Archive for Commodities & Metals

Microdiamond, Indicator Minerals Recovered at Explorer’s Australia Project

By The Gold Report

Source: Streetwise Reports   12/08/2018

Results continue to become available from this year’s exploration program.

Lithoquest Diamonds Inc. (LDI:TSX.V; CWVWF.OTCPK) announced in a news release that an octahedral microdiamond and numerous kimberlite indicator minerals (KIMs) were recovered during the 2018 field program at its North Kimberley project in Western Australia.

As part of the recently completed campaign, Lithoquest obtained 22 samples from prospective areas of stream sediment and loam on the property, after which Diamond Recovery Services analyzed them for KIMs.

The independent Australian laboratory reported that 13 of the samples contained KIMs, 3,000 chromite grains in one sample for instance. Another sample contained a microdiamond. Several samples contained picroilmenite grains. “The presence of this concentration of indicator minerals suggests that the samples were collected close to a kimberlite source,” the release noted.

This year, Lithoquest also recovered about 130 kilograms of kimberlite core from target 1804 at North Kimberley. Currently, the Saskatchewan Research Council is processing select selections of it for KIMs then it will analyze the submitted core in its entirety for microdiamonds. Results are expected in January 2019.

In other news, the airborne magnetic and radiometric survey, in which 7,550 line-kilometers of data were collected, is now done. Lithoquest will use the results to delineate and select targets for next year’s drill program, paying special attention to areas in which high-interest KIMs were recovered.

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Disclosure:
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: Lithoquest Diamonds. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own shares of Lithoquest Diamonds, a company mentioned in this article.

( Companies Mentioned: LDI:TSX.V; CWVWF.OTCPK,
)

On the Search for a Major Copper Porphyry in Peru

By The Gold Report

Source: Maurice Jackson for Streetwise Reports   12/10/2018

Bill Pincus, president and CEO of Miramont Resources, speaks with Maurice Jackson of Proven and Probable about his company’s latest exploration efforts in Peru.

Maurice Jackson: Joining us for a conversation is Bill Pincus, the president, director and CEO of Miramont Resources Corp. (MONT:CSE; MRRMF:OTCQB), which is developing new opportunities in world-class mining districts.

Bill, we have some great news to share with current and prospective shareholders, but before we begin, for first-time listeners, please share who is Miramont Resources, and what is the thesis you’re attempting to prove?

Bill Pincus: Miramont Resources is a junior exploration company. We have two copper gold projects in Peru. Both are relatively early-stage prospects. One (Cerro Hermoso) is ready to drill, and one is getting near ready to drill, so what we’re looking for, what our thesis is, we’re looking for large bulk tonnage that has the potential to be very significant type ore deposits.

Maurice Jackson: Bill, provide us with some historical context on the region in Peru where Miramont has its projects.

Lukkacha

Bill Pincus: We’re working in Southern Peru, which is known as one of the world’s great copper provinces. You have the giant mines of Toquepala, Cuajone, Cerro Verde, and Quellaveco is now being developed. These all produce hundreds of thousands of tons of copper metal annually. Our project, Lukkacha, is located right in this belt. We’re about 10 kilometers from one of the newer porphyry projects, by, I believe it’s Anglo American. But most importantly, we’re in one of the world’s great copper regions, so as an exploration company, we are the hunters, and if you’re going to hunt the elephants that we’re looking for, you want to be in the elephant country, and that’s exactly where we are.

Maurice Jackson: Walk us through both of your projects and the value propositions they present to the market, beginning with Cerro Hermoso.

Two prospects

Bill Pincus: Cerro Hermoso is our most advanced project. This is the one that we will begin drilling early next year. When we first started looking at it, we were looking at it because of some pretty significant gold values we were finding in rock chip and rock channel samples. But as the project has emerged over the past year, with our continued exploration, it’s really turned into a copper polymetallic project, copper-gold-silver, as well as some lead and zinc. But I think copper is the primary metal.

And it has the potential to be a very, very significant, large bulk tonnage deposit. That’s what we’re exploring for, and that’s what we hope to find. So, you know, we hope when we begin our first round of drilling, a discovery round of drilling, to identify significant subsurface mineralization.

Maurice Jackson: Tell us about your second project, Lukkacha.

Bill Pincus: Lukkacha, which is further to the southwest of Cerro Hermoso, is a classic copper porphyry system. We have now concluded a round of both reconnaissance mapping, followed up with detailed mapping, and what’s emerging is the classic picture of a copper porphyry system, in terms of the typical alteration patterns you would expect, the typical mineralization patterns you would expect, and the typical geologic patterns you would expect. So, we would like to do a little bit more work on this. We’ve done detailed geochemical sampling, detailed mapping, but we do want to take it to a round of geophysics.

We have drill targets emerging, but obviously, we want to refine that before we actually drill. So, if all goes according to plan, we think we’re looking at a completely new porphyry system, un-drilled, that is exhibiting many of the characteristics of similar systems nearby.

Maurice Jackson: On the 4th of December, Miramont received some great news for current and prospective shareholders. What can you share with us?

Bill Pincus: We got our drilling permit. This is for the Cerro Hermoso property. To be very honest with you, the process was just a tad longer than we had anticipated, and we had to jump through a few more hoops than we anticipated, but we did get our drilling permits. We’ve been in touch with the driller, and we should have a rig on site, ready to turn, in the second half of January, 2019.

Maurice Jackson: Mr. Pincus, I’m going to have a multilayered question here for you. What is the next unanswered question for Miramont Resources, when can we expect an answer, and what determines success?

Bill Pincus: Well, the next unanswered question is what do we find in the Cerro Hermoso drilling? We’ve done everything we possibly can, and we have great drill targets, but you know, the true test is what’s in the subsurface. So, that’s the next unanswered question. As I said, we should start drilling late January, so I would expect answers probably early March.

Maurice Jackson: And what will determine success, sir?

Bill Pincus: Well, success will be this is the first round of drilling in a project that’s never been drilled. You know, a great lengthy ore section would be huge success, but I think we have to get enough intercept and grade to make us firmly believe that our geologic model is correct, and that we can move forward and predict what will happen in the future from there.

Maurice Jackson: Switching gears, talk to us about the capital structure.

Bill Pincus: Miramont has 50 million shares outstanding. We have warrants priced at 45 cents that expire in Nov.19. We closed yesterday, at 26 cents Canadian. We have no debt, so I would call it a clean, simple capital structure. Most of the shares are fairly tightly held.

Maurice Jackson: What keeps you up at night that we don’t know about?

Bill Pincus: Unanswered questions. You know, this project, Cerro Hermoso, has been really a lot of fun for me, and it’s followed a pattern that I think is characteristic of excellent prospects, which is every time we go there, every time we take another look, every time we investigate something, we find something new that encourages us that there’s significant mineralization in the system. You know, we’ve done all that work. Now, we had to test that with a drill rig, and I guess that’s what keeps me up at night. What are we going to find with that drill rig?

Maurice Jackson: Last question. What did I forget to ask?

Bill Pincus: Well, I’m not sure. I can’t think of anything off the top of my head. I would say that if any readers have any questions, they can get onto our website, where they could book a phone call with either myself or our vice president, Tyson King, 604.398.4493, and we’ll be able to answer any follow-up questions they may have.

Maurice Jackson: And Bill, in regards to that, if investors do want to get more information about Miramont Resources, please do share the website address with us.

Bill Pincus: Quite simple, www.miramontresources.com.

Maurice Jackson: And as a reminder, Miramont Resources trades on the CSE symbol MONT, and on the OTCQB symbol MRRMF. Last but not least, please visit our website www.provenandprobable.com where we interview the most respected names in the natural resource space. You may reach us at [email protected].

Bill Pincus of Miramont Resources, thank you for joining us today on Proven and Probable.

Maurice Jackson is the founder of Proven and Probable, a site that aims to enrich its subscribers through education in precious metals and junior mining companies that will enrich the world.

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Disclosure:
1) Bill Pincus: I, or members of my immediate household or family, own shares of the following companies mentioned in this article: Miramont. I personally am, or members of my immediate household or family are, paid by the following companies mentioned in this article: Miramont.
2) Maurice Jackson: I, or members of my immediate household or family, own shares of the following companies mentioned in this article: No. I personally am, or members of my immediate household or family are, paid by the following companies mentioned in this article: None. My company has a financial relationship with the following companies mentioned in this article: Miramont is a sponsor of Proven and Probable. Proven and Probable disclosures are listed below.
3) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees.
4) Statements and opinions expressed are the opinions of the author and not of Streetwise Reports or its officers. The author is wholly responsible for the validity of the statements. The author was not paid by Streetwise Reports for this article. Streetwise Reports was not paid by the author to publish or syndicate this article. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security. Streetwise Reports requires contributing authors to disclose any shareholdings in, or economic relationships with, companies that they write about. Streetwise Reports relies upon the authors to accurately provide this information and Streetwise Reports has no means of verifying its accuracy.
5) This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
6) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.

Proven and Probable LLC receives financial compensation from its sponsors. The compensation is used is to fund both sponsor-specific activities and general report activities, website, and general and administrative costs. Sponsor-specific activities may include aggregating content and publishing that content on the Proven and Probable website, creating and maintaining company landing pages, interviewing key management, posting a banner/billboard, and/or issuing press releases. The fees also cover the costs for Proven and Probable to publish sector-specific information on our site, and also to create content by interviewing experts in the sector. Monthly sponsorship fees range from $1,000 to $4,000 per month. Proven and Probable LLC does accept stock for payment of sponsorship fees. Sponsor pages may be considered advertising for the purposes of 18 U.S.C. 1734.

The Information presented in Proven and Probable is provided for educational and informational purposes only, without any express or implied warranty of any kind, including warranties of accuracy, completeness, or fitness for any particular purpose. The Information contained in or provided from or through this forum is not intended to be and does not constitute financial advice, investment advice, trading advice or any other advice. The Information on this forum and provided from or through this forum is general in nature and is not specific to you the User or anyone else. You should not make any decision, financial, investments, trading or otherwise, based on any of the information presented on this forum without undertaking independent due diligence and consultation with a professional broker or competent financial advisor. You understand that you are using any and all Information available on or through this forum at your own risk.

( Companies Mentioned: MONT:CSE,
)

Gold Major ‘Talks Future’: Production, Capex and Costs

By The Gold Report

Source: Streetwise Reports   12/10/2018

BMO Capital Markets report reviewed the longer-term metrics.

In a Dec. 6, 2018, research note, analyst Andrew Kaip reported that Newmont Mining Corp. (NEM:NYSE) gave updates on its 2019 and longer-term outlook, with next year’s numbers being generally “in line” with some variations. Production and capital requirements came in higher and all-in sustaining cost (AISC) lower than BMO’s forecasts.

Kaip reviewed and compared the specific figures.

For 2019 production, Newman guided to 5.2 million ounces (5.2 Moz), higher than BMO’s projected 5.1 Moz. For 2020 production, the miner forecasts 4.9 Moz and longer term, annually through 2023, 4.4–4.9 Moz.

Kaip pointed out that “Newmont’s guidance does not include a number of development projects yet to be approved, which we include, such as Tanami phase two and the next phase of Long Canyon.” Taking those into account, BMO estimates the company can maintain about 5 Moz of production through 2023.

As for capital requirements, the mining company guides to $1.07 billion for 2019. This compares to BMO’s projection of $965 million. “Relative to our estimates, Newmont’s capital is lower, but we include a number of growth projects that are currently in its pipeline,” noted Kaip.

Management expects capex to drop to $730 million in 2020 and subsequently remain around $500–600 million through 2023. Newmont’s projected long-term sustaining capital requirement of $450–550 million is lower than BMO’s estimate, which is “closer to current spending levels,” Kaip indicated.

Regarding costs, Newmont’s 2019 AISC projection is $935 per ounce ($935/oz) whereas BMO’s calculation is higher, at $965 million. In 2020, AISC is expected increase to $975/oz then remain around $875–975/oz longer term. For that farther out time frame, Kaip pointed out, BMO’s AISC estimates are in the upper end of Newmont’s expected range.

In terms of Newmont’s other costs in 2019 and how guidance for next year compares to BMO’s estimates, general and administrative expense is expected to be flat versus the prior year, and BMO agrees. Adjusted tax is projected to be $210 million, lower than BMO’s expected $370 million. Depreciation and amortization is forecasted to be $1.37 billion, less than BMO’s estimate by about $70 million.

Kaip mentioned new projects coming online and their individual AISCs. Ahafo is slated for commercial production in H2/19. Together with Subika, it should produce 550–650 thousand ounces in years 2020 through 2024 at an AISC of $800–900/oz. Commercial production also is anticipated to begin in H2/19 at Quecher. Production there is projected to be about 200 thousand ounces between 2020 and 2025 at an AISC of $900–1,000/oz and requiring $250–300 million in capital.

BMO has an Outperform rating and a $42 per share target price on Newmont, which is trading currently at around $33.53 per share.

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Disclosure:

1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are sponsors of Streetwise Reports: None. Streetwise Reports does not accept stock in exchange for its services. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.

Disclosures from BMO Capital Markets, Newmont Mining, December 6, 2018

IMPORTANT DISCLOSURES

Analyst’s Certification
I, Andrew Kaip, hereby certify that the views expressed in this report accurately reflect my personal views about the subject securities or issuers. I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in this report.

Analysts who prepared this report are compensated based upon (among other factors) the overall profitability of BMO Capital Markets and their affiliates, which includes the overall profitability of investment banking services. Compensation for research is based on effectiveness in generating new ideas and in communication of ideas to clients, performance of recommendations, accuracy of earnings estimates, and service to clients.

Analysts employed by BMO Nesbitt Burns Inc. and/or BMO Capital Markets Limited are not registered as research analysts with FINRA. These analysts may not be associated persons of BMO Capital Markets Corp. and therefore may not be subject to the FINRA Rule 2241 restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account.

Company Specific Disclosures
Disclosure 5: BMO Capital Markets or an affiliate received compensation for products or services other than investment banking services within the past 12 months from Newmont Mining.
Disclosure 6C: Newmont Mining is a client (or was a client) of BMO Nesbitt Burns Inc., BMO Capital Markets Corp., BMO Capital Markets Limited or an affiliate within the past 12 months: C) Non-Securities Related Services.

Disclosure 9B: BMO Capital Markets makes a market in Newmont Mining in United States.
Disclosure 16: A research analyst has extensively viewed the material operations of Newmont Mining.
Disclosure 17: Newmont Mining has paid or reimbursed some or all of the research analyst’s travel expenses.

For Important Disclosures on the stocks discussed in this report, please click here.

( Companies Mentioned: NEM:NYSE,
)

Owning Precious Metals in an IRA

By The Gold Report

Source: Maurice Jackson for Streetwise Reports   12/10/2018

Andy Schectman of Miles Franklin Precious Metals Investments discusses with Maurice Jackson of Proven and Probable some benefits of holding precious metals in IRAs as well as some other tax advantages of precious metals.

Maurice Jackson: Welcome to Proven and Probable. Joining us is Andy Schectman, the president of Miles Franklin Precious Metals Investments.

In our previous interview, we addressed the value propositions and opportunity of a lifetime available right now in silver and platinum. Today, we will address two very important topics regarding tax law selling in precious metals RAs.

Mr. Schectman, before we begin, for first time listeners, who is Miles Franklin, and what type of services do we provide?

Andy Schectman: Thanks, Maurice. I’m going to address that in one second, I just want to say for your listeners, they ought to go back and listen to that last interview. I wouldn’t say something as sincere as I believe it to be the opportunity of a generation in silver right now and a strong opportunity in platinum. I really do believe that. And I know we’re not going to talk about that today, so I would really hope that your listeners would go and take advantage of listening to that. It’s as sincere as I can be.

Miles Franklin, Maurice, is a precious metals company, been in business now for 29 years in the state of Minnesota. We’ve never had a customer complaint, ever. We’re one of only 27 or 28 companies ever approved by the United States Mint. We maintained an A+ rating with the Better Business Bureau. And we have a reputation in this industry that is synonymous with honesty and integrity. And that’s exactly why I work with you, Maurice. I have you on my website. You’re a man of honor and that’s what we ascribe to be.

But the state of Minnesota does not care about our intentions or what we ascribe to be or our reputation in this federally non-regulated industry. And for over two years now, Minnesota is the only state in America to regulate the precious metals industry with a large surety bond and background checks of all our employees every single year, including principals, and compliance and continuing education that no one else has to abide by, unless they either reside in Minnesota as a precious metals company, or sell gold into the state as a precious metals company.

And what it really means in a federally non-regulated industry, Maurice, is a reputation that’s as solid as it gets, and the state of Minnesota guaranteeing that should anything ever go wrong, there’s a large surety bond in place to take care of any discrepancies. So, not that that will ever happen, but certainly the state of Minnesota guarantees that it won’t. And a little insurance in a federally non-regulated industry is not a bad thing, in my opinion.

Maurice Jackson: Andy, I want to begin by thanking you for the compliment. The respect is mutual. A number of investors in the stock market understand the advantages of tax-loss selling when it comes to their stock portfolio. But I find that in many circumstances, precious metals investors are not aware that they may implement a similar strategy on their physical precious metals holdings. Can you share with us some of the options precious metals investors may use to their benefit?

Andy Schectman: Actually, yeah. I find that a lot of accountants don’t even know how this rule applies, the difference between a precious metals tax swap or tax loss versus a security’s tax loss opportunity. Let me explain. When you sell a security for a loss, you are not allowed to buy it or anything similar to it back for 31 days. Or if you do, it’s a violation of what’s called the 30-day wash rule. The intention of that is imagine you have a large capital gain. You sold an investment property or sold a stock at a huge gain, or cryptocurrency at a huge gain, and you have a stock that you really like at a loss. You’d like to book that loss, but you don’t want to relinquish custody of the stock. So, the idea would then be sell the stock at a loss to cover the gain, to offset it. And then just buy it right back for the typical commission in buying a security on something like Scottrade that might only be $9.

The bottom line is that the federal government says, “Well, you can sell a security to offset a capital gain, you can use a capital loss to offset a capital gain. But if you do that, you can’t buy that same stock back or anything similar to it for 31 days.” Okay, fine. That 31 day wash rule does not apply to precious metals. So, if we were talking about trading gold for gold or silver for silver to book a loss and buy it right back, that’s completely, totally legal, as long as custody changes place. So, in other words, if you had gold to sell and you wanted to book a loss at these low levels, and either apply it towards a capital gain today, Maurice, or government allows you to carry that forward either … I think it’s $3,000 a year off or regular income, or you can carry it forward indefinitely until you have a capital gain.

But if you do it for the exact same product, in fact, the exact same product that you sell, you just decided to buy it back immediately, you can do that as long as custody changes hands. You’d have to send it to us and then we send it back to you. Just normal business spreads apply. But then you can book that loss. But, looking at gold to silver right now, I guess we can touch on it for a second. Never been a better time to kill two birds with one stone, sell your gold at a loss, book that loss and convert it to silver at 86 to 1 ratio.

That ratio, Maurice, has only been seen or bettered once in the last 50 years in 1993. When you look at silver right now, I see a historical ratio of silver to gold of being 40 to 1 going back 100 years. Over the last 50 years, it’s a little higher at about 45 to 1. But anytime you can see 80 to 1 bettered at all, typically you see it revert pretty darn close back to the mean, sometimes even below it. Last time was 2011. We had an 80 to 1 ratio for 2010. And by 2011, we had $2,000 gold and $50 silver at a 40 to 1 ratio. You would have doubled the amount of gold when you swapped back in.

Huge opportunity now to trade gold to silver, book a loss, buy silver at a rate we haven’t seen but once in the last 50 years, with the intention, Maurice, of someday swapping back into gold and maybe doubling it or better when these ratios normalized. And if you read our newsletter today, there are a plethora of reasons why we expect silver to be among the very best performing assets on the planet going forward.

So the bottom line is that the precious metals tax swap or tax loss plan is actually far more encompassing and liberal than is the security’s tax swap that inhibits you from buying anything similar to it, whatever you sold, for over 31 days.

Maurice Jackson: And the key here, again, is that ownership has to convey.

Andy Schectman: Right. Let’s say someone had something in the storage facility, like one of our Brinks facilities or any facility—we have relationships with just about every major storage facility in North America. A client maybe has a couple thousand ounces of silver in a storage facility. They would sell it. It gets transferred to our parent account in that facility. And they’d buy it right back at normal spreads. Here’s a little cherry on the sundae. While we sell something and book a loss, we give that information to our accountant.

The accountant never says to you, “Maurice, what did you do with the proceeds of that sale?” Your answer should be, “None of your business.” If you’re a nice guy like you, you’d probably tell them what you did. But the point is, is that if you sold something at a loss and then bought it back, there is no obligation to report what you did with the proceeds of that sale. And if you’re using the proceeds of the sale to finance the repurchase, the difference may be one or two percent. You can send a check for two percent. But the point of it is, is that if someone sells $100,000 worth of metal and then immediately turns around and buys it back, and gets ninety, eight cents on the dollar for it. So it costs them two percent to do the swap, but they just saved 20, 30, 40, 50 percent on capital gains.

It’s a home run for the client, not only in the tax savings, but also in the fact that we live in a world of decreasing privacy. And the loss in privacy in and of itself in buying gold is writing out a check or sending a wire. That wouldn’t happen here, because the only amount of money that’s going to be exchanged is the two percent or the client could simply say, “Just keep it out of the gold or silver. Give me back my 98 percent and that’s fine.” That transaction now is, for all intents and purposes, paper trail free completely and totally legal.

So at some point, let’s say a client were to get audited for something unrelated and they see this transaction. Well, you have the receipts, you have the metal. You just didn’t write out a check to reacquire it, giving you a whole bunch of privacy to boot.

Maurice Jackson: This is some valuable information. Andy, I’d like to switch gears here and still stick with precious metals, if I may.

Miles Franklin offers physical precious metals, IRAs, which offer some unique features. But most important, these IRAs can be redeemed in physical precious metals. What type of clients have physical precious metal IRAs?

Andy Schectman: I don’t know that there’s a specific type. But for my money, the best person to own a precious metals IRA is someone who is at or nearing distribution phase. I’m sure you know, Maurice, on a traditional IRA, when we are 70 and a half years old, the federal government says we need to take what’s called a required minimum distribution. In other words, you cannot let it continue to grow without taking a minimum distribution from it when we turn 70 1/2 years old, or you start to receive a penalty if you don’t.

So you take a minimum distribution every year, once you turn 70 1/2. For me, because this investment or the IRA allows you to take what’s called an in-kind distribution, where you would say, “You know what? Just send me my gold eagles or my silver eagles,” or whatever it is that’s being stored for you. And the list is pretty lengthy as to what you can store in a precious metals IRA, just pretty much has to be either American made, or 24 karat in gold, or 0.9995 in silver, and LBMA approved or Nymex approved metal, and it can be stored in an IRA. So the neat thing about it is the distribution in kind. Instead of taking a check, you can take your metal back.

So, someone who wants to buy gold from me. Let’s say they’re 70 years old or 69 or 68, one way to make a big splash in the gold pool without writing out a big check is to transfer an IRA into a precious metals IRA, fund it with gold and silver, and then start taking distributions of it through your IRA distribution channels. So for me, because it’s a non-interest bearing investment, I think it is a perfectly suited for someone at or nearing the distribution phase.

Maurice Jackson: Now, do I have the option of owning gold, silver, platinum, and palladium in this physical precious metals IRA?

Andy Schectman: Yes, you do.

Maurice Jackson: Now, as the ratios change, may I sell within my holdings, exchanging one metal for another?

Andy Schectman: I love the way you’re thinking outside the box. It’s the best vehicle for doing it because there are no tax consequences. If anyone is holding gold right now and not at least contemplating trading it to silver, or owning palladium and not contemplating trading it to platinum, they’re making a mistake. These ratios, Maurice, are so far out of whack, it is akin to four feet of snow in Phoenix. And if it snowed four feet of snow in Phoenix this morning, I promise you no one in Phoenix was rushing out to buy snowmobiles. It’s an anomaly and that’s exactly same thing we’re seeing right now. So, yes, if you have it in an IRA, if you have gold in an IRA, it is an absolute perfect vehicle to trade the silver. You have it stored, the storage fees are static, and there are no tax consequences. It’s a great vehicle for doing it.

Maurice Jackson: What is the maximum contribution I may make annually?

Andy Schectman: Contributions cannot go higher, in both traditional and Roth IRAs, than $5,500 per year, $6,500 if you’re 50 or older. The perfect vehicle, Maurice, is a transfer or a rollover, a transfer being you transfer a portion of an existing IRA, or you rollover the entire thing into a new precious metals IRA. That’s the best way to get a larger amount of money into an IRA.

Maurice Jackson: And that alludes to my next question here. So, if you currently have a 401k, you can’t transfer that over right now. But if you’re no longer with that employer, can you take your 401k and transfer it over?

Andy Schectman: Absolutely. And if you are no longer working with an employer who offered a 401k, you’re crazy to not move it out of said 401k, because of the lack of flexibility that the 401ks offer. And the whole idea for being in a 401k, or the whole incentive, is to have it matched. The matching that the employers typically provide is incentive to keep it in. But leaving it in a 401k, which is just a couple of different choices within that platform, instead of having the ability to self-direct it, it would be a mistake. A 401k is a little bit different. You would turn it into a self-directed IRA, and then purchase the metal. But either a traditional IRA can be rolled over or transferred, or someone who had a 401k would transfer that to a self-directed IRA without any taxable issues, and then purchase metals that way.

Maurice Jackson: Lastly, what if I wanted to leave a lasting legacy with my children or grandchildren? May I open up a precious metals IRA for them?

Andy Schectman: You know, Maurice, I truly believe what has made me successful, among a few other lucky breaks, is being very objective. And the salesman in me wants to say, “Yeah, sure, absolutely. Great idea.” But I think in truth, if someone wanted to leave a lasting legacy for someone, a child or a grandchild, number one, someone who has many years, a life ahead of them, interest bearing is important. And if you could put it into something interest bearing, preferably compounding, that is the key to grow in wealth. But as far as precious metals, when I started in this industry, I was 19 years old. And my father and I started this company together. And he said to me when we started, “There’ll be one rule and one rule only.” And that is that I’ll buy something every two weeks or he’ll fire me. I’m the president of the company now and I own 51%, so he won’t fire me any longer. But I have honored my commitment to him for over almost three decades. And every two weeks, I have purchased precious metals, every two weeks for 29 years. I have not missed a two-week period.

To me, it is wealth. And the best way to accumulate wealth is to do it that way, privately, not in an IRA where it’s going to sit there for a long period of time because it’s a very different set of conditions to call precious metals in your possession that you and only you know about it versus having it in an IRA. And I don’t think I need to elaborate on that anymore. But I simply think that my grandchildren will greatly appreciate, hopefully someday, receiving gold and silver that was first passed on from my father, and to me and my sister, and from me to my three children, and hopefully from them to their children and etc.

And it’s done so in a manner that is very private. And I think, in a world of decreasing privacy, a little bit of extra privacy is a nice thing. And, you know, there are proper ways to pass money on in your estate. And if you can have a little bit of privacy to boot, that’s not a bad thing.

Maurice Jackson: Mr. Schectman, thank you for sharing your wisdom and insights. For someone that wants to get more information regarding today’s discussion, please share the website and phone number.

Andy Schectman: The website is milesfranklin.com. And my phone number directly is 1-800-255-1129. And my personal email is [email protected].

Maurice Jackson: As a reminder for our audience, we are licensed brokers to buy and sell gold, silver, platinum, palladium, and rhodium, offshore storage accounts and precious metals IRAs. If you wish to have a conversation with me, please email [email protected] or call 919-274-5680.

And last but not least, please visit our website ProvenandProbable.com, where we interview the most respected names in the natural resource space. You may reach us at [email protected].

Andy Schectman of Miles Franklin Precious Metals Investments, thank you for joining us today on Proven and Probable.

Maurice Jackson is the founder of Proven and Probable, a site that aims to enrich its subscribers through education in precious metals and junior mining companies that will enrich the world.

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Disclosure:
1) Andy Schectman is the owner of Miles Franklin Precious Metals Investments.
2) Maurice Jackson is a licensed representative of Miles Franklin Precious Metals Investments. Proven and Probable disclosures are listed below.
3) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees.
4) Statements and opinions expressed are the opinions of the author and not of Streetwise Reports or its officers. The author is wholly responsible for the validity of the statements. The author was not paid by Streetwise Reports for this article. Streetwise Reports was not paid by the author to publish or syndicate this article. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security. Streetwise Reports requires contributing authors to disclose any shareholdings in, or economic relationships with, companies that they write about. Streetwise Reports relies upon the authors to accurately provide this information and Streetwise Reports has no means of verifying its accuracy.
5) This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
6) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.

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Gold finally breaks the crucial resistance

By Tomasz Wisniewski, Alpari

I will start this analysis by telling you that in the past few months, the movements on gold have been a bit, let’s say, weird. Gold is not behaving as it has been over the past few years. The correlation between the USD and the risk ON/OFF mode seems broken. Gold is following its own path. Luckily, technical analysis works in any situation and this is what we will focus on now.

For the past few weeks, gold has had only one crucial resistance, which was the 38.2% Fibonacci of the main downtrend. 38.2% finally got broken. Does this mean that we have a change in long-term sentiment on gold? Unfortunately for buyers, the answer is no. The long-term sentiment remains negative and let me explain why. First of all, we are still inside the mid-term flag formation (black lines). The flag is a trend continuation pattern and it was created after a deep drop, which promotes a further drop. The price is currently bouncing from the upper line of this formation, which only confirms this pattern and my previous sentence. Yes, the breakout of 38.2% is a crucial development in the mid-term, but it doesn’t change the big picture.

In my opinion, we can start being optimistic only after a breakout of the upper line of the flag or after a breakout of the 50% Fibonacci. I think that the current scenario is the price testing 38.2% from the top. In other words, we’re going to get a short-term drop followed by a mid-term upswing.

WTI Crude Oil Speculators lowered their bullish bets for 10th straight week

December 10th – By CountingPips.comReceive our weekly COT Reports by Email

WTI Crude Oil Non-Commercial Speculator Positions:

Large energy speculators continued to decrease their bullish net positions in the WTI Crude Oil futures markets last week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Monday which was a delay due to former President George H.W. Bush’s funeral last week.

The non-commercial futures contracts of WTI Crude Oil futures, traded by large speculators and hedge funds, totaled a net position of 330,146 contracts in the data reported through Tuesday December 4th. This was a weekly lowering of -17,975 net contracts from the previous week which had a total of 348,121 net contracts.

The week’s net position was the result of the gross bullish position tumbling by -6,387 contracts to a weekly total of 505,292 contracts compared to the gross bearish position which saw an increase by 11,588 contracts for the week to a total of 175,146 contracts.

The speculative net positions keeps declining and has fallen for ten straight weeks (by a total of -229,939 contracts in that period). The current standing is now at the lowest bullish level since June 27th of 2017 when the net position totaled 327,188 contracts.

WTI Crude Oil Commercial Positions:

The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -348,524 contracts on the week. This was a weekly advance of 24,691 contracts from the total net of -373,215 contracts reported the previous week.

WTI Crude Oil Futures:

Over the same weekly reporting time-frame, from Tuesday to Tuesday, the WTI Crude Oil Futures (Front Month) closed at approximately $53.25 which was an increase of $1.69 from the previous close of $51.56, according to unofficial market data.

*COT Report: The COT data, released weekly to the public each Friday, is updated through the most recent Tuesday (data is 3 days old) and shows a quick view of how large speculators or non-commercials (for-profit traders) as well as the commercial traders (hedgers & traders for business purposes) were positioned in the futures markets. The CFTC categorizes trader positions according to commercial hedgers (traders who use futures contracts for hedging as part of the business), non-commercials (large traders who speculate to realize trading profits) and nonreportable traders (usually small traders/speculators). Find CFTC criteria here: (http://www.cftc.gov/MarketReports/CommitmentsofTraders/ExplanatoryNotes/index.htm).

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Gold Speculators strongly boosted their bullish bets to best level in 20 weeks

December 10th – By CountingPips.comReceive our weekly COT Reports by Email

Gold Non-Commercial Speculator Positions:

Large precious metals speculators sharply increased their bullish net positions in the Gold futures markets last week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Monday which was a delay due to former President George H.W. Bush’s funeral last week.

The non-commercial futures contracts of Gold futures, traded by large speculators and hedge funds, totaled a net position of 49,001 contracts in the data reported through Tuesday December 4th. This was a weekly boost of 47,130 net contracts from the previous week which had a total of 1,871 net contracts.

The week’s net position was the result of the gross bullish position going up by 16,240 contracts to a weekly total of 173,019 contracts compared to the gross bearish position which saw a lowering by -30,890 contracts for the week to a total of 124,018 contracts.

The speculative net position has increased for two out of the past three weeks and last week hit the largest gain in seven weeks. The current standing is now at the most bullish level since July 17th when the net position totaled 57,841 contracts.

Gold Commercial Positions:

The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -58,249 contracts on the week. This was a weekly decline of -42,149 contracts from the total net of -16,100 contracts reported the previous week.

Gold Futures:

Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Gold Futures (Front Month) closed at approximately $1246.60 which was a rise of $26.70 from the previous close of $1219.90, according to unofficial market data.

*COT Report: The COT data, released weekly to the public each Friday, is updated through the most recent Tuesday (data is 3 days old) and shows a quick view of how large speculators or non-commercials (for-profit traders) as well as the commercial traders (hedgers & traders for business purposes) were positioned in the futures markets. The CFTC categorizes trader positions according to commercial hedgers (traders who use futures contracts for hedging as part of the business), non-commercials (large traders who speculate to realize trading profits) and nonreportable traders (usually small traders/speculators). Find CFTC criteria here: (http://www.cftc.gov/MarketReports/CommitmentsofTraders/ExplanatoryNotes/index.htm).

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Silver Speculators cut their bearish bets to lowest level in 17 weeks

December 10th – By CountingPips.comReceive our weekly COT Reports by Email

Silver Non-Commercial Speculator Positions:

Large precious metals speculators reduced their bearish net positions in the Silver futures markets last week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Monday which was a delay due to former President George H.W. Bush’s funeral last week.

The non-commercial futures contracts of Silver futures, traded by large speculators and hedge funds, totaled a net position of -635 contracts in the data reported through Tuesday December 4th. This was a weekly change of 10,331 net contracts from the previous week which had a total of -10,966 net contracts.

This week’s net position was the result of the gross bullish position advancing by 1,501 contracts to a weekly total of 69,314 contracts compared to the gross bearish position which saw a decrease by -8,830 contracts for the week to a total of 69,949 contracts.

The weekly gain of over +10,000 net contracts marked the best week since June and brought the overall net position to the best level since August 7th when the position was last in bullish territory (+4,341 contracts).

Silver Commercial Positions:

The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -15,418 contracts on the week. This was a weekly decline of -6,577 contracts from the total net of -8,841 contracts reported the previous week.

Silver Futures:

Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Silver Futures (Front Month) closed at approximately $1464.00 which was a gain of $41.90 from the previous close of $1422.10, according to unofficial market data.

*COT Report: The COT data, released weekly to the public each Friday, is updated through the most recent Tuesday (data is 3 days old) and shows a quick view of how large speculators or non-commercials (for-profit traders) as well as the commercial traders (hedgers & traders for business purposes) were positioned in the futures markets. The CFTC categorizes trader positions according to commercial hedgers (traders who use futures contracts for hedging as part of the business), non-commercials (large traders who speculate to realize trading profits) and nonreportable traders (usually small traders/speculators). Find CFTC criteria here: (http://www.cftc.gov/MarketReports/CommitmentsofTraders/ExplanatoryNotes/index.htm).

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Copper Speculator bullish bets were virtually unchanged this week

December 10th – By CountingPips.comReceive our weekly COT Reports by Email

Copper Non-Commercial Speculator Positions:

Large precious metals speculators very slightly decreased their bullish net positions in the Copper futures markets last week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Monday which was a delay due to former President George H.W. Bush’s funeral last week.

The non-commercial futures contracts of Copper futures, traded by large speculators and hedge funds, totaled a net position of 10,683 contracts in the data reported through Tuesday December 4th. This was a weekly fall of -9 net contracts from the previous week which had a total of 10,692 net contracts.

The week’s net position was the result of the gross bullish position declining by -1,394 contracts to a weekly total of 75,348 contracts compared to the gross bearish position total of 64,665 contracts which saw a decline by -1,385 contracts for the week.

The speculative position has seen a slight pull back over the past two weeks. The current spec standing remains right around the +10,000 net contract level for a third straight week and has now been in bullish territory for eleven straight weeks.

Copper Commercial Positions:

The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -11,853 contracts on the week. This was a weekly fall of -1,617 contracts from the total net of -10,236 contracts reported the previous week.

Copper Futures:

Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Copper Futures (Front Month) closed at approximately $275.90 which was a boost of $3.30 from the previous close of $272.60, according to unofficial market data.

*COT Report: The COT data, released weekly to the public each Friday, is updated through the most recent Tuesday (data is 3 days old) and shows a quick view of how large speculators or non-commercials (for-profit traders) as well as the commercial traders (hedgers & traders for business purposes) were positioned in the futures markets. The CFTC categorizes trader positions according to commercial hedgers (traders who use futures contracts for hedging as part of the business), non-commercials (large traders who speculate to realize trading profits) and nonreportable traders (usually small traders/speculators). Find CFTC criteria here: (http://www.cftc.gov/MarketReports/CommitmentsofTraders/ExplanatoryNotes/index.htm).

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Gold Producer Summarizes 2018 Results from British Columbia Exploration

By The Gold Report

Source: Streetwise Reports   12/08/2018

The Canadian company has a roughly 70,000-meter drill program planned for 2019.

Pretium Resources Inc. (PVG:TSX; PVG:NYSE) provided an update, in a news release, on 2018 exploration activities at its Bowser claims in British Columbia and outlined 2019 follow-up plans for that area and the Valley of the Kings.

Recent exploration efforts included 8,000 meters of drilling on the 1,200 square kilometer Bowser claims, which are east of the Brucejack mine and encompass the American Creek, Bluffy, Koopa and Upper Kirkham zones.

Overall, the results “confirm the presence of Brucejack-style, high-grade gold mineralization hosted in broad zones of low-grade stockwork, highlighting the potential for discovery of porphyry-related copper-gold mineralization and high-level epithermal mineralization on the property,” the company noted. Results from the follow-up geophysical program are being processed.

As for specific zones, at American Creek, 25 kilometers (25 km) southeast of Brucejack, drilling intersected broad areas of low-grade mineralization at the north end along with an upper expression of a polymetallic epithermal vein system near the center. Assay highlights included 1.82 grams per ton (1.82 g/t) gold over 6.6 meters (6.6m), including 9.19 g/t gold and 196 g/t silver over 0.74m, in hole BR-001.

Drilling at Bluffy, 30 km south-southeast of Brucejack, hit “broad zones of low-grade gold hosted in shear zones, which contain narrow veins of high-grade gold and base metal values,” according to the release.

Koopa, 30 km east-southeast of Brucejack, showed a “structurally controlled epithermal system appears to be overprinting a volcanogenic massive sulfide (VMS)-style alteration system,” components of which suggest a large mineralization system.

At Upper Kirkham, 4 km southwest of the Bowser camp, drilling intersected “epithermal-style polymetallic veins with strong quartz-sericite pyrite alteration halos.” Assays from the zone contained gold grades as high as 3.55 g/t, silver grades higher than 10,000 g/t, 4.71% copper, +20% lead and 3.81% zinc.

As for exploration next year, in 2019, Pretium intends to drill the Bowser claims areas that it tested in 2018, continuing, in large part, to delineate Eskay Creek-style VMS mineralization in the preserved Salmon River Formation. Along with regional exploration, the company plans three to four targeted drill holes to further evaluate the porphyry potential beneath the Flow Dome zone.

Finally, at the Valley of the Kings, the gold miner will drill in the areas to the east, west and northeast of the current resource and at depth with the goal of expanding it.

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Disclosure:

1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are sponsors of Streetwise Reports: Pretium Resources. Streetwise Reports does not accept stock in exchange for its services. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own shares of Pretium Resources, a company mentioned in this article.

( Companies Mentioned: PVG:TSX; PVG:NYSE,
)