U.S. Deepwater Offshore Oil Industry Trainwreck Approaching

The U.S. Deepwater Offshore Oil Industry is a trainwreck in the making.  The low oil price continues to sack an industry which was booming just a few short years ago.  The days of spending billions of dollars to find and produce some of the most technically challenging deep-water oil deposits may be coming to an end sooner then the market realizes.

Drilling activity in the Gulf of Mexico hit a peak in 2013 when the price of oil was over $100 a barrel.  However, the current number of rigs drilling in the Gulf of Mexico has fallen to only 37% of what it was in 2013.  This is undoubtedly bad news for an industry that fetches upward of $600,000 a day for leasing these massive ultra-deepwater rigs.

One of the largest offshore drilling rig companies in the world is Transocean, headquartered in Switzerland.  They lease ultra-deepwater rigs all over the globe.  When the industry was still strong in 2014, nearly half of Transocean’s fleet of 27 ultra-deepwater rigs were leased in the Gulf of Mexico.  Even though Transocean was quite busy that year, its ultra-deepwater rig utilization was 89% during the first half of 2014, down from an impressive 95% in 1H 2013.

The term utilization represents the total number of working rigs in the fleet.  So, in 2013, Transocean had 95% of its rigs busy drilling oil wells.  But if we look at the following chart, we can see the disaster that has taken place at Transocean since the oil price fell by more than 50%:

Currently, Transocean’s ultra-deepwater rig count has dropped to a low of 12 versus 27 in 2014.  And it’s even worse than that.  Since 2014, Transocean added three more new rigs for a total number of 30.  Thus, Transocean’s ultra-deepwater rig utilization is down to a stunning 37% compared to 95% just four years ago.  So, when a rig isn’t working, it’s not making revenue.

The loss of revenue from these ultra-deepwater drilling rigs seriously hurts the company’s bottom line.  According to Transocean’s Q2 2017 Report, they lost $1.7 billion in one quarter.  However, the majority of that loss was due to a large asset disposal.  Regardless, even if we go by adjusted income and remove the large disposal writeoff, Transocean still only made a whopping $1 million adjusted profit on total revenues of $1.5 billion.

To give you an idea of the size of one of Transocean’s rigs lets takes a look at its Sedco Express ultra-deepwater drilling platform.

The Sedco Express deepwater is semi-submersible that is longer than a football field (364 ft) and weighs 38,000 tons when operating.  The Sedco Express rig has a crew of 184 people and can drill a well 35,000 feet deep.  When these large rigs were in high demand; they were contracted to drill oil and gas wells all over the world.

For example, the Sedco Express was hired by Erin Energy Corp (formerly Camac) to drill oil wells off the coast of Nigeria.  Transocean received $300,000 a day for leasing Sedco Express to drill these wells.  At nearly a $10 million a month, it doesn’t take long for these rigs to earn some serious revenue.

Unfortunately for Sedco Express, its drilling days are numbered.  How numbered?  Actually, its drilling days are over for good.  Why?  Because Sedco Express is now being sent to the junkyard to be “environmentally scrapped.”

You see, Sedco Express is an older rig that is no longer useful or commercially viable, especially in the depressed ultra-deepwater drilling industry.  As I stated above, Sedco Express did receive that $300,000 per day to drill oil wells off the Nigerian coast, but that was back in 2014.  If we take a look at Transocean’s Fleet Status Report, we can see Sedco Express at the bottom:

Here we can see that Sedco Express entered service in 2001.  Thus, Sedco Express is only 16 years old.  Again, if we look at the list above, Transocean had most of its rigs in service at the beginning of 2014.  Furthermore, half of the rigs were leased in the U.S. Gulf of Mexico.  Now, let’s look at a more recent Transocean Fleet Status Report:

Please notice the number of STACKED rigs on the list (right-hand side of the table).  Transocean now has 11 rigs working, 16 stacked and 3 idled.  However, the rigs highlighted in yellow represent the rigs heading to the junkyard.  Transocean is junking these 5 ultra-deepwater rigs plus another deepwater rig called the Transocean Marianas.  Instead of paying the $40,000 a day to warm stack or $15,000 a day to smart stack these rigs, Transocean decided it was a better financial decision just to remove them from their fleet.  I would imagine if Transocean believed the price of oil would recover to $80-$100 quickly, they might have held off this decision.

Unfortunately, mainstream energy analysts do not believe the ultra-deepwater rig industry will recover until at least 2020 or more realistically by 2024.  While the mainstream energy analysts believe the ultra-deepwater drilling rig industry will improve within the next 6-7 years, I don’t think it will ever recover.  Rather, I see a continued disintegration of this HIGH COST, LOW EROI energy industry (EROI – Energy Returned On Investment).

Before we get into the final part of the article, I wanted to explain the highlighted RED rig.  The Discoverer Clear Leader rig leased to Chevron was contracted to end in October 2018.  However, Chevron recently announced an early termination of that contract to end in November 2017.  Chevron will pay Transocean $148 million for contract termination fees.  When this was published in the media, Transocean’s stock fell 5% that day.  Lastly, at its peak of 95% utilization of its ultra-deepwater rig fleet in 2013, Transocean’s stock price was trading in the mid $40’s.  Today is it trading below $10.

The Low EROI Of The Ultra-Deepwater Drilling Rig Industry Is Not Sustainable

An article published in 2011 titled, Ultra-Deepwater Gulf of Mexico Oil and Gas: Energy Return on Financial Investment and a Preliminary Assessment of Energy Return on Energy Investment, stated the following:

The preliminary EROI based on financial costs and subsequent sensitivity analysis using three different energy intensity ratios. ranged from 4:1 to 14:1 for 2009 total GoM ultra deepwater oil production while the EROI for total oil plus natural gas production in the ultra-deepwater GoM in 2009 was slightly higher at 7:1–22:1.

We believe that the lower end of these energy return on invested (EROI) ranges (i.e., 4 to 7:1) is more accurate since these values were derived using energy intensities averaged across the entire domestic oil and gas industry.

The two analysts that put together the study believed that the EROI of Gulf of Mexico ultra-deepwater oil production was at the lower end of the range, 4 to 7:1.  However, this study was done using 2009 data.  For example, they were calculating their Gulf of Mexico EROI values on the following:

The financial cost per barrel of ultra-deepwater oil in the GoM at the well-head ranged from $71/barrel to $86/barrel.

Today, the price of oil trading closer to $50, not the $71 or $86 used in the analysis.  Thus, the lower oil price translates to a lower EROI.  Also, the analysts also made the following important comment:

The EROI values of this study were based on financially-derived energy costs of production at the well-head only, and did not include all of the indirect costs of delivery to end use. Thus, these estimates are conservative.

If all indirect costs were included in the EROI calculations, EROI would decrease.

Moreover, one significant direct cost, such as insurance on the rigs, was not included in the EROI calculation.  Again, according to the study:

In addition, the insurance costs associated with rigs operating in ultra-deepwater were not included but are estimated by market analysts to range between 10–35% of the present value of the rig [50]. For a $500 million dollar rig, that would add between $50–$175 million in insurance costs per year of operation. If all of these costs were included it might decrease the EROI by perhaps 25 percent.

So, not only does the research suggests that the EROI of ultra-deepwater oil production is closer to the lower end of 4-7:1, but its even lower if we include additional indirect and direct costs that were not factored into the analysis.  This is BAD NEWS because our advanced high-tech society needs something north of 10-12:1 EROI of oil to be sustainable.  Here we can see that ultra-deepwater oil production only made sense at much higher oil prices.

As the oil price fell by more than 50%, its impact on Gulf of Mexico ultra-deepwater drilling took its toll.  According to Reuters article in July 2013, the number of oil rigs working in the Gulf of Mexico hit a peak of 57 (43 oil & 14 gas).  Take a look at the ultra-deepwater drilling rig count and location today:

There are only a total of 20 rigs working in the Gulf of Mexico, with 17 drilling for oil and 3 for natural gas.  The BLUE triangles represent rigs drilling for oil, and the ORANGE triangles are for natural gas.  However, we must remember that one of those rigs leased to Chevron will be terminated next month.  So, it will be down to 16 rigs.  Regardless, the Gulf of Mexico ultra-deepwater oil drilling rig count is nearly two-thirds less than it was at its peak in 2013.

While Transocean still has a large backlog of drilling contracts, they could experience more terminations if the oil price takes a noise-dive.  We must remember, the stock market and economy is being propped up by a great deal of Central Bank monetary printing and asset purchases.  When the stock market finally experiences a 20-50% decline, this will take the oil price down with it… and BIG TIME.

We could easily see a $20-$30 oil price during a market melt-down.  Certainly, this would destroy the already weakened ultra-deepwater drilling rig industry.

Lastly, the low EROI of ultra-deepwater oil production is not sustainable for an advanced society that needs something north of 10-12:1.  My best guess is that ultra-deepwater oil EROI is likely closer to 3-5:1 when we factor in all indirect and direct costs.  Compare that to the U.S. oil industry that was producing oil at a 100: 1 EROI  in 1930.  The amount of energy and technology that it took to produce oil in the early days was a fraction of what it is today.

Also, the notion that technology will solve our problems is one of the BIGGEST MYTHS we tell to ourselves.  Technology doesn’t increase the EROI of oil; it lowers it.  Thus, the more technology that is used to drill and extract oil, the more the EROI of that oil is destroyed.   While ultra-deepwater oil production has supplemented our total oil supply, I don’t see it being a long-term sustainable industry… especially after the U.S. and world markets finally crack under the massive amount of debt and derivatives propping it up.


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39 Comments on "U.S. Deepwater Offshore Oil Industry Trainwreck Approaching"

  1. Carrying capacity for debt is $80 to $90 currently. By 2022 it will be around $50,-


  2. Hi Steve.

    Something I don’t understand about all this. In the near future (let’s say early 2020’s) are we going to see massive increases in oil prices as supply dwindles, or are we going to see further price drops as the world economy begins to collapse inward?

    • Eric Bauer,

      I believe we are going to see further oil price drops as the world economy begins to collapse inward. Unfortunately, most people still do not understand that the values of commodities and energy are based on their cost of production, rather than supply and demand. While supply and demand forces do impact prices in the short-term, they do not believe in the longer term.

      Also, we must remember, ENERGY is the driver of the WORLD’s MONETARY BASE in the world. How can the world drive up the price of energy if the quality of the oil is declining? Again, I have used the example of a brand new car versus one that is 15 years old. Why would the market bid up the price of a 15-year-old car even if there were less of them?? The value of a 15-year-old car DEPRECIATES because of the embedded energy in all the parts has dissipated. At some point, old vehicles are sold for scrap.


      • Chris Martenson’s latest piece has a great title:
        “Running Out Of Room”
        No energy = no goods and services = no economy

        ……The idea of an ‘industrial economy’ is an extremely recent human invention. And we’ve staked quite a lot on its continuation.

        But it faces a massive predicament: It’s running out of resources.


      • Steve, even with the low EROI of oil today that 15 year old car is still the best car on the lot. All the other forms of energy are basically cars that won’t start and can’t be fixed.

        • Got that right. I bought mine at 8 years and now, at 13 years, it needs a head gasket job. Still massively cheaper to keep this car going than get a new old one.

          • DjangoCat,

            While I could afford to purchase a newer vehicle, I drive a 1999 white ford ranger. It’s a junker, but I don’t care. Now, my better-half gets to drive the nicer car, but we only really need one in the family. When I drive down the highway, I get a chuckle at some guy driving a big Dodge Dually (four wheels rear axle) pulling a large RV that is pulling a large trailer behind it with three ATV’s. The Dodge Dually costs upwards of $50 grand. The RV probably sets someone back $50-70 grand, and the trailer and three ATV’s goes for about $30 grand.

            Thus, the grand total of that GREAT AMERICAN SUBURBAN OUTRIGGER is about $150 grand. Of course, 99% of Americans don’t pay cash for the GREAT AMERICAN SUBURBAN OUTRIGGER. It’s probably all on a monthly payment plan.

            Unfortunately, when the markets crack, so will the jobs and the ability to continue paying off the GREAT AMERICAN SUBURBAN OUTRIGGER.


        • MudGod,

          I couldn’t agree with you more. Yes, older cars will hold their value and maybe increase in value when the FAN HITS THE COW EXCREMENT. I wouldn’t waste my time on an electric car or one of the newer high-tech plastic gasoline-powered vehicles. A small older high mileage gas vehicle will still be more sustainable than an electric car or its over-computerized gas counter-part.


          • Steve, my point was that I am not sure if the Hill’s Group is right about the price of oil dropping as the EROI continues to drop. It would be true if there were another form of energy that could compete with the price of oil but there isn’t. And as a resource gets more expensive to extract doesn’t the price have to rise until it is no longer affordable. I highly recommend everyone check out the link below. If this guy is right about what is going on in the Middle East than you may never see oil below 200 dollars again.


          • MudGod,

            It’s a good idea to question the Hill’s Group. Actually, I don’t know if they have the timing correct, but I do believe the overall OIL PRICE ANALYSIS is accurate.

            However, you have to think about PRICE differently than from the regurgitated SUPPLY & DEMAND that we all have been programmed to believe. I have had long conversations with Bedford Hill and Louis Arnoux. After these lengthy discussions, I better understood the THERMODYNAMIC APPROACH to VALUE & PRICE.

            The problem with the notion that when supply oil supply falls, then the price will skyrocket does not take into account the $300+ Trillion in Debt and the Quadrillion in Derivatives. Even though we probably could see OIL PRICE SPIKES, I don’t believe we will see much higher prices for years in the future. Rather, I see a collapse of the markets and oil price. Thus, even if the price of gasoline was $1.00, many people wouldn’t have any money to buy it.


          • Thanks for your reply Steve and what you and the Hill Group makes perfect sense to me just like the old supply and demand school of thought makes perfect sense. Time will tell which theory plays out. However if the Middle East blows up and the oil stops flowing out of there then I can’t see how oil doesn’t shoot up to hundreds of dollars a barrel. I highly recommend you listen to the link I put in my previous post. The day of huge supply shortages due to war may not be that far off.

  3. I don’t understand how dollars appear in EROI calculations. Should it not be just energy in Vs energy out?

    • A. Lurker,

      Take a look at the Research Report linked in the article. They discuss EROFI and EROI. EROFI is Energy Returned On Financial Investment. However, EROFI relates to EROI.


  4. Steve,

    “Thus, the lower oil price translates to a lower EROI.” Lower oil price = Lower EROI. This, I think, adds to the confusion regarding ERO[E]I (EROEI). If EROI is the “Energy Returned On Invested” does this mean “What is the Dollar Value returned on the financial investment?” so that the measure is a financial one? As opposed to EROEI “Energy Returned on Energy Invested” where the measure is how many kilojoules did it take to get how many kilojoules out. I always functioned with the understanding that they were both measures of energy and not strictly financial.

    Understanding what a horrendous amount of work it would be, it would be interesting to see a calculation of the total ($ and Kjs) invested in all of the deepwater drilling rigs, that cost from $600 million to over 1 billions dollars each plus the total cost of the Deepwater Horizon disaster, versus the total amount of oil they have actually produced ($ and Kjs). It seems reasonable to include the total costs of all rigs, whether working or stacked or scrapped, and the total of the oil from all of those rigs. I suspect that 4-7:1 may in fact be high.

    Thanks for another though provoking article.


  5. It is very interesting to witness the decisions and massive investments made by Amazon and Google over the last three years. Either they are avid readers of SRSROCCO Report or they two have come to the same conclusions.
    Bill Gates of Microsoft has invested heavily in thorium research to create a small inexpensive reactor for local operations that can use existing architecture . https://www.forbes.com/sites/jamesconca/2015/10/02/bill-gates-forges-nuclear-deal-with-china/#482c556a2c12
    It is sad that only the readership of SRSROCCO Report and the very rich and the most powerful corporations know the truth.
    To learn about Thorium look here. https://www.youtube.com/watch?v=c7baTdyHv8g
    you all are most excellent!
    Thank you Steve for all you do.

    • R. Frank,

      I have looked over the Thorium Research and from what I have read, they are still decades away from a commercially viable reactor. Furthermore, electric energy generation is not our biggest problem, its LIQUID FUELS. Liquid Fuels allows the JUST-IN-TIME-INVENTORY RETAIL SYSTEM we currently have to function. Without liquid fuels, our economy grinds to a halt.

      Lastly, Thorium Reactors are very complex and they still have not dealt with all the major technical issues. Thus a Thorium Reactor is just another victim of the falling EROI.


    • Alfred (Melbourne) | October 25, 2017 at 5:23 pm |

      “It is very interesting to witness the decisions and massive investments made by Amazon and Google over the last three years.”

      I suspect you are referring to their investments in 100% renewable electricity. Well, I have new for you, the sun does not shine at night and the wind does not always blow. To have electricity 24/7/365, these generators need 100% backup from warmed up coal/gas fired plants.

      Amazon and Google are exploiting the public’s gullability.

      “Amazon Battles Google for Renewable Energy Crown”


    • Thorium reactors, when co-located with a Fischer-Tropsch carbon reforming plant at a site with carbonacious materials to process the material into synthetic crude for truck or pipeline transport (SASOL was producing for $30/bbl during the embargo period of the 1970’s-1994, after which the Communist ANC took over. Most of that period involved a low-level war between gov’t troops and Soviet-backed rebels so it wasn’t exactly care free). The Red Chinese have been gathering the technology for both Oak Ridge thorium reactors as well as SASOL F-T processes.

  6. Tore Johansson | October 25, 2017 at 2:28 pm |

    Think ur comparing with an old car is halting. So if new cars would be stopped to be produced I am sure the used ones would rise in price dramatically .
    The same thing if all low eroi oil would be stopped to be produced, oil prices would go to the moon.

    • When new cars would be stopped, eroei of old cars will collapse due to the high cost of maintenance. Millions of workers in car factories out of jobs, collapsing stock prices of car manufacturers and their pension funds. Do the same with trucks, airplanes and computers and we will all be hunting the neighbors dog for dinner.

    • Tore Johansson,

      If we look at a chart of the oil price and it’s industry cost and plot that over 50 years, its cost of production was the determining factor in its price. This is true for GOLD, SILVER, COPPER, LEAD, ZINC, NATURAL GAS and so on and so forth. I have published several articles showing how the cost of production, NOT SUPPLY & DEMAND is the overwhelming factor in determining price.

      Lastly, Americans can’t afford older cars because they don’t have any CASH to buy them. They can only afford a monthly payment, and nearly one-third are leased. When the markets crash, we will see millions and millions of cars sitting idle with no buyers. Even if the price of a 2-3 year-old car fell 50%, most people won’t be able to afford them because they will be losing their jobs in droves.

      You have to think how everything collapses together.


      • Wow Steve—as good as your line of thought in this article is, this comment you just made might be even more provocative.

      • Steve: Good thought provoker …..While I subscribe to your innovative realization that all man-made items are effectively stored energy. i.e. an oz of gold or a piece of quality furniture produced 100 yrs ago must now be worth (in man-energy, other energy, or the equivalent cash)what it costs to produce today…Tis logical. But you have again stated that the value of numerous commodities is governed by the cost of production and is not due to supply and demand.

        For that I must challenge. To present obvious analogies: the world has numerous commodities that literally have no or limited value due to their abundance and some interestingly, due to their scarcity. Natural gas of the decades past come to mind. Abundant, but of no use (nil demand), hence no or little value. It matters not the production cost if demand is not present. At the other end, say some of the rare earth metals, very scarce, but of no value since they have virtually no demand, because they cost too much to obtain.

        So my question then becomes: Must not the cost of production, together with a reasonably coupled demand vs availability of supply set the value of a desired commodity? A bit more dynamic then simply production cost alone.

  7. IF petroleum availability will be curtailed then escentually we return to the 1890’s with what will be economically inaccessible knowledge of technology.
    Could this be why Warren Buffett made massive investments in the railroads?
    Consider the massive investments by INTEL and AMD and ARM to produce computer processing chips (CPU+memory+I/O+Video) that run on 200% less power.
    The 1890’s were exciting times !
    Imagine 1890’s with modern technology.
    Ain’t that a daisy!

    • The 1890’s were exciting times !

      I have been doing research on my ancestry between 1850 and 1900 R.Frank. They were exciting times. Having studied lifestyles during this time I often think with the knowledge we have today, life might not be so bad. I often say to my “As long as we have energy to the house” we could still be quite comfortable.

      And don’t forget the financial meltdown around 1893!

    • Yes, exciting times. Only two problems remain:

      1. Unlike the 1890s, we now have more than 500 nuclear reactors that need constant care, i.e. oil, energy, water, replacement parts, technology. To return to the calm of the 1890s, we would have to be able to shut them down and do something with the fuel rods. There is no solution to this problem other than somehow get them out of this planet. And doing that would require decades of focused preparation and execution. No such thing on the horizon. And so, approaching a no oil world today resembles approaching the event horizon for humanity. It might look cool but once you cross it, it shreds you to pieces…

      2. Unlike in the 1890s, where we had about a billion people living on the planet with about 30% of them skilled in traditional agriculture to feed all of them, today we have more than 7 billion people and a tiny percentage of people skilled in high-tech agriculture which fully relies on just-in-time delivery processes throughout the supply-chain. In a no oil world, 99% of the population has no food in less than a week…

      So, yes, I will be excited about a rerun of the 1890s as well, as soon as we tackle the above two tiny issues. 🙂

      • Thanks Peter! For ruining that thought … Lol

        • And don’t forget thanks in large part to MonSatan, soil today has become a pesticide junkie. Without MonSatan’s fertilizers you literally CAN’T GROW sh*t and with each passing year, top soil becomes worse/weaker until nothing grows even with MonSatan’s fertilizers.

  8. Great article! Thought-provoking….!

  9. Seems to me that if production requirements can’t be met, demand will have to be reduced, and like it or not we are nowhere close to being ready for that without a significant population reduction over time. One way to soften the blow would be to let price discovery reign and let oil gradually move higher diverting consumer money towards alternatives. Imagine if all this talk of tapering oil production by OPEC & Co is a ruse designed to artificially and gradually inflate oil prices so not to flatware a panic by claiming they have control of the spigot when really their reduction in production was unavoidable?
    And Steve I do not believe that we will see lower prices, because unlike a “used car”, we aren’t at a point where we can trade in our oil for a “new car” and will be forced to increase refining abilities to process the dirtier crude, also lending to increased cost.

  10. World Scientists “Warning to Humanity” Signed by 1,700 Scientists Including the Majority of all Nobel Prize Winners

    Scientific American: Apocalypse Soon: Has Civilization Passed the Environmental Point of No Return?

    NASA Study: Industrial Civilization is Headed for Irreversible Collapse (Motesharrei, 2014)

    The Royal Society: Study, Now for the First Time A Global Collapse Appears Likely (Ehrlich, 2013)

    Study: Limits to Growth was Right. Research Shows We’re Nearing Global Collapse (Turner, 2014)

    Study: Financial System Supply-Chain Cross-Contagion: in Global Systemic Collapse (Korowicz, 2012)

    The End of the Human Race will be that it will Eventually Die of Civilization –Ralph W Emerson

  11. The oil price is more than double its post WW2 price of 23 dollars a barrel (2017 Inflation Adjusted)… And during Obama’s eight years it was the highest on average in history. And it resulted in the lowest economic growth of any president in history.

  12. Saudi Aramco CEO Warns Of Imminent Oil Supply Crunch

    German Government (leaked) Peak Oil study concludes: oil is used directly or indirectly in the production of 90% of all manufactured products, so a shortage of oil would collapse the world economy & world governments

  13. Do you think the government will be able to continue orchestrating shows such as Sandy Hook, Vegas shooting, 9/11 AND be able to contain and mark ( chip ) their citizen subjects while defending couintries who they engage in war with while oil is disappearing?

  14. According to archaeologist the Roman Empire (as well as all Empires) did not collapse but instead returned to a simpler life. From a very specialized and hierarchical civilization to a decentralized NON higher pyramid authoritarian structure (anarchy= no hierarchy). Developing the City States. Communities, where everyone personally knew their leadership. How many people are learning from the Amish? Today their communities are steadily growing as well as people are leaving the cities like Los Angeles to cheaper and less authoritarian states even giving up their citizenship.
    The future is already unfolding!
    It is now that people are beginning to trust and depend on each other or go to a place where they can.
    This is the great commandment for survival.
    Love they neighbor as you love yourself.
    If you can’t, go to where you can.
    Where people were self reliant and could learn to be that is were they moved to, during the decline of the Empires.
    Wow what a concept
    To love your neighbor
    so that you may live long and prosper!
    Deuteronomy 5:33

  15. Look at the oil and gold prices for yourself, right now.

    None of this analysis is making one bit of difference in the present. And who cares what happens in 30, 40 years time. We’ll all be dead and the negros and hispanics will be in charge, they’ll be fighting the muslims, the chinese will be making trillions, on and on forever.

  16. silverfreaky | October 26, 2017 at 8:31 pm |

    Miners smashed.It seems that the PM-story is an absolute fake.Each year the same shit.
    In an zero interst rate phase this investment is complete bullshit.The so called analysts either don’t understand the financial system or are payed pumper.

    • There is zero incentive to buy Pms are miners currently. While risk assets are rising, Pms and related will be falling.

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