U.S. ECONOMIC CRISIS AHEAD: Major Failure Of Analysts To Spot Danger

The U.S. economy continues towards an epic crisis while the overwhelming majority of analysts are completely in the dark.  Even though some alternative media analysts understand that our highly leveraged fiat monetary system and markets will crash, they fail to understand the underlying reasons.  Thus, we are heading into a future we are not prepared because… the BLIND continues to lead the BLIND.

I don’t mean to be harsh on my fellow analysts, but the truth remains that the public is being misled due to the inability of market analysts unable to spot the real dangers.  So, we continue to move step-by-step closer to the edge of the cliff while “no one seems to notice or no one seems to care” (George Carlin-comedian).  I have to tell you; I miss ole George Carlin.  Yes, he had a filthy mouth, but the truth in his comedic material gave me hours of much-needed laughter.

To explain what I mean about the “Major failure of analysts to spot Danger,” I am going to provide two examples and some additional information.  It is crucial that the reader understand the FACTS and REAL DATA about our dire predicament and not become lost or confused in regards to lousy conspiracies or misinformation.

When I wrote the article, THE BLIND CONSPIRACY: The Gold Market Is Heading Towards A Big Fundamental Change; I thought for sure the individual and his analysis that I was calling into question would read the facts and data in my article and realize his error.  However, it seems as if it provided quite the opposite reaction.

Mr. Weir spent 50 minutes of his time putting together another video about the Massive Billion Ounces of Hidden Gold in the Grand Canyon:

Mr. Weir thought by reading the 1912 New York Times article in detail and by explaining some additional exploration and geological information about gold in the Grand Canyon to his followers, this would further prove his Road To Roota Theory.  Unfortunately, the rereading of an old article to prove a point does not change the fact that the gold in the Grand Canyon was uneconomical to mine in 1912 as it is today.  Nothing has changed in over 100 years.  Investors in 1912 were just as gullible and stupid as some investors are today.

To provide more detail to my readers and possibly those who are still questioning the 1 million tons of gold in the Grand Canyon, I came across some excellent historical information about the Lee Ferry Gold Mining Operation 1909-1912.  If you read the information below and you still believe the U.S. Government turned the Grand Canyon into a National Park to keep billions of ounces of gold off the market, then you probably also believe in the TOOTH FAIRY and SANTA CLAUS.

Again, I don’t mean to be blunt, but it is very important for individuals to be able to discern between FACT & FICTION because they need to be prepared for the future.  My motivation to SET THE RECORD STRAIGHT is only to get individuals to understand that you must move away from Grand Conspiracy Illusions to Critical thinking.  While some real conspiracies are taking place in this crazy world of ours, to the focus on them only and not to understand the Falling EROI is gutting everything in its path, then you will not be physically or mentally prepared for what lies ahead.

So, I have provided evidence in two examples why we are wasting our time on incorrect theories and technology when we have much bigger problems ahead.

EXAMPLE #1: Unlearning The False 1 Million Ton Grand Canyon Hidden Gold Theory & Understanding Why Gold Is Rare And Valuable

To be able to disprove an incorrect theory, we have to provide enough factual data and information to render it useless.  If an individual has an open mind and can think logically or critically, the facts once shown below should remove all doubts and concerns.

I came across an excellent historical document titled, Submerged Cultural Resources Site Report: Charles H Spencer Mining Operation And Paddle Wheel Steamboat.  The report is nearly 100 pages and is full of detail on the gold mining operation that was written about in the 1912 New York Times article that Mr. Weir bases his Road To Roota theory.

At the beginning of the report, it explained how Charles Spencer started mining gold in the Grand Canyon area in 1908:

By 1908 he had amassed enough investment capital to begin his own operation on the San Juan River. Spencer and his company hired a few trained mining specialists, many laborers, bullwhackers, and cooks. A small ore extraction plant consisting of crusher, drive motor, boiler, pumps, compressor, and amalgamators, was purchased and brought together along with wagons, oxen, and horses. Large samples of Wingate sandstone were dropped into the crusher, however tests and assays were run with negative results. The mining engineer hired by the Chicago-based investors declared that the operation had no commercial value and closed it down in 1909 (Jones 1960:1; Waller 1961:1).

Okay, here we can see that Charles Spencer failed in his first attempt to mine gold in the Grand Canyon… STRIKE ONE

Spencer had to travel back to Chicago to beg and plea for more investor money because he thought his next go-around would be widely successful, but unfortunately, he ran into trouble once again:

Spencer traveled to Chicago in an effort to convince his former investors to allow him to try again. Undaunted by their refusal, he found new investors, put together another group of men and made ready to try again. In December 1909, the whole outfit left Mancos, Colorado, for a bone-chilling trip through Monument Valley and on to the San Juan River. The crusher and amalgamator were set up at Paria Creek, 125 miles above Lee’s Ferry.

They tried their luck on the Wingate sandstone, the thick, reddish, broken rock that occurs widely throughout the canyon country. Once again, they met failure. During the testing, one of the mining engineers assayed a sample of the Chinle shale and found that it contained as much, if not more, gold than the Wingate.

As the report states, Spencer and his small crew tried to mine gold from Wingate sandstone but once again failed.  However, a mining engineer found that there was more gold in Chinle shale, so they decided to move operations to Lee Ferry… STRIKE TWO

Without further debate, the decision was made to move the operation to Lee’s Ferry. Spencer and his first crew arrived in May, 1910, and immediately began assembling additional men and the mechanical equipment needed to sluice the Chinle shale from the cliffside about 250 yards north of the Colorado River, behind the old Lee’s Fort.

Okay, so far so good.  Spencer had listened to the mining engineer and decided he would have a better chance mining gold closer to Lee’s Ferry.  However, Spencer ran into even more trouble as the fine gold was not being collected by the amalgamator as it was becoming clogged:

Spencer went ahead with his plan to recover gold from the Chinle by sluicing. A large boiler and pumps were set up near the river and water was pumped through hoses to big pressure nozzles aimed at the shale (Figure 2.3). The dissolved Chinle was carried down a long flume back toward the river where an amalgamator was set up. Spencer’s first “runs” at the mine were made in the spring of 1911. While everything worked fine at first, it soon became apparent that the mercury in the amalgamator was becoming clogged. The gold was passing on out with the tailings, instead of being absorbed by the mercury. Numerous efforts and tests were made to solve the problem with no success. Samples were even sent to outside experts who could not identify the “foreign” element present. It wasn’t until many years later that the element was identified as rhenium.

Unfortunately, for Spencer, the ability to extract the ultra-fine gold in from the shale and silt in the Grand Canyon was extremely problematic.  However, this did not stop him from moving forward.  There is something quite amusing about the human intellect to continue doing something that isn’t working or is fundamentally flawed.  Even in the face of insurmountable problems, we humans have no problem throwing good money after bad.

Before I get to explaining the factors for STRIKE THREE of Spencer’s gold mining operation, let’s take a look at some of the interesting photos taken during and after operations ended.  All photos courtesy of the report linked above:

Charles H Spencer 1911

Spencer’s Crew – front of Lee Ferry’s Fort, July 1910

Boiler used to operate water pump for gold sluicing operations – Aug 1910

Panoramic view Spencer Mining Area, taken 1915

Spencer gold mining area view from downstream, taken 1914

Layout of Spencer gold mining operations 

If you look at the layout of Spencer’s gold mining operations, you will see the steamboat on the bottom right-hand side of the map.  To see a larger and better quality image of the map above, click on the report link above and go to page 29.

Okay, let’s find out what happened to Spencer’s gold mining operation in 1912.  While the mining engineers were trying to figure out how to solve the problem with the clogging of amalgamator, Spencer needed more money as the operation wasn’t producing gold, but burning cash like crazy:

While the chemists and mining engineers attempted to resolve the problems at the mine, Spencer continued to promote his enterprise. On at least one occasion, he used trail construction to impress a group of investors from Chicago. His men were instructed to put on a good, noisy show, by setting off sticks of dynamite. The investors left satisfied that Spencer’s men were earning their money.

As the report explains, Spencer instructed his men to make a lot of noise and set off sticks of dynamite to give the illusion to the visiting investors that they were doing something constructive.  I imagine the investors visiting Spencer’s gold mining operation weren’t all that smart if just the mere evidence of only dynamite going off made them think the operation was successful.

You see, this is the sort of shady activity that is done to give investors a false sense of security.  However, the problems for Spencer were just beginning.  Not only was the amalgamator not working to extract the gold correctly, but the boilers that ran water pumps still needed a reliable energy source if operations were to continue:

In the meantime, the question of an adequate supply of fuel for the boilers was still unresolved. After examining several rugged canyons, eventually a sizeable vein of coal on a distant branch of Warm Creek was located, 28 miles upstream in Glen Canyon.

Company backers were convinced that the only economical way to move coal from Warm Creek to the mining location just below Lee’s Ferry was by boat.   A paddle wheel steamboat (discussed in detail elsewhere in this report) was ordered from San Francisco, constru·cted at the mouth of Warm Creek, and launched in late February 1912.

Even though investors provided Spencer with a steamboat to deliver some coal for his mining operations, the realization after many attempts that quality of gold was uneconomical to produce, all mining operations ceased:

The fouling of the mercury plates in the amalgamator was an insurmountable problem, further, the value of the mercury required exceeded the value of the gold that was recovered (Jones 1961 :8). About the same time, the financial backers of the company… became greatly displeased with the management; account books were reported lost; many of the men were not paid; lawsuits were brought; the bank account Spencer used for operating expenses and payroll was attached; etc. …the proof that the silts were not a commercial enterprise definitely eliminated the group interested in that development.. .. (Jones 1961 :8).

Finally, in the Spring or Summer of 1912, the entire mining operation was shut down and the hired hands departed the area.

So, there we have it.  Because of the failure to solve the fouling of the amalgamator and the value of the mercury required exceeded the value of the gold recovered, Spencer’s gold mining operation was shut down for good… STRIKE THREE.

Can you imagine investors finding out that the value of the mercury used to recover the gold cost more than the gold that was recovered??  LOL… fer Pete sakes, that doesn’t even include all the other expenses.  The Spencer gold mining operation was doomed even before it started.  However, the ability to get stupid and gullible investors to part with their money never ceases to amaze me.

Now, if we understand that the Spencer gold mining operations were shut down spring or early summer 1912, we can assume the motivation behind the June 19, 1912, New York Times article:

Anyone who understood what was going on at the Spencer gold mining operations in the Grand Canyon in June 1912, knew it was KAPUT and a FINANCIAL DISASTER.  However, for those in the Eastern part of the country, where most of the investment money came from, and who were oblivious to the situation, were RIPE TARGETS to swindle more money.  So, this news article was put out by the Chicago based investment firm to HOODWINK investors out of money so they could recover some of their losses.  The oldest investing trick in the book.

If we can read the information above and digest it correctly, the facts and data suggest that gold mining in the Grand Canyon was simply, too technically difficult to extract and uneconomical to produce.  I spent some additional time researching that report and found data showing that large gold dredging operations in the Grand Canyon were also unsuccessful:

HOSKANINNI Gold Dredge Grand Canyon, June 1900

Gold dredges were also tried on the upper Colorado River. Robert Stanton’s interest in placer mining in Glen Canyon was the impetus behind the organization of the Hoskaninni Company and his dream of a fleet of gold dredges. Stanton eventually located a suitable claim and, with backing from Eastern investors, obtained materials for the construction of the dredge HOSKANINNI in June 1900 {Figure 5.5). The dredge was 105 feet long, 36 feet in beam, had 46 buckets, and was powered by 5 gasoline engines that generated 168 horsepower (Crampton and Smith 1961:121-140). Like its predecessors ADVANCE and NORTH DAKOTA, the results were disappointing. In nearly two months work the dredge only recovered $30.15 worth of gold; a second location resulted in recovery of $36.80 (Crampton and Smith 1961:139, 143). Finally, in September 1901, the company went into receivership, and the dredge and other related company property were sold for $200 {Crampton and Smith 1961:148).

Robert Stanton had a dream to have a fleet of gold dredges working in the Colorado River in the Grand Canyon.  Unfortunately, as the report findings state, in two months of work in 1900, the dredge only recovered $30.15 worth of gold (1.5 oz) and in a second location, $36.50 (1.8 oz).  The failure of Robert Stanton’s gold mining operation went into receivership and the dredge and all other property were sold for a paltry $200.

One more thing.  Some individuals who read the facts presented above will still believe that the U.S. Government is hiding this gold from the public.  Folks, there are these people called INDEPENDENT GEOLOGISTS in the country.  They can look at geological surveys all across the country and understand where the real high-grade economic gold deposits are found.  If the Grand Canyon held a lot of high-grade gold worth the picking, then geologists and mining companies would have already extracted it.

I have provided clear factual examples that gold mining in the Grand Canyon failed miserably.  While there might be billions of ounces of gold in the Grand Canyon, ONLY A FOOL is going to spend more money to extract it than it’s worth.  Also, you would probably have to destroy the Grand Canyon in order to get the gold.  Not only is the attempt to extract gold, FINANCIAL SUICIDE, its complete madness to destroy such a beautiful part of nature for the almighty Dollar.  When are we going to wake up here??

If we understand that the world can only have mined approximately 180,000-200,000 metric tons of gold in human history, the notion that we have 1+ million tons in the Grand Canyon or in hidden Nazi vaults or Yamashita’s hoard loses all credibility.

It takes a heck of a lot of energy and capital to mine and produce gold.  Individuals who claim there are 5-10 times more gold in the world than humans were physically able to mine, fail to grasp the fundamentals of “Economic resource extraction.”  Basically, it means there are limits to what we can do.  However, those who focus mainly on sensationalized conspiracy theories, seem to be unable to separate FACT from FICTION.

This is quite a shame because individuals need good factual information to be able to make better decisions for their future.  If they are receiving disinformation or incorrect data from either the mainstream or alternative media, then they will be making bad decisions.

Investors need to understand that the world has a limited amount of gold and the value of it should be much higher than what it is currently.  The funneling of the public’s funds into STOCKS, BONDS, and REAL ESTATE have given them an illusion of wealth.  This illusionary wealth will evaporate when the global oil industry starts to disintegrate.

EXAMPLE #2:  Advanced Technology Won’t Save Us, But It Will Take Us Down Quicker

The notion that advanced technology will save us is just as erroneous as the belief that the world has 1 million tons of gold hidden.  Both are based on believing in fantasy over fact.  For example, many people believe that solar-wind power and electric vehicles are our answers to our coming energy crisis.  Unfortunately, renewable energy sources really aren’t renewable.  Furthermore, without the burning of oil, natural gas, and coal, the manufacture of solar-wind power plants and electric vehicles would be impossible.

However, this doesn’t stop the High-Tech leaders of our day from promoting electric vehicles as a viable solution.  The example I am going to focus on is Elon Musk’s notion that an electric semi-tractor truck will be a solution for our future commercial transportation needs.

While this is most certainly a neat futuristic looking truck, if we dive into the details of its projected performance, we’ll find out that is was better just to keep it on the drawing board.

According to the article, Given The Laws of Physics, Can The Tesla Semi Really Go 500 Miles, and What Will Be The Price?:

The maximum weight of a truck allowed on the road is 80,000 pounds, so if the body weight of a diesel truck is the minimum 33,000 pounds, then the maximum amount of cargo that can be carried by a diesel truck is 47,000 pounds.

the authors found that the weight of the battery pack needed for a truck to go 900 miles is 54,000 pounds. There goes the payload: 54,000 + 29,000 truck weight is 83,000 pounds, over the 80,000 pound road limit. And this truck that can not haul cargo will set you back $500,000 to $650,000 dollars for the battery alone.

The article is quoting a study by two scientists about the next-generation battery technology to make a practical electric semi-truck.  The scientists calculated that for an electric truck to go 900 miles, it would need a battery pack that weighed 54,000 pounds.  This is quite amusing because the normal weight limit of the cargo a diesel semi-truck can transport is 47,000 pounds.  This is because the empty truck and trailer weigh approximately 33,000 pounds.  The total weight limit for a typical semi-truck-trailer and load on U.S. roads and highways is 80,000 pounds.

Alice Friedemann, who runs the EnergySkeptic site where I found the article, using data from the two scientists, put together the following table on the different battery weights needed for various trucking miles:

As we can see, for an electric semi-truck to go 900 miles, it would require a battery pack that weighed 27 metric tons or 54,000 pounds.  Now if they decided to drop the distance to 600 miles than the battery would only need to weigh 18 metric tons or 36,000 pounds.  This is still bad news because the company with the nice new electric semi-truck could only haul cargo that weighed 11,000 pounds.  How economical is that when the diesel semi-truck can haul more than four times that amount at 47,000 pounds??

Now, let’s just say the company decided to buy electric semi-trucks to go 600 miles for a trip and then recharge them to go back 600 miles the next day.  However, the cost of the battery to power the electric truck for 600 miles ranges from $320,000-$420,000.  That’s a lot of money being spent on batteries when a company could take the same amount and purchase approximately 110,000 gallons of diesel fuel, which would allow the truck to haul freight for 700,000 miles.  Most trucks in commercial fleets drive approximately 150,000 miles per year and are traded in after 500-600,000 miles.

Smaller transportation companies may hold onto their trucks for more than 1 million miles.  Even so, the cost of a battery pack to power an electric truck for 600 miles can pay for the lifetime fuel costs of one truck.  Furthermore, the cost of the battery pack for the semi-truck does not include the electricity cost to charge the battery.  According to an article on Zerohedge, it would require the energy of 4,000 homes to recharge Tesla’s semi-truck.  Well… that could get quite expensive.

The two scientists concluded about the economics of electric semi-truck capabilities:

The bottom line according to the authors, is that a 600 to 900-mile range truck will use most or all of their battery power to move the battery itself, not the cargo.

With all our advancements in technology, we still come up with economic limits.   Here the scientists found that for an electric truck to go 600-900 miles, it would use most or all of their battery power to move the battery pack itself, not the cargo.

Where have we heard that one before???

I will refresh your memory.  In my previous article, I stated that the Charles H Spencer steamboat was burning most of the coal that it was transporting to power the boilers for the gold mining operations.  However, this turns out to be more FICTION than FACT.  The report linked above uses testimony back in 1929, to clear up that misnomer:

If the vessel carried the maximum amount reported on its first trip, that is 5 tons of coal, and if even 1 or 2 tons were unloaded at Lee’s Ferry, that would mean the paddle wheel boat used 3 to 4 tons to make the round trip between Warm Creek and Lee’s Ferry. The carrying capacity of SPENCER is estimated to have been 50 to 60 tons. A consumption rate of 3 to 4 tons, from a maximum capacity of 50 to 60 tons, figures out to be a use rate of 5% to 8%.

CHARLES H. SPENCER Steamboat, 1912

Herman W. Freeze testified that on a later trip the boat carried 15 to 20 tons of coal (U.S. vs. Utah, 1929, Abstract of Testimony 1 :686-689). Using the rate of 3 to 4 tons of coal to make that round trip, the result is 15% to 25% consumption. In either scenario, the rate of coal use is well below all that could be, or was reported to have been, carried by the boat.

The notion that the Charles H. Spencer steamboat burned all the coal during its round trip in delivering its coal load, in fact, was a fabrication to take the blame away from incompetent management and operators of the gold mine.  In conclusion, the testimony and findings in 1929 of Spencer’s gold mining operation stated the following:

CHARLES H. SPENCER steamboat abandoned, 1915

The steamboat was and has been characterized as a failure by association rather than by a careful examination of the facts. CHARLES H. SPENCER became a scapegoat and was used as an excuse to help explain the collapse of a poorly-conceived mining operation. Charlie Spencer’s steamboat was not abandoned because it was a technological failure, the steamboat was abandoned because the men and the mine were an economic failure.

So, there we have the rest of the story.  The real fact of the matter was the Charles H. Spencer steamboat actually did what it was designed to do.. and that was, to transport coal up the Colorado River.  However, the abandoning of the steamboat at Lee’s Ferry was not due to the U.S. Government hiding the fact that there were billions of ounces of gold hidden in the Grand Canyon, but rather because the Spencer gold mining operation was a complete economic failure.

Which brings us to a final point…. while investors were still stupid and gullible 100 years ago, at least they used steamboats that made economic sense.  Unfortunately, today… we are wasting a lot of time, effort, money, and resources to manufacture highly advanced electric semi-trucks that will use the majority of its battery power to transport cargo 600-900 miles.

U.S. Economy Heading Towards A Serious Crisis

If we are wasting our time on renewable energy technology that doesn’t work or solve our energy problem, we must be in serious trouble.  The world has developed an economic system based on liquid fuel consumption.  Our highly complex retail markets are based on a just-in-time-inventory-system.  We need to continue producing liquid fuels at the current rate; our economic activity will decline.

Unfortunately, the cheap to produce oil is mostly gone and we are now being forced to produce low-quality-low-EROI oil (EROI – Energy Returned On Investment).  The Venezuelan economy has gone into the crapper because it holds mostly heavy oil.  The Statoil CEO stated recently that they would no longer go after heavy oil or oil sands resources.  Thus, 70% of the world’s oil reserves are heavy oil and oil sands.

Furthermore, the ConocoPhillips CEO also remarked that they weren’t going to invest in projects that need $50 or more to break even.  This is terrible news.  There just aren’t many sub $50 oil projects available anymore.

The coming collapse of U.S. and global oil production will be a shock to the public.  Virtually no one is prepared.  If we continue to waste our time on lousy conspiracies or advanced technology that doesn’t work, we will be heading over the cliff… BLIND AS A BAT.

While we can’t solve the dire energy predicament we are facing, we can at least know what we are up against and make changes as best we can.  However, only a fraction of people will GET IT.  Most will continue doing what they are doing…. chasing FANTASY over FACT.

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63 Comments on "U.S. ECONOMIC CRISIS AHEAD: Major Failure Of Analysts To Spot Danger"

  1. 2018-2020 going be popping of many bubbles …. personally think Nat Gas will keep us in transportation fuels for some time to come be it at a much higher cost …

    You’ve been Bitconned will be a new saying in the next decade >>

    • Bitconned. Yeah, ok. Steve called a bitcoin top at $11,400. It has since risen to over $19k. One day when bitcoin has market adoption you’ll be able to tell your kids you knew when bitcoin was less than $10k USD. They’ll then ask how many you own, since you had such a unique opportunity to get them cheaply. On second thought, you probably won’t want to mention it, since you passed on one of the greatest inventions of this century.

      • DisappearingCulture | December 9, 2017 at 1:39 pm | Reply

        Bitcoin will crash HARD.

      • SD, so now that bitcoin has fallen about 25% in a day, I guess you should acknowledge that Steve was in fact correct. And, as probably this is just the prelude to a monumental crash, let me ask you this. When your kids ask you how could you have been so stupid as to convince yourself that you would get rich off a purely speculative digital asset, what are you going to tell them? That nobody knew back then? That there were no warning signs? No, my friend, you got suckered into a hype that is special in two ways: 1. The government doesn’t regulate it. This is something people haven’t experienced in a 100 years and that’s why it’s considered so awesome. When in reality it’s just another ponzi scheme. And it shows that we really don’t need the government to create ponzi schemes. We, the people, can create them just as well. 2. It’s the first fully digital asset. Unfortunately, it’s inherently hyperinflationary exactly because it’s not regulated and is completely open source. There are now some 20,000 similar digital assets out there. And none of them are worth squat. I’m sorry, no, they are worth something, such as 1 bitcoin is worth a 100 litecoin or 30 ethers. But riddle me this, why even pretend that they hold any value in fiat cash terms? Why quote all this nonsense in dollars when clearly, as you suckers hope, this nonsense is here to replace the dollar? Doesn’t make much sense, does it? Until you realize… it’s a ponzi scheme. It doesn’t need to make sense, you just need more and more hype to pass on the worthless bitcoin to another dummy who is willing to pay some insane amount of dollars for this crap. Oh, well, good luck with those kids. Hope their mother has more brains.

        • Bitcoin down 61.8%. It’s crashing!! OMG, running around, screaming, arms flailing….
          Just kidding 😂.

          • Bit coin is a black hole. It will continue to rise exponentially until every last piece of paper from every last fiat currency is sucked in. Then it will stabilize.

          • Bitcoin on CME big.
            It will permit retailers to protect value when they take in BTC from sales

  2. Great article, Steve, thanks.
    The problem with Tesla’s truck isn’t the weight of truck and batteries, it’s the 80,000 pound highway weight restriction. Just have to develops some antigravity device, maybe using ORME metals like white powder gold. Other than that, I wonder if Musk is powerful enough to lobby Congress to get the laws changed to a higher weight limit. Betcha… Gotta think outside the box. Lug the can down the road, so to speak…😁.

  3. Great article Steve! It’s about time someone put Mr. Weir in his rightful place. I used to watch his u-tube commentaries on gold, silver, and bitcoin, and absorb what he had to relay to the gullible masses. But I had the realization after he began really pushing the crypto currencies and the Grand Canyon story on gold that he was full of baloney. I’m glad you have proved him wrong.

    Mr. Weir also thinks everything is going to be honky dory after this financial system crashes, and things will eventually go back to normal, and the whole world will own cryptos and the whole world will go along its merry way. Boy, is he in for a surprise! First of all, if 3% of the US holds any cryptos I would be very surprised.

    If the electricity goes out, then the game is over. Gold and silver will be the only game in town. But having food and being able to grow it will even be more important than owning precious metals!

    Food, food ,food!!!!!!!!! Without it and water we don’t survive!!!!!

    First of all, in my opinion after doing many years of research, and listening to guys like you and Jim Willie, and others, I believe the US will never recover from what is about to happen to the petrol dollar, and then the dollar being used as the reserve currency. It’s game over for the western banking system!

    First of all, the middle class no longer exists. When the dollar devalues even say 60%, probably will be down to zero, but lets say the glass is half full, hyperinflation takes over. Imported goods cost much more, and the store shelves will be empty due to no trucking. When the government handouts stop, chaos presides.

    Right now inflation is running around 6-8%, probably higher, but again we’ll stick it around there. Unemployment according to John Williams is around 22.6%, real numbers, and health care costs are thru the roof. 49 million Americans are on the government food stamp program. 6700 retail outlets have closed this year, and more coming. Auto inventories are piling up for the auto dealers, and housing prices are going thru the roof when no one will be able to afford them!

    When this system blows your two main industries are auto and real estate. These two industries will not survive because when this system blows all credit will freeze, no loans, and there will be no distribution of goods and services, and the dollar will have no purchasing power in short order.

    Most, if not all your major banks will implode from the derivative exposures, and the bond markets will crash along with all equity markets. Just listen to Egon von Greyerz. He predicts hyperinflation and hyper deflation all at the same time. I agree.

    So when the dollar goes bust, and as you say the EROI will bring down the oil industry, and we are not remotely close to a free energy system to power the world, then I must conclude that the US and much of Europe, Japan, and Great Britain will go bust!

    We are out of time, unfortunately. The politicians in Washington only know one policy, and that is war! They sure don’t know how to run this country or an economic system. They are corrupt and greedy, and all but a very few should be thrown out of office now!

    But our biggest concern right now is the health of our planet. Dane Wigington of geo-engineering.org gives us about 7 years at the rate we are destroying the planet and the weather before the human race goes extinct. Just look at Fukushima, the gift that keeps on giving, the silent death of the human race!

    I’ll stop here. I’m 65 years old, on a fixed income and live OK, but I’ve decided to pick up and leave the US just because it has a red target on its back right now, and it will not be a good place to live very shortly. If you like mass chaos, social unrest, famine, plagues and hearing gun shots most of the time, then you will love hanging around here till there is nothing left but rubble!

    No thanks. One must LOOK within and find where God is, where all the power lies. Find your spirituality and ask for His forgiveness, for the door is opening right now for those who do, and a new journey awaits them, one that does not include wars, killing, famine, and greed and corruption!

    Live by the values of the human heart, and you might just find a new reality where balance and harmony will bring peace and prosperity, and the growth of the human spirit!

    God Bless

    • Good observations, Marc. Puerto Rico still is not fully electrified three months after the hurricane. Many horror stories. I agree with your spiritual sentiments. So what countries are on your list? Just curious as I have little money, live in the boonies and have made my peace with God. I’ve done the best I could. I will be amazed if I survive through it.

      • Greetings Sammy . I’ve lived in southern Ecuador for a brief stint a while back, in the little town of Vilcabamba, about 4700 ft up in the Andes Mountains. It is known as the Valley of Longevity. It is a very beautiful place with great people.

        Ecuador is mostly agricultural, so food is plentiful. No place is perfect, and it is a third world country. But I believe being in a country that is not soley relying on technology will be better than the US. If an EMP were to take down the grid, the US would be sent back to the 19th century, and 90% of the population will be dead in less than a year. In any event the US is doomed. Too much debt, too much materialism, too much greed and corruption, no rule of law, and most have lost their faith!

        The northern hemisphere is being radiated by Fukushima. Not good. Famine will be a problem all over the planet very soon. Our politicians are more concerned about representing Russia as the bad guy, and creating wars all over the globe, and killing innocent people for the premise of freedom when we know its all about keeping the petrol dollar afloat and the dollar as the reserve currency.

        It’s all a Ponzi scheme, a holographic prison designed to keep the human race enslaved, and to keep the human spirit imprisoned. Well, we are all star matter, and born into this world with one right, and that is to be free, and so shall it be!

        The one thing these dark entities fear is us. They think they control this planet, well they do not! I plan on going down to Ecuador to change this reality. Humans were born with all the power of God, for He created us in His likeness, we are all gods, and these globalists fear us, for they know if enough of us wake up and find the power from within, they are doomed!

        This will be my third time down. They say the 3rd time the charm! I still have friends down there. Taking heirloom seeds with me, and will get into growing food. But the most important thing is spirituality. I believe music will change the world. It’s all about the frequency and Light. For Light comes from within. Find God’s WORD, and you find immortality!

        Sammy, if you have found God, He will be with you and you will be with Him. None will survive this reality, but if you believe in the power that lies within you, then a new journey awaits us, one of a higher existence, one that God had meant us to BECOME when He created us in His likeness.

        His hand of judgement is about to wipe the slate clean one last time! Hang on, it’s going to be a bumpy ride for most, but for some the magical mystery bus is boarding, and is about to leave the station on an wondrous journey, for we are here in this moment in time for a reason, and that is to share the LOVE of the human heart all over the cosmos, for LOVE connects all there is, God’s LIGHT!

        Have faith!!!!!

        • Hey, Marc, We are on the same page. I had looked into Uruguay and Ecuador. Traveled to Uruguay in 2009. Nice people, a little too socialist, need a bunch of German engineers and an Amish colony.
          I provided some financial aid through Christian Children’s Fund to a young man in Ecuador for about three years. Got him through junior high. Wants to be a veterinarian.
          Sounds good, I just don’t have the $$. God will provide. Music, love and light.
          Those danged Fallen Angels did a number on us. Satan is working overtime to destroy the humans. Planet X, solar kill shot, EMPs, debt, corruption, EROI, the Fourth Turning, it’s an interesting time. Thanks.

          • One great thing about being a Christian, is I don’t have to be reincarnated anymore to suffer through another life in this reality. Jesus handled that by buying me out of slavery. Thirty pieces of silver. Silver for reconciliation and freedom. Now, when I die , just be the long sleep until awake in a better place.

        • Are u Marius Vincze by any chance?

    • I feel the same way you do. That the U.S. will NEVER ever be as she once was. We’re heading into Third-World Status. At least that’s my opinion!

    • First of all there is so much crude on the planet they can’t get rid of it. I have been hearing about peak oil ever since the Arab oil embargo and now there is more than then. The largest reserves on the planet are actually in the US and these have never been tapped. The US now has allowed US oil firms to export and the US is going to become a major oil producing country.
      New technology has always came along and replaced the old and this time is no different. This has allowed the amount of silver used to go down in products every year.
      As far as markets he fails to understand what has been happening and will happen. Armstrong Economics computer models track both domestic and international capital flows and forecast that Europe is toast. Martin and his team are actually in Europe now consulting with clients as their computer models forecast that both the Monetary and Sovereign Debt Crisis hits there along with the pension crisis in 2018. They stated they are swamped as people realize Europe will collapse. They are all bracing and preparing for what is to come. They even stated that government employees want consultations as they feel they will be dragged out and hanged when the capital finally runs out. Merkel’s government has collapse. most German cities and provinces are broke due to the migrants, another bank in Italy is in trouble and the pension crisis has hit Spain and will run out in 2018. The shit is getting ready to hit the fan there and there will be riots, governments toppling, countries defaulting on sovereign debt and pensions will stop. Europe will not survive in its present form as it has been totally mismanaged by the ECB, Brussels and most government officials and bureaucrats. The day of reckoning has arrived. When this happens the capital flight will accelerate out again and cause massive dollar strength, move US equities higher and crush gold and silver. Now back in 2011 the models forecast that the Dow would move to 22,000 then 23,000 and onto 38,000 to 42,000 all due to the capital flight out of Europe moving into dollars and dollar based assets. The worst for the Dow is a normal correction at a maximum of 8% before moving higher. Last year in June the models forecast that if gold did not break the 1362 reversal level at July’s close we would see weakness indicating that the capital flight out of Europe has accelerated again. From August to the end of the year we saw massive dollar strength. There was so much capital being converted from euros to dollars that this actually created dollar shortage in foreign markets by the end of last year. We are again heading in that direction as we move into 2018.

      • DisappearingCulture | December 9, 2017 at 1:53 pm | Reply

        jj’s First two paragraphs about oil are BS; if anyone believes it they are delusional.

        About Europe…yeah they are toast, and the U.S is toast also, perhaps later. But not by much.

        “The worst for the Dow is a normal correction at a maximum of 8% before moving higher.”

        8% drop in the Dow will start an avalanche of selling; they can’t allow “normal” corrections because it will trigger a crash. But they can only delay it from happening, they can’t stop it.

    • Where are you moving to??

    • “Dane Wigington of geo-engineering.”

      dane thinks persistent contrails are a nefarious government plot… proving some people prefer fantasy, conspiracy theories to reality.

  4. There are none so blind as they who do not wish to see. I agree that the amount of materials in the ground is irrelevant if cost of extraction is higher than value post-extraction. That necessitates a higher price until extraction again ramps up, then increasingly higher prices to enable further extraction.

    The synthesis of gases could be an interesting twist.

    • You have not understood – it has nothing to do with prices !
      It has all to do with thermodynamics – nothing else !

  5. Steve, George Carlin coined the phrase “upper one percent” back in the 90’s. The dude was freaking brilliant and way ahead his time.

  6. Good report, Steve. Bix Weir’s Road to Roota is a child’s book published by the Fed for instruction purposes. Bix says it holds secret language for those who can discern it. He also believes aliens are all over the place. A lot of people believe that but there has been no evidence to support that idea either. Guys like Weir have wild imaginations.

    • They probably have a bad habit of eating too much cheese late at night, Tom. On more of a serious note though, it is quite interesting how today’s events are unfolding. Bitcoin has only been in the picture for 1/2 a year with it truly being on the screen since 2009. Think about that. That is only 8 years! How something that has such a short shelf life can warrant so much attention certainly poses questions, BIG questions as to the stability of its future as well as the financial stability of other areas. In any case, to what or whose advantage will Bitcoin prove to help or destroy. It certainly is a wild card for some future play.

  7. Much questioning how so many could be so foolish to not see that the whole financial system is going over the cliff. But heck I see it, everyone here sees it and on the average I bet this group is about average intelligents for the group of folks who can manage to load a site like this.
    I don’t really think our govt leaders are dumber than us, I think they are very good at hiding what they know down deep in their tickers, in fact they maybe a bit smarter because they can avoid future blame by pleading ignorance.
    They all know this whole system is like an out of control train going down hill! But they also know not to step in front of it. What would become of a politician who said we should cut things like social security or Medicare? By by
    They all know the crash is coming but their “survival” plan is to still be in power supervising the cleaning up of the mess.
    Gotta hand it to em,,,not a bad gig so says olegig.

  8. Wow.. my head is spinning right now. What’s the solution then? We all walk? Go back to horses and mules? Lol!!

    • Hehehe, you want to see the future as painted by the altmedia? Go visit an Amish community.
      Think I will build a turn style so my horse can rotate a generator to power computer so can buy more grain for the horse with cryptos.
      Truthfully, nobody knows what the future holds, but I do feel a relationship with the Lord Jesus Christ and some form of hard asset will be treasured.

  9. The semi-truck’s fuel economy is about 7mpg on flat road. 110,000gallons would equate to 770,000miles of operation, I think.
    600miles on single charge would be unrealistic just Steve has stated. Tesla’s battery cost should be around $300/kWh.
    I think you’d need 1000kWh to run short haul(200 to 300miles a day) daily route.
    Electricity cost is about $100 a charge, which you can buy 40gallons of diesel fuel or so. Short haul is like 5mpg, so the fuel(electricity) cost is similar.
    Initial cost of the electric truck w/ 1000kWh would be about $350,000 vs. $80,000 for diesel semi, so it is definitely uneconomical.
    Thanks

  10. Nicely addressed Steve. Ya killed the beast. As one of those Independent Gold Geologists, I can personally testify that at least two of the major CO rivers tributary to the Colorado DONT HAVE SQUAT worth of gold despite coming from hard rock mining areas, old newspaper promotion trash, and even the ability to pan a few flecks of gold here and there. It aint there folks.

    Also the Wingate and Chinle dont cut it either. The Wingate is a petrified sand dune complex and the Chinle is petrified shallow water deltas, both of Triassic age, but you might find Chinle dinosaur poop???

    Lastly I would even challenge the statement that rhenium was fouling the mercury… A total BS pile which suggests that the chemists or assayers were bogus or PAID OFF.

  11. pennies onthedollar | December 8, 2017 at 9:12 pm | Reply

    Steve rocking the boat on The Road To Roota. If you ain’t smokin the premium hopium you’re never gonna find your way down The Road to Roota. Forgert 420 it’s .999

  12. Marc,
    I must accuse you of some of same baloney and hopium that you charge Weir with. For a 65 year old person on a fixed income it is flat out impossible to leave US and suggesting it is is irresponsible.

    *65 means too old to work hard.
    *Whatever “fixed income” means, Soc Sec, pension, etc these funds will vanish in crash.
    *your refuge country will be dragged down with the West and even if access to basics is better then in west as may be the case it will still be hard times for locals and you will stick out blending in is one main keys to survival.
    * even very rich refugee would just have compound overrun because they’ll hate you.
    * A doctor or dentist who knows the language, and willing to work for free/good will and live like commoner could make it maybe. Any other skills you have, the locals can do as well or better and they don’t need you. anyway you’re an old man, can’t compete with 20 year olds

    • I do agree with you, especially about blending in. In grad. school I had a Chinese teacher who went through the Cultural Revolution in China as a teenager. She was 33rd. generation Chinese doctor. Her grandfather was Chiang Kai Shek’s physician. After her grandmother committed suicide due to torture and humiliation, she and her grandfather were sent to a far, remote village where they survived on chickens and produce the locals gave in trade for their doctoring skills. She was there over 20 years.

  13. Terri
    “LOL” is right
    We can’t walk because there are no cobblers to make boots. In millions of ways the 18th century will never return. The topsoil and buffalo are gone, forever, and vast chain of knowledge/skills passed down for 100k years is probably irrevocably broken.
    Most critically, we are deeply psychologically different and imo incapable of operating as group animals. Only small tightly knit communities would work even if had resources and skills and this civilization has bred it out of us. Sanctification of the individual

  14. Good stuff, have some problems with some of your power logic but to each his own. Folks our world is about to change dramatically, so get as much debt as possible out of your life as soon as you can. Buy as much physical gold and silver as you can. That hedge alone will preserve much of your wealth. Buy a few good gold and silver stocks as a future investment and then keep your head down and stay very nimble. Don’t over think this, it’s not complicated the economy will turn over sooner rather than later just make a few preparations and then you can sleep a little easier. Good Luck

  15. Thanks for the historical review of gold mining in the GC. While indeed they failed for their time and technology I suspect that more modern approaches could have dramatically improved their net recovery. Whether that would (be) profitable is a question we can only now debate as I doubt a permit to even try again on such a scale will ever be issued.

    I take some exception to your review of OTR truck sizes, gross weight, tare, and hauling capacity though. Freight is measured in several ways. For example by weight and by volume. Hauling capacity is not strictly related to the weight of the vehicle, its cargo, or the net difference between the two. If that were all there was to the physics and economics of transportation then travel/freight movement by rail or by water would not be possible or economical – as I think I understood your analysis to suggest. Locomotives pull many, many times their weight as ships/barges move many times the weight of their engines/superstructure; albeit slowly. The weight/horsepower/capacity ratios are not unique to these modes. OTR trucks pull more than the weight of their fuel/power plant/structure as well – whether described as a battery or a diesel engine.

    Freight rates, and subsequent profitability, varies according to the relationship between weight and volume – as well as certain additional factors. For example: inherent risk, scheduling, environmental factors (reefer vs heated cargo), insurance requirements, size and route required as in Oversize, long, tandem or triples, taxes, permits, and other factors – all play a role in determining the efficiency, cost, and ultimate utility of OTR freight/transportation. I am sure you feel you relied on “facts” and credible sources; indeed we all hope to in forming opinions. In my experience and training, the numbers you quote and relied on are somewhat over simplified if not flawed. And while I know very little about battery design, recovery rates, production costs, or even semi tractor design, assembly and manufacturing – the semi trucks I have driven and owned outperformed and out hauled your estimates of hauling capacity by substantial margins. As would have my hybrid gas/electric Tahoe of mid 2000’s vintage. I nevertheless appreciate your perspective and in some ways agree that in the end analysis the total BTU’s required to manufacture and then charge and recharge the vehicle, maintain it, and then dispose of/deal with its spent batteries, materials, and emissions (which all vehicles release to the environment without exception)- throughout its life cycle – may not be a net positive in any respect over diesel and other fuel sources ‘ power plants capable of hauling freight economically and efficiently. Certain gasses and other fuels are more effective and efficient. They are not as politically expedient however and do not presently have the backing of the revenue models that ultimately affect and serve Net Share Value.

    Thanks all the same for at least attempting to cast an objective light on the myths and realities of the GC gold supply and would be (mis-fortunes) to be had.

    • Completely wrong re the gold. It IS NOT THERE. There might be a little perched sand bar here or there with a flake or two, but they were trying to mine barren bedrock. Same stuff outcrops over thousands of miles all over a couple of states and no one says there is gold there.

  16. Very good description Steve !

    May be some renewable energy technologies can mitigate (not solve) the problems. Wind energy for example has in the middle an EROI 16-18:1 and this is much better than it is in the case of solar cells. Some algae can produce oil.

    I personally do not believe in a sudden collapse because of lesser oil and gas in the future. Probably it will be more like a process, but this process accelerates.
    Instead a sudden collapse could result from the dangers within our financial debt based fiat money system (high risks, high debts, high leverages, trade deficits, derivatives and so on).

    Oil extraction from tar sands should be forbidden. Fracking in areas where water extraction for households takes place should be forbidden. Other unconventional methods to extract oil should be allowed as far as there are no other known unacceptable dangers.

    Generally I expect higher oil and gas prices in the future, so that statements like “the break even must be above $50 to begin a new project..” are only temporary valid.

    All this cannot solve the problems but only postpone them a little bit.
    Humanity as a whole will experience a drastically reduced standard of living (and lifespan?).

    China, India other developing nations, they all want to have a much higher standard of living.
    It will not work on the longer run…
    They all are on the way, to build energy intensive infrastructure (not as bad as in the USA) but like in Europe.
    It will not work on the longer run…
    Humanity cannot go on to build such infrastructure in the hope, that new technologies – which we momentarily do not have, do not know – will solve the problems later on.

    Btw.:

    “If we continue to waste our time on lousy conspiracies or advanced technology that doesn’t work, we will be heading over the cliff… BLIND AS A BAT.”

    I would prefer to be a blind BAT, when we are heading over the cliff, HUMANS cannot fly…

  17. Here is a little bit information about the oil producing algae (1:19:00 – 1:23:23)
    Bill Gates and a big oil company (I know it is EXXON) are very much interested – so it is something real.
    https://www.youtube.com/watch?v=PJfSVNowTLY

  18. How much fossil fuel is saved by converting all 18 “wheelers” to NatGas? Then innovate a way that airlines can participate? I write so that you can see that the economic system and FIAT currency will still be around by the turn of the century. There are so many alternatives coming to the market each year. USA is innovated. Preaching doom and gloom doesn’t cut it. All the money that was to be in gold and silver is in crpyto currencies. You didn’t see that coming 10 years ago and you won’t see the next alternative either. You see EROI, FIAT currency
    and oil as our problem. How is it that no billionaires are jumping into precious metals? Are they all stupid? With all that has been said by your articles these few years, silver is heading to $15. What
    aren’t you seeing?

    • Joe lindell,

      You say, ” How is it that no billionaires are jumping into precious metals? Are they all stupid?”

      Billionaire Gold & Silver Investor Eric Sprott = stupid?
      Billionaire Gold & Silver Investor Hugo Salinas Price = stupid?
      Billionaire Gold Investor David Einhorn = stupid?
      Billionaire Gold Investor Ray Dalio = stupid?
      Billionaire Gold Investor Stanley Druckenmiller = stupid?

      steve

      • Bill gates owns a huge chunk of pan American silver. I think it’s almost 20% it’s in his retirement portfolio. I suggest people go look at what he owns.

      • Nice try Steve. With the Silver Institute showing 200,000,000 ounces in coins and bars worldwide, ” How must do these guys own?” It is an extremely small
        percentage of their portfolios. If these guys were really involved they alone
        could move the supply demand ratio. The silver market is small. A group of
        billionaires could spike silver up. Just look what billionaire JP Morgan bank
        has done. No they are not stupid but they aren’t into silver as you may want
        your readers to think. Like it or not Steve it’s a supply/demand function, period!

        • Joe Lindell,

          It comes down to the following understanding. Either you believe in the reasons to own silver or you don’t. If you believe that most of the information here is BOGUS, then the important question remains… WHY DO YOU WASTE YOU TIME IN HERE??

          Joe, you have made it perfectly clear your opinion… at least a dozen times. Why don’t you go spend your time with your family instead of wasting in here?

          Now, I believe in putting out the message because new people come to my site every day. But, for the life of me, I can’t understand why you continue to BELLY-ACHE and WHINE when you could be doing more useful things in your life?

          steve

      • The reason I go on your site is to try and tell your readers that Steve’s research is 10 to 20 years too soon. Don’ t buy silver now. Invest in stocks. Buy silver 5, 6 or 7 years from now. All of your forecasts like all of Tom Cloud’s these past 7 to 10 years NEVER HAPPENED. Cloud has been dead wrong for 10 years. Same goes for Morgan and his ilk. Knowing that, “Why do you put them on your website?” You should be protecting your readers from these silver hypes. Shame on you Steve!

        • Joe Lindell,

          You say my research is 10-20 years too soon. I see. Well, let’s wait around and see who’s right on that one… LOL.

          However, I highly doubt that you understand the ENERGY, THE FALLING EROI or the THERMODYNAMICS. I would be surprised if the U.S. Shale Oil Industry hasn’t disintegrated by 2020.

          steve

  19. No energy? No food.
    No food? No need for gold.

    Prior to the industrial revolution and the invention of the steam engine, the population the world was steady at about 2 billion people. For over 2 thousand years depending on the worlds bio-mass, manpower and horse power (water power to a small extent) for energy. One farmer could support (feed) 10 people maximum, including himself.

    The industrial revolution changed all that – drastically. With the advent steam power, oil and the internal combustion engine. One farmer could then support (feed) multitudes, besides himself. We all know what happens to any population when food is plentiful. Just ask any rodent exterminator, or any farmer protecting crops from depredations by them or insects.

    A graph of the world human population started to go exponential 200 years ago, with the advent of the industrial revolution. It now stands at 8 billion people and still going exponentially higher. Compliments of a highly technical, energy gobbling, global agricultural sector. The writing is on the wall for those who wish to see and read. When the oil (energy) is gone, so will all those extra mouths that it fed.

  20. Sometime ago (Maybe 20Yrs) I read a Fictional/Fact book on radar being used to detect British Airplanes flying into Norwegian airspace. Fuel (Gasoline) was in short supply and rationed.

    A factual part of the book mentioned “Steam Motor Bikes” GOOGLE threw this one up… http://flashbackfab.com/other-vintage-antique-projects/1896-roper-steam-engine-2/

    Maybe there are others in this forum who can throw some more light on these innovative motor bikes or cars for that matter.

  21. It is easy to see Steve, that by bringing us a literary parable to the theme (the second time – but Mr. Weir deserved it), nicely packed up for Christmas or by letting us know how “crazy” mister superman Musk “really” is, you are convinced that there is the scenario of L.A. on the horizon which btw. will become an event horizon for many if true. I have to say, that if we take all the stories around us as parts of a puzzle and put them together it gives a clear picture.
    Perhaps we should also tell the story of Mr. Musks rocket, the first rocket, that was able to come back in one peace, as a whole. Yes Mr. Musk wanted to say: “Leave for a while where nobody can follow you and come back later.” Unnecessary to say for a place in such a rocket you need a little money…
    Why is hidden, what was once open? Ahh, the analyst colleagues, who are in the dark – but how can this be, when you once has nearly blended them with a strong light ?

  22. http://www.thedrive.com/sheetmetal/16786/tesla-semi-orders-boom-as-anheuser-busch-and-sysco-order-90-additional-ev-trucks

    “More companies see the spark by cutting costs with electrified commercial transportation.”

    So is this complete BS?

  23. Give the whole Grand Canyon thing a rest. You are wrong to think that any significant number of investors take Bix for anything but a clown. I see refuting him as wasted ink. I spent about ten seconds on his original post and the vast majority of people would have never seen it.

    • aqualech,

      You would be surprised at the number of individuals who are being misinformed. However, I do as I receive lots of emails. Regardless, researching the history of gold mining in the Grand Canyon and Colorado River was a good exercise in showing how unprofitable mining gold can be in certain areas.

      I had no idea how many attempts were made in the late 1800’s and early 1900’s to use Large Gold Dredges to extract gold from the banks of the Colorado besides the attempt made by Charles Spencer. So, it was in my view, an excellent history lesson of why certain areas in the United States were unprofitable to produce gold.

      Lastly, by spending a bit of time refuting the Grand Canyon Gold delusion, it also proves there are millions of tons of gold hidden in Nazi Vaults or Yamashita’s hoard.

      steve

      • Hear, hear Steve. Much of the “Disinformation”, and “Misinformation” started in earnest during the course of the industrial revolution. Criticism is generally levelled at those who approach this subject by people who don’t bother to read.

        Excellent article

      • Gold mining in areas where any geologist will tell you the rocks do not contain gold (= most of the planet) is guaranteed to be unprofitable. Gold does have its millenia-long track record of value, an would not command its price, if it was not VERY difficult to find/mine.

  24. China to open electric truck manufacturer in Ontario Canada. It wouldn’t surprise me if the trucks were nothing more than VaporWare. Not to mention Ballard Power has been having a difficult time with electric vehicles for 20 yrs, and has to rely on Governments to purchase the vehicles.

    https://www.thestar.com/news/queenspark/2017/12/01/chinese-truck-manufacturer-to-open-ontario-factory-premier-says-on-trade-trip.html

    • Most likely to be capital flight fro China disguised as investment in Canada. Also, will guarantee Canadian residence permits to the investors – been that route.

  25. Great article, Steve.

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