SIGNIFICANT DEVELOPMENTS IN THE PRECIOUS METALS MARKET: Where We Go From Here

As the U.S. Stock Market Bubble continues upward toward a giant pin, there are some interesting developments that precious metals investors will find quite interesting.  Yes, there’s still a lot of life left in the precious metals, even though pessimistic market sentiment has frustrated a lot of gold and silver investors.

Also, even though precious metals investment demand in the U.S. has fallen 40+% compared to the same time last year, it continues to be strong in other parts of the world.  For example, German physical gold bar and coin demand increased 8% in the first half of 2017 versus the same period last year, while U.S. fell by 45%.  Moreover, flows into European Gold ETF’s hit a record during the second quarter of 2017:

Now, if we look at what is going on with gold and Central Bank demand, Russia takes the first place.  According to the article by Smaulgld, Russia Steps Up Gold Purchase With Massive Buy In September:

In September 2017, the Central Bank of Russia added 1.1 million ounces (34.2138 tons) of gold to her reserves, raising her total to 1779.119 tons or 57.2 million ounces.

Central Bank of Russia has added 5.3 Million ounces (approximately 165 tonnes) in 2017 through September.

If you haven’t already checked out Louis’s work at Smaulgld.com, I highly recommend you do.  So, as the German public and Russian Central bank continue to increase their gold holdings, Americans have cut back considerably, or worse… have been liquidating.  Furthermore, the U.S. gold market is suffering another supply deficit this year.  As of July 2017, U.S. gold mine supply and imports totaled 288 metric tons (mt) while exports were 290 mt.  Thus, we have exported ALL of our gold mine supply and imports overseas.  (NOTE:  1 Metric Ton = 32,150 troy oz.)

You see, the Federal Reserve and Wall Street have done a marvelous job in totally lobotomizing the American public in regards to gold as money.  American citizens have no idea that the printing cost of $1,300 worth of $100 bills (13) costs $1.95, whereas one ounce of gold valued at $1,300 production cost is $1,150-$1,200.   The U.S. Dollar was backed by gold up until 1971 but is now backed by the $20+ trillion in debt.

Surge In U.S. Debt Props Up Stock Market

As I mentioned in a previous article, it was uncanny how the ONE-DAY $318 billion increase in the U.S. debt on Sept 8th marked the peak in the precious metals prices while the Dow Jones Index bottomed.    The next two charts show how an increase in debt impacted REAL MONEY negatively while it pushed the DOW JONES further into bubble territory:

You will notice in the GOLD chart that the Dow Jones Index remained flat right up until Sept 8th.  Since Sept 8th, the Dow Jones Index increased 1,670 points (+8%) while gold fell $85 (-6%) and silver declined $1.30 (-7%).   I get a laugh at the news how the U.S. hit an astonishing 3% GDP in the third quarter.  It’s amazing what debt can do to prop up markets and GDP.

So, how much has the U.S. Debt increased since Sept 8th?  According to the figures at the TreasuryDirect.gov, a bunch:

In just seven weeks the wizards at the U.S. Treasury increased the total government debt by a whopping $600 billion (actually $595 billion to be exact).  Again, amazing things can be done to the economy when you pump $600 billion into the market.  Who the hell knows where this money goes, but I can guarantee that it continues to allow Americans to buy cars, homes and the millions of products and gadgets we most certainly can’t live without.

UPDATE:  The folks at TreasuryDirect.gov just updated the total public debt for Oct. 26th.  I thought you would like to know they added another $14 billion yesterday, to $20,453 billion up from $20,439 billion on Oct 25th:

So, another $14 billion to make sure everything continues to run smoothly… or they hope and pray.

U.S. Interest Expense On Its Debt Hits Record In 2017

The downside to printing money and increasing debt is the little annoying problem called rising INTEREST PAYMENTS.  Even though the Fed has been successful in lowering the interest rate, the U.S. Government paid the largest amount of interest expense ever this year.  In fiscal 2017, the U.S. Treasury forked out $458 billion worth of the American’s hard earned money just to cover its interest expense:

If we look at the historical data on the annual interest payments, this year’s $458 billion was not much higher than the $454 billion in 2011.  The reason for that was the average interest rate on our debt in 2011 was 3.1% versus the 2.3% for fiscal 2017.  Thus, a falling interest rate on rising debt levels keeps the interest payment from surging higher.

For example, in 1988, the interest expense was $214 billion on total public debt of $2.6 trillion.  However, the average interest rate on our interest expense was much higher at 8.2% in 1988.  Can you imagine what the interest expense would be today at an 8.2% rate?  It comes out to be a cool $1.67 trillion.  Well, that just couldn’t fly, could it?  If the U.S. Treasury had to pay $1.67 trillion to service its debt today, it would go belly up.

Now, there’s a good reason I selected 1988 interest rate and expense as an example.  It has to do with the next section and the 1987 market crash.

U.S. Stocks Setting Up For Another 1987 Market Enema All Over Again

Investors who have been around for a while, certainly remember the 1987 market crash.  In just one day, the Dow Jones Index lost 25% of its value.  I bring this up because there seem to be some striking similarities between the market today and the time leading up to “Black Monday,” in 1987.

According to the Zerohedge article,” The Nightmare Scenario” Revisited: Albert Edwards Lays Out The Next Black Monday:

A retrospective macro-narrative was inevitably wrapped around the “Black Monday” 19 October 1987 equity market crash. My 30-year recollection is pretty good: 1987 saw a buoyant equity market rising briskly through most of the year as the oil price recovered from the previous year’s collapse (from $30 to $8, see chart below). After a year in the doldrums the US economy started to accelerate notably through 1987 as the impact of 1986 interest rate cuts and a lower dollar worked. By the time of the Oct crash the US ISM had surged from 50 at the start of the year to over 60 – a level seldom ever reached (see chart below). Amazingly the ISM has just last month exceeded 60.0 for only the second time since 1987. Spooky!

I am clear in my mind both at the time and now, that the US equity market was priced for a continuation of rapid economic and profit growth and this was under threat. The Dow was on nose-bleed valuations, especially as it had ignored the bond sell-off for most of 1997 (was it really 30 years ago that US 10y yields briefly crawled back above 10% – the last time we would see double-digit yields). None of this would have mattered if the US equity market had been cheap. In my view the record 25% ‘Black Monday’ October 19 decline was due to a horrendously expensive equity market suddenly confronted with the fear of recession. Equity valuations matter.

To summarize Albert Edwards, he shows that the rebound in the oil price allowed the markets to recover in ’86 and ’87 as manufacturing (ISM) improved significantly.  Furthermore, he says the ISM manufacturing number last month has exceeded the 60.0 mark, only for the second time since 1987.

Edwards concludes by saying the 1987 “Black Monday” crash would not have taken place if equity valuations were “cheap.”  Unfortunately, for the investors today, the valuation of the Dow Jones Index is most definitely in NOSE-BLEED territory (and then some), as Edwards suggests.

While mainstream investors and many frustrated precious metals holders have totally dismissed fundamental valuations, all bubbles come to an end.  However, it seems to many; this one will go on forever.  It won’t.

Again, we can’t forget about the $600 billion worth of U.S. Treasury Green Juice that was pumped into the market over the past seven weeks.  To put that $600 billion into perspective, look at the following:

What $600 billion would buy:

2.0 million new homes worth $300,000  (New home sales Sept 2017, annualized = 677,000 units)

17.9 million new vehicles worth $33,560 (Total U.S. vehicle sales 2016 = 17.5 million)

15,000 metric tons of gold or five years of global mine supply (482 million oz)

The $600 billion pumped into the market over the past seven weeks would have purchased two million new homes or three years at the annual rate of 677,000 units.  Furthermore, it would have purchased 17.9 million vehicles, more than the 17.5 million sold in 2016.  Lastly, it would have purchased 15,000 metric tons (482 million oz) of gold.

Just think about that for a minute.  The $600 billion of U.S. Treasury Green Juice would have purchased a year’s worth U.S. citizens’ vehicle purchases and three years worth of new homes.  That’s one hell of a lot of propping…. AND IN LESS THAN TWO MONTHS… LOL.

When the stock market finally does a nose-dive as its nose-bleed valuations finally succumb to investor FEAR, the price of gold and silver will head in the opposite direction, and violently.  Yes, I realize it has been a bit of a long haul and a lot of frustration, but it will be worth it.

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62 Comments on "SIGNIFICANT DEVELOPMENTS IN THE PRECIOUS METALS MARKET: Where We Go From Here"

  1. Louis Cammarasano (Smaulgld) has also been a persistent downer, claiming that there is NO TRUTH behind reports that new Petroyuan contracts are coming (selling oil in Chinese Yuan), DESPITE this being reported repeatedly on CNBC, RT & other major networks.

    Louis Cammarasano ALSO keeps persistently claiming that both Russian central bank as well as People’s Bank of China are busy LOADING up on US Treasuries.

  2. 5 tech stocks 200 billion USD of market cap on this single day alone : what USA is doing is incredible, it is going to absorb lots of EUR and JPY money creation.

  3. The longer this insanity continues, the better off we will be if we keep buying at near cost.

    If you don’t hold it, you don’t own it. Buy for cash and stash.

  4. BTW, we also have some more FRAUDS going on, when FRAUDSTERS like Peter Thiel claim that Bitcoin is HARDER to mine than gold. And also that Bitcoin is MORE CONSTRAINED than gold!

    http://www.foxbusiness.com/features/2017/10/26/peter-thiel-bitcoin-is-very-underestimated.html

    • Theravaida, IF you measure the energy going in to make a Bitcoin compared to the energy to make one ounce of gold it would amaze you. The Worlds largest parallel super computer IS the combined processing of all the ASIC computers mining bitcoin. Global Bitcoin Computing Power Now 256 Times Faster Than Top 500 Supercomputers, Combined! https://www.forbes.com/sites/reuvencohen/2013/11/28/global-bitcoin-computing-power-now-256-times-faster-than-top-500-supercomputers-combined/#2e6f8f546e5e
      If the world does NOT become more and more dependent on the internet then the “currency of the internet”, “bitcoin” will lose it’s value… But if the world’s population is indeed going to transact the majority of it’s life on the Internet then “Bitcoin” will continue to rise until parity.

      • Mining a Bitcoin is solving a cryptographic mathematical formula based on A FIXED algorithm. (Putting the computational energy issue aside,) The mathematical algorithm is DETERMINISTIC – Given a fixed set of inputs, it is GUARANTEED to provide certain outputs.

        There is absolutely NOTHING deterministic about mining of precious metals. Apart from the very unforgiving laws of physics, there are all kinds of uncertainties baked into the cake – from geopolitical risks, to exploratory risks to come up empty handed & what not.

        And those uncertainties ARE A GOOD THING for value. That’s what makes holding a mined/refined piece of precious metal in the hand so freaking valuable, from a statistical uncertainty perspective.

        I’m not saying Bitcoin mining is purely mathematical. There’s physics involved in Bitcoin mining due to the energy equation. But its risk pales in comparison to the precious metals mining industry. Bitcoin mining is dominated by pure mathematics for the most part. Precious metals mining is dominated by pure physics for the most part.

        (One may argue that there can be geopolitical risks and other physical risks involved in Bitcoin mining. And indirectly, they’re right. For example, Chinese may government may come in & impose ban on Bitcoin mining. Electricity costs may go thru in the roof in a geographic locale due to wildfires or hurricane & what not. But these issues are still indirect for Bitcoin mining compared to precious metals mining…see above.)

        Since I live in the real world, which HAS TO respect the laws of physics – regardless of whether one may like it or not – I’ll choose physics over abstract number crunching of pure math.

        Physics IS the MOTHER NATURE and vice versa.

        • Theravaida, Please I am not devaluing the foundation of which historically has been valued as true wealth since the beginning of civilization. What I am referring to is the change of currency that civilization utilizes when the mode of commerce and transportation changes for the entirety of civilization.
          Barter for only short walking distance.
          Coinage for ship and horse distances.
          Fiat currency for the event of trains and automobiles.
          Credit cards for aeroplanes.
          Bitcoin for the developing internet.
          Do I have Gold and Silver ? YES !
          Do I have Fiat Currency? Yes! Several from different countries
          Do I have Credit Cards? Yes! to many!
          Do I have Bitcoin? Yes! It saves me hundreds of Dollars in transaction fees when paying for labor or products over seas.
          Are all these valuable? YES!
          The question is which is more valuable to me? ALL of them!!
          So is civilization becoming more where social interaction occurs on the internet or less? If more; than Bitcoin will become more valuable; if less, then the value will decrease.
          Currency is determined by how we spend the time of our life.

        • Thank you for your well organized post. People like you are the reason the web is such a deep resource.

  5. Through the fogs of fiat
    Bears in the woods
    And bulls in the fields
    All we can see
    Is the axe of truth
    In the forest of yields

  6. Hey Steve.

    A little off topic but I’m trying to understand why you think oil prices will collapse In the future and not the opposite? Wont production costs only increase seeing how vulnerable these companies are to a downturn? If fewer companies are extracting leading to decreased production copled with a collapsed EROi won’t that send prices higher. Plus we have no alternative to stimulate anything after a crash without a massive use of fuel. You use the case of the used car but the problem is we can’t trade in oil oil for something better. And why don’t we consider higher oil/energy costs being the catalyst for the next bust? Eventual/unavoidable price discovery in oil might sink the economy, instead of the economy sinking oil.

  7. Many Gold (& Silver) investors have realised Gold is a toxic investments. In the last 5 years Gold & Silver have gone nowhere whilst stock market gains of 80% have been realised.

    Gold bugs always predict disaster and those who listened to the doomsters missed out on gains of 80% over the last 5 years. Even if the market fell 40% investors would be no worse of than those who bought Gold & Silver. Gold stocks are even worse than Gold as these companies often go to their intrinsic value of nil.

    • If mkt falls 40% PM’s most likely will be “no offer”. And then there’s the next day.

      • Don’t worry, olegig.

        Stuart has got 2 parallel projects working successfully in his bedroom closet. One is a full-fledged alchemy lab. It takes in water on one side & produces any metal of choice out of the periodic table! From copper to iron to gold to platinum. Even Uranium! Other is the Perpetual Machine long-dreamed by mankind for thousand+ years. It generates free energy out of nothing!

        • Theravaida, That’s the kind of stupid response I expect from a brainless Gold Bug.

          • Like I was saying:

            Stuart works for the Bank of International Settlements & has a direct hotline into both the Financial Stability Board & the Exchange Stabilization Fund.

            In his spare time over couple of weekends, Stuart also managed to solve the World Peace & World Hunger Eradication problems/projects.

          • oh gosh stuart is back with his funny brain death!

      • So PM’s will be no offer in a market meltdown. Well what happened to PM’s during the 2008 meltdown? They actually went down as well.
        Check out the Gold price during the 1987 crash. It was a pathetic response by Gold and Gold didn’t stay up long.

        QE got PM’s turned around and they eventually went up. However Gold only stays up on bad news and when the bad news stops Gold goes down just like it did after 2011.

        • I’m wondering if the next crash can be compared to any in recent history.
          All crashes since 1900 have been followed by massive injection of govt bailout money.
          I question if the US public and world for that matter will simply roll over and accept more paper.
          The “full faith and credit” thing may have run its coarse simply because of the ability of the public to obtain the truth through the web.

        • There are of course differences this time around. There is the SGE. The Russians, the Chinese, and apparently the Germans are stacking. Lastly, the U.S. Has been exporting more gold then it mines and imports combined. And of course this bubble is in everything..not just housing. If I had to choose between what I can hold and a promissory bond or stock whose value is based on dumber money…I’d prefer gold and I like silver too. Good luck. May God smile on you and your choices.

    • While yes, metals have gone nowhere over the last few years, that should be made up when the system finally starts gasping for air…but at that time, good luck actually trying to find some physical. I don’t mind one bit that it’s nothing at the moment. Hind sight is 20/20.

      • Complete rubbish, billions of gold can be bought at spot in one couple of seconds.

        • Yes, both Saddam Hussein & Muammar Gaddafi completely agree with you. Like TOTALLY, man!

          They both send in their regards to you BTW.

          • How did Syria work out? Times are changing. I too would prefer to live on past victories, but must live in the present.

        • Yep…billions can be bought at spot in a couple seconds. Delivery is on a completely different timeline….likely years.

    • I’m a gold bug and have made gains of over 2000% trading gold stocks. If I were to take half of that and Invest in the metals and cryptos I’d still be 1000% ahead! TO EACH THEIR OWN..!

  8. Obviously bitcoin is like the tulip craze of the past except a tulip has more intrinsic value. Intrinsic value is not speculative value. It is based on want and desire. I need to eat so food (not spoiled) has value. I like to drive a car so a car and everything that is used to make a car has intrinsic value. People like art and artistic creations and will pay for art so art and material to make art has intrinsic value (but prices may be speculative). Paper currency has very little intrinsic value but it has some such as a fire starter or paper recycling. Bitcoin has no intrinsic value. What do I need or desire that bitcoin is needed to create or make? Not food, machinery, buildings, art… nothing needs bitcoin or any crypto-currency to create something we need or desire. That is the difference between gold (and silver) versus bitcoin. Gold and silver will always have intrinsic value but crypto-currency will never have intrinsic value but it is a bet by many speculators for profit just as the tulips of the past. There is nothing wrong with betting or investing as long as you know that it is a bet. Of course many that are betting will give you propaganda praising their bet just as those that say crypto-currency is as good or better than gold or silver which is an obvious lie. Of course while the crypto-currency phase is in fashion, betting on crypto-currency is probably profitable but make sure you are going to profit and watch for signs of a collapse.

    • Encrypted blockchains are technology, the value in block chains is that they keep an encrypted record that is not centralized, a distributed network. So you need the network to withdraw any value from a crypto coin.

      But in relation to trade, blockchains will revolutionize our modern economies, and may even act as a substitute for currency since currency is just a placeholder for trading 2 things of value.

      The value then of blockchains comes in when say 200,000 people all get together and deposit physical gold or silver into a repository then get an encrypted coin in return. They can then exchange that coin for other things of value in the economy, or they can get physical upon demand.

      And really weight isn’t an issue either since gold or silver wires can be drawn an a nano-scale and then those wires embedded in plastic bills, so your redemption could be at an ATM of sorts.

  9. I couldn’t find what ISM stands for

  10. If you like silver and gold you’ll find out that when the stock market shits the bed that the enema of your enema is your friend.

  11. Thank you, Steve. I appreciate your posts. Enjoy your weekend!

  12. Another great article Steve – thank you very much.

    How Many Barrels Of Oil Are Needed To Mine One Bitcoin?

    https://oilprice.com/Energy/Crude-Oil/How-Many-Barrels-Of-Oil-Are-Needed-To-Mine-One-Bitcoin.html

    I personally see bitcoin like paypal. Its usefull as a means of transaction but I don’t keep much money in my paypal account because of paypals history of doing what the hell they like.Reversing payments,individual transaction freeze,account lockdowns,broadband/internet availability etc etc – I just don’t trust them enough to keep more than a couple of hundred dollars in my account & I refuse to link it to my bank account anymore.

  13. Debt doesn’t matter anymore, that’s what negative interest rates are for, and they are coming, just a matter of when, oh and the debt isn’t being paid back. Gold bugs say we can go to 100 trillion easy. The inflation of tomorrow is already cooked into today’s gold price as all physical is a long term hold. Dow is simply following the debt trajectory. People will feel rich with Dow 30k, and those following the herd will be rewarded handsomely, how else to beat coming inflation. ETFs are the true drivers of metal prices now as above ground inventories swell and big investors acquire, we need to see it for what it is,it’s just metal.

    • knowshitsurelock | October 28, 2017 at 4:59 am | Reply

      We need to see you, for what you are…just mental

      • PAPER PAPER EVERYWHERE! BONDS, FUNDS, TREASURIES, FIAT! Gold is just a metal! Yep sure is. But it utilized in industry as is silver, uranium, zinc, nickel, etc. If it was just a medal and useless, the nickel would be 90% silver. Realistically, the Government can and have shut down money transactions many times including the stock market, banks, ATM’s. The Law’s of Thermodynamics explain the inevitable entropy of the system and the American stock market’s doomsday machine. History does not repeat itself but it does rhyme.

        • And their is plenty of it to go around, all the big boys own it as a hedge, manufacturers reform and sell it, ours is collecting dust, and it’s a big planet, with demand for metal being met, no problems. Stocks crash then go back up again, or sell the shell deploy golden parachutes, bank fails, bail it out, government broke people suffer, government corrupt people suffer more, last time I checked the planet was still spinning around the sun. Silver and gold coin won’t circulate it just gets hoarded up so it has no use in everyday commerce.

    • It’s just a metal! LOL! Tell that to the Russians, Chinese, BRICS! Once the dollar loses it’s luster as being the only currency to trade for oil and settlements, the debt will certainly matter and the dollar will collapse! The so called inflation cooked into the books will cause a skyrocket trajectory! Look what happened to Iraq when they wanted to trade in Euros (we bombed them), Libya, Venezuela. Debt doesn’t matter anymore, keep telling yourself that….LOL!

      • Welcome to the future currency the Amero, the printing press is an amazing thing. Would you have it any other way? All countries use fiat in one for or another.

  14. Some additional perspective the $600 billion in additional US debt in just seven weeks:
    Russia has been adding gold to reserves at an increasing rate -especially since 2015. Total gold reserves are now at 1,779, the fifth largest gold pile held by any central bank.
    Total value of that gold at $1300 an ounce- about $73 billion or about 8X smaller than the debt the US rang up in just seven week!

  15. This is like throwing out the scraps of leftover boiled okra.
    Two old hungry hound dogs fought over it, then tried to decide who got it.
    All I knew for sure is that it was gone.

  16. I was reading an article a while back that suggested the reason the Soviet Union collapsed in 1991 when oil was cheap was because they had a wheat shortage and needed to buy grain on the open market. They didn’t have enough money and so were forced to seek funds from the international community. Otherwise, they could have just printed up the required Rubles. Starvation and upheaval, or bankruptcy and the dissolution of the empire were the two options. Looking at the U.S., one critical commodity that isn’t produced within the U.S. In sufficient quantities and that could force the U.S. Into the international community looking for a handout would be oil. Should oil stop flowing to the U.S. especially as the lower national EROI plays out we could be heading for a similar fate as the Soviet Union, and I doubt China or Russia would let the U.S.back off the mat should that fate befall us. What I also find amusing is that Russia is now the largest exporter of non-gmo grains in the world. Lesson learned? They are much more resilient to lower oil prices then in 1991. It’s as if they saw it coming.

  17. Diogenes Shrugged | October 28, 2017 at 1:31 pm | Reply

    If EROEI falls sufficiently over the coming decade, transportation will all but cease. International trade will nearly grind to a halt. Mining will also become a thing of the past. All of which leads me to just one question, and probably not a question anybody here can answer. That is, do you suppose it might be possible to use directed energy for power generation, or is it only useful as a weapon?
    https://www.youtube.com/watch?v=jxyBDscwPcQ

    • Don’t be too worried. we got by with horse and cart once and we’ll do it again if we have to.

      It will all transition with time. I plug my electric car into my garage socket with energy coming from 20 Sunpower X solar panels and two tesla power II walls

      There are millions around the world like this and i suspect(unless something better is found) millions more going forward.

  18. Michael Kohlhaas | October 28, 2017 at 5:05 pm | Reply

    This money printing can go on for years and even decades. Just look at Japan!

    • Michael Kohlhaas,

      I agree… money printing can go on for decades. However, the problem isn’t the PRINTING, its the LOW EROI OIL. While Central Banks can print money, they can’t print BARRELS OF OIL. Money doesn’t run the economy, ENERGY DOES. Especially, oil.

      As Oil supply becomes problematic, Central Bank money printing becomes meaningless.

      steve

      • Did you take into account the paradigm shift from Oil to other sources like battery storage?? Soon the demand for oil will be second to renewable sources and by 2025, 90% of world vehicle production will be electric and Hybrids. Look into those commodities for a change..

        • joey,

          I see you’ve been quite busy making the rounds with all your comments. Also, I applaud you on being a SUCCESSFUL PROFESSIONAL TRADER. Always a pleasure seeing folks make sure others know how successful they are at making money. Vunderful.

          Lastly, you couldn’t be more wrong about electric and hybrid cars being the new WAVE OF THE FUTURE. I gather you have a lot of research to do on ENERGY and the FALLING EROI.

          steve

          • Research Steve? Haven’t done much on Oil and falling EROI but if you can recall you replied to a comment of mine here almost 2 years ago on the time frame of such an event? I said “not in our life time” or something to the effect? I’m not saying you are incorrect just that your timing is out.

            Btw, If I’m wrong on electric cars being the future, then what vehicles do you suggest will be predominant in the next 5 to 10 years and what commodity apart from Silver will be required? Lithium, Cobalt Graphene etc

            More research…? I’m on it, cheers

          • And Steve, Re trading, I was responding to someone that criticized you and for some reason that post has disappeared leaving only mine??? I am not posting for ego sake, please remove that post as it was directed at the person who’s post was deleted..thanks.

      • They can provide nidrectly endless low financing to low EROI energy companies like shale oil and tar sands. They will provide if necessary.

  19. Total minercrash.

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