and bureaucracy have replaced the spirit of miners. Why? Because the financiers deserted the industry or have invested in foolish non-economic exploration schemes. Money talks and gold mining can be a costly adventure. Less talk…more rock.

Thanks, Bluejay for introducing Brent Cook. Now I’ll introduce him to the oldest US gold producer and invite him to Alleghany for a look.
 By bluejay

06/30/2010  12:21PM

The current politicians, in general, are over-paid losers.

The following quote from Martin Armstrong( http://www.martinarmstrong.org ) illustrates this point so well:

"There is no hope that politicians will save us for they only form committees to investigate after the shit-hits-the-fan. They will not risk their career for a future problem that may hit on someone else's watch. There was a politician and an average man standing on the top of the Sears' Tower when a gust of wind blew them off. The average man being a realistic-pessimist, immediately sees he is about to die and begins praying while the politician, the ultimate optimist, can be heard saying, "Well so far so good" as he passes the 4th floor."
 By bluejay

06/30/2010  10:39AM

Brent Cook talks about the challenges facing gold miners:

http://www.kitco.com/ind/GoldReport/jun292010.html
 By lj

06/30/2010  8:11AM

Bluejay: “How do you screw up a place with the growth capability of California?"

The answer: Rigid ideology will do it.
 By Michael Miller

06/25/2010  3:07PM

To our friend Bluejay and other 's upset with the decline in the quality of life in California.

I feel qualified to answer the question on the previous entry below. It is one man's opinion but based on a lifetime of schooling, recreating,earning money, serving as a government appointee and an elected government official, alleged felon (thank you CDAA), parent, employer and producer of gold in this great State.

My faith in the people of California, the natural resources of California and the latent wisdom of all Americans provides me a calmness that better times are ahead of us. I'll take on that writing task next week.

Everyone is very business right now readying for the shareholder visit to the mine. The place looks great and the crew has almost finished topping off our preparations. Mining gold is serious business and so are we. And you supporters and advocates help. Thanks for caring.
 By bluejay

06/25/2010  9:58AM

California is doomed.

Still, California isn’t Greece. It’s home to Silicon Valley, Hollywood and a $27 billion agriculture industry. “It’s unbelievable,” says Bob Nichols, CEO of Windward Capital Management Co. in Los Angeles. “How do you screw up a place with the growth capability of California? It’s so dysfunctional.”

http://www.bloomberg.com/news/2010-06-25/states-of-crisis-widen-as-46-governments-in-u-s-face-greek-style-deficits.html
 By bluejay

06/22/2010  10:53AM

Excellent informative conversation with the smart east Texas Mike concerning the Gulf blow-out, a short primer on drilling along with comments on the economy, M1, M2 and M3 money supplies, gold and the banks.


Texas Overnight with Charley Jones out of Dallas.

http://www.krld.com/pages/75514.php

Go to audio
Select Texas Overnight
Select interview from 6-21-10
 By bluejay

06/14/2010  11:08AM

"Throughout history, it has been the inaction of those who could have acted; the indifference of those who should have known better; the silence of the voice of justice when it mattered most; that has made it possible for evil to triumph"

–Haile Selassie
 By bluejay

06/13/2010  4:53PM

Dave

As most folks are aware of, we have a two party con-operation of control in effect at election time - both basically wanting the same thing as they continue degrading the constitution which so many sad lives were lost in defending. These people have no shame.

They will do whatever they want until people stand up and say something like this: I don't want the fox guarding my chicken coop anymore.

"Most of the representatives are only interested in the status quo." The statement originates from someone in the U.S. Congress that recently wrote a letter to Mr. Martin Armstrong stating this. In November we'll see how tired and mad voters have become with the trashing, little by little, of our Constitution.

I remember some years back a phrase from the "Dallas" show, probably Jock Ewing said this, "no one gives you power, you take it!"

I think we know who the power grabbing mongers are: you don't have to look any further than to the hacks in government. Whose real bidding were they secretly conducting when the Glass Steagall Act was ordered torpedoed? You don't have to look far: Who benfitted?

The Rothchilds in London, who control about half of the earth's wealth, always seem to write their own financial future by contolling events along with manipulating the flow of information. Remember all the money they made on British government bonds following the outcome at Waterloo in 1815?

I turned in my federal reserve notes long ago for the real thing. Our Founding Fathers had every right to require gold and silver to be used in exchange as I'm sure they knew a thing or two about the bankers and government debt.
 By bluejay

06/13/2010  10:00AM

Unbridled confiscation and theft is not just a State of California endeavor.

David DeGraw in the following short video with Max Keiser explains how it works on an international scale. You'll be surprised to find out who the financial death squad leader is. It's an old game: How do we steal someone else's wealth?

All these entitles, believe it or not, are allowed to operate in destroying the wealth of the people by our permitting them to hold powerful positions. Are we really that naive? The current problem for the Mine is, how do we get an Arkansas sized tick out of our lives when the courts are greatly stacked in the favor of prosecutors?

You take your case to the common sensed people who put these scoundrels in there in the first place.

http://www.youtube.com/user/MaxKeiserTV
 By bluejay

06/11/2010  1:18PM

The Paradox of Regulation

by Martin Armstrong 6-03-10

An opening excerpt. The balance can be accessed from the following link:

http://www.martinarmstrong.org/files/The-Paradox-of-Regulation-God-vs-Man-6-3-10.pdf

God v Man

"Here is a strange phenomenon that is inherent in any action. My mother perhaps had the best maxim: "Even a good thing to excess is bad." This phrase she use to say when I was growing up is such a profound wisdom, we get caught up in all the nonsense that we become blind to the effects of what we are actually doing. I have observed this phenomenon for decades both live and in my study of history. I call it the Paradox of Regulation for what happens is quite profound. The more we try to regulate something, the more we in fact Deregulate. Indeed, where god set down a simple list of just 10 Commandments, man has frustrated his world by trying to constantly improve upon them to the point there are over 15 million laws, rules and regulations that all try to say the same thing, but in the process turn the world upside down. This is the source of our problems and the torment of political vacillations. If we could just get this one right, we would solve most of our problems in society."

-----------------------------------------------------------------

Mr. Armstrong speaks the truth. Wouldn't it be far simpler for the Company to just have to listen to the county Sheriff? Let him be the authority figure watchdog on the block with the Company's affairs with the caveat that he or she has to answer to an elected local citizen's over-sight committee. Let them be responsible for the 10 commandments and in the process get rid of the anti-Christ in the form of a politically appointed Water Board who doesn't want to exercise any compassionate creative reasoning with us but hand out tickets to support their ridiculous occupational presence and outlandish incomes.

Environment issues are important but having a rag-tag group of Ligislators use it to confiscate wealth is a CRIME against mankind in the eyes of our creator.

How many governments of the world had tried to indict a company and its officers for murder in an obvious accidental and traggic death of a miner in performance of his duties? Enough is enough!
 By bluejay

06/10/2010  8:30PM

The blow-out in the Gulf, at the hands of ignorant and money thirsty British Petroleum, will prove to be the most catastrophic event against the environment in all of world's history. Even Obama has shown he is no leader by failing to take complete charge by just naively supporting one of his large campaign contributors.

I hold our government responsible for the continuing and pending destruction of the entire Gulf, the Atlantic Ocean and along with all of their inhabitants plus the sea birds that are suffering and dying a slow death being laden with crude.

The following is an interview with an elderly gentleman well experienced in the oil business. At the end of the interview his final comment of the atrocity against nature is garbled out. I ask, for whose benefit?

http://www.msnbc.msn.com/id/21134540/vp/37560013#37627680

We are living in another disgraceful period in world history where out-of-control corporate power not only is stealing our money via New York investment banks but now, it is destroying our planet.

How ironic it is that the flat-lander Central Water Board is chasing a ghost in the mountains with their their little rules book attempting to destroy shareholder's wealth when, in fact, there has been no damage at all.
 By Rick

05/30/2010  6:10PM

Visiting with Rita and Sean yesterday, and the energy is still flowing!
 By Michael Miller

05/29/2010  12:35PM

Rita , husband Sean and daughter Cora accompanied by Eric Rice, a well known Blue Grass aficionado, spent a long afternoon underground in the Famous Ballroom. There voices and instruments were recorded without any amplification by Steve O'Neill. The acoustics defy words.

Several wishes for the Ballroom persists. We hope to broadcast a live performance on KVMR FM radio. If you take a moment to go to the NEWS topic, page three and scroll down to March 21, 2002, you will find the big wish. Maybe the thrust of "Who Will Sing for the Miners" will come true. It is long overdue.
 By Rick

05/28/2010  7:35PM

Yes, most of us know that Rita Hosking recorded songs in the mine this month! Googling Rita 48,000 hits arrived....

I remember the first time I heard her voice...at a Joe Craven picking-party backyard, and was floored by one of the most unique voices I'd ever heard.

I follow Rita on FaceBook and recommend the same, as well as listening to KVMR, especially her web-page. Rita's new album is awesome.
 By Rick

05/21/2010  7:26PM

When law enforcement prosecutes, intent is an essential element to its focus.

Law enforcement is essential to our society, accountable to a vibrant society, essential for the good of all citizens.

A lawless, unaccountable, un-elected thug should not have the blank slate to cripple and KILL a vibrant fiber of our Constitutional right to be free in this country.

On the roceord.
 By bluejay

05/18/2010  7:32PM

You're absolutely correct. You can add a few more scumbags that had their fingers in repealing Glass-Steagell like Phil Gramm and Robert Rubin. I'm sure the "brilliant" Larry Summers was putting his two cents in as well if he could spare any time away from demeaning women.

Why Obama chose Summers to be his economic adviser is beyond me as Summers cost Harvard $1.8 billion with his sassy and confident financial advice.

Anyway, these are the guys along with the ones Rick mentioned that will be responsible for bringing down the house. Oops, almost forgot Greenspeak. It's comes so easily to think of politicians as, simply, inept but it goes past that: most are just greedy persistent uneducated people and look to voters as a means to their end. The free lunch. They act just like the pesky squirrels at the bird feeder until they've ravaged everything, then they move on.

Tonight, it was originally intended to alert everyone with one of Mr. Armstrong's recent articles but I just couldn't resist sticking it again to Rothchild's boys and their paid hacks in government.

On May 6, 2010, Martin Armstrong made available on the Internet the article, The Debt Crisis - The Preview of What Is To Come.

It's well worth the read because it will effect you and it's not good news.

Mr. Armstrong concluded the article by saying: "Watch closely the events in Greece. It is a road map to what lies ahead. Our own politicians will do nothing. So collapse is impossible to prevent. Hang on. It's going to get nuts."

Got your gold?
 By Rick

05/18/2010  4:56PM

For those of us who don't know:

When the Glass-Steagall Act was repealed and signed by the Clinton administration in 1999, the banking world was turned loose, like a kid in a candy store. Look it up for yourselves. (Always the best way to fact-check my stuff.)

All was done with the "feel-good-vote-buying-method" assuring "affordable housing" for all who couldn't afford what they want. Socialist parade. Sounds great when you get stuff and don't have to pay....like getting a credit card with no baqck-up plan.

"Hey, they gave it to me, so what's the problem...you mean I actually have to pay it back?"

"No, no really, just wait a while while we sort it, but be sure to vote for us again, since we really want you to have afforable housing. Don't let those rascal Rebulicans take your housing away!"

Blah, blah, blah.....

This whole house of cards started with this notion, manifested by Freddy and Fanny and nobody in the television media is able to look into the mirror because it would break on impact.

By design, I mention again, because once endentured, always dependent.

Consider the dependent-on-government-household....why would they ever vote away their gift, their cash-from Obama's-stash, their ugly dependency??? Never. Vote buying on parade.

Back to the repeal of Glass-Steagall Act: it was the enabler to this crap. Prior, while the Glass-Steagall Act was in place (over 50 years, look for yourself please), mortgage banks interests were by law separate from investment houses...hence the risk management of mortgages was in check by the marketplace. To wit: you couldn't recieve a house mortgage from an investment bank, and visa-vera, an investment bank couldn't issue you a mortgage, hence insuring the housing market's reality.

The repeal of the Glass-Steagall act by Bill Clinton's administration changed all that, and the political doors were open to the gullible masses....

"You mean I can buy this for nothing down? Don't have to prove my income? Well, bless the Democrats!!! I'll vote for them forever!!"

And then when the ess hit the fan, they still want the candy to come back.

WAKE THE EFF UP!!!!!!

We have the Barny Franks, Chris Dodds, Bill Clintons, B-Bams to blame for the entire mess.

Our parents taught us: "You can't get something for nothing."

And I'll add a new one: "Stop thinking and voting that way."

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