Beiträge von frr

- Deckt sich erstaunlich gut mit der nachstehenden TA von Ikie Jossif. Demzufolge werden Goldbugs mit einigen mehr als volatilen Wochen konfrontiert sein, die viele verleiten werden das Handtuch zum falschen Zeitpunkt zu werfen.

IMHO, es wird Zeit seine Limits zu staffeln und einkaufen zu gehen. So eine Chance wird es in absehbarer Zeit nicht mehr geben. Das Risk/Reward Ratio ist bereits enorm und kann nur noch positiver werden.

Jedebfalls heissts anschnallen und kaufen, da Du den ultimativen Boden kaum treffen wirst ... und es wird auch niemand die berühmte Glocke läuten.

Nun aber viel Glück und zu Ikie:

http://www.financialsense.com/Market/daily/tuesday.htm und keine Angst

GATA Dispatch:

By Jackie Range
Dow Jones Newswires
Monday, March 28, 2005

http://sg.biz.yahoo.com/050329/15/3rjq2.html

LONDON -- Drilling deep underground in dark, hot, and wet conditions,
South Africa's gold miners may have little idea their industry is
facing its biggest challenge yet miles above their heads.

While rival companies with dollar-based costs bask in a high gold
price -- in December it reached a 16-year peak -- South Africa's gold
miners have been hit by the rand's strength against the dollar and
rising costs. Taking into account all their costs, half of South
Africa's gold mines are currently unprofitable.

As a result, gold industry executives are taking some drastic steps
to give their business a future. Consolidation, diversification, cost-
cutting, mining higher grades, and closures are all on the menu.

"We're all playing a sort of game of last man standing," said Mark
Wellesley-Wood, chairman of DRDGold Ltd. (DROOY), a Johannesburg-
based junior gold miner with assets in South Africa, Papua New
Guinea, and Fiji.

The South African gold industry is in terminal decline. In 1970 it
produced 70% of the world's gold, but by 2003 it accounted for just
14.5% of global output. Now, although South Africa is still the
world's largest producer of gold -- the industry contributes 2% of
the country's gross domestic product -- the prevailing economic
environment is leaving its key businesses scrambling to survive.

Over the last three years, the price in rand of a kilogram of gold
has dropped 22% to reach 84,990 rand ($1=ZAR6.228) a kilo March 24.
Rand strength has outpaced the rise in the U.S. dollar gold price,
explains Williams de Broe Mining analyst Alex Wood. So while South
African miners have been paid more for their gold, their costs have
grown proportionately faster -- erasing gains.

Wood says margins have been squeezed by above-inflation wage
increases and higher outlays on energy, among other costs.

"Probably the most pressing question facing South African gold mining
companies is how to adjust to the current low rand/kg gold-price
scenario," Harmony Gold said in its December quarter earnings
statement. Its widely believed, it added, that the rand could
continue to be strong for at least another 12 months, driven by the
weak dollar.

It's for this reason, according to one analyst, that Harmony Gold
Mining Co. (HMY) Chief Executive Bernard Swanepoel "had no choice"
but to table his all-paper bid for South African peer Gold Fields
Ltd. (GFI) on Oct. 18 last year.

"He's in serious, serious trouble at Harmony and he needed better-
quality assets to see him through a period of a lowish rand/kg gold
price," said the analyst, who didn't want to be named.

Cash-flow from Gold Fields' better-quality South African and
international assets could help subsidize Harmony's marginal
operations, the analyst added.

On a cash-operating cost basis -- a metric used by South African gold
companies to compare their costs, which strips out items including
the cost of capital -- Gold Fields is estimated to need a rand/kg
gold price of ZAR72,000 to break even, while Harmony needs a rand/kg
price of ZAR80,000.

But Harmony Executive Director Ferdi Dippenaar dismisses this view,
saying the company made the bid for Gold Fields because its
executives reckon they can create value for both companies'
shareholders, "not because the company has any cash-flow problem."
Gold Fields is bitterly contesting the bid.

Also driving consolidation and corporate change is black economic
empowerment, the South African government's initiative to enable
those disadvantaged by apartheid to fully participate in the
economy. "Empowerment players emerge, take different assets from
players, and take those companies forward," explains Roger Baxter,
chief economist with South Africa's Chamber of Mines, an industry
lobby group.

South African gold miners have also moved to protect profit margins
by diversifying gold businesses geographically.

World number-two gold producer, AngloGold Ashanti (AU), has spread
its business over four continents, with 21 units, only seven of which
are in South Africa.

J.P. Morgan has cited AngloGold as its top investment pick among
South African gold miners. Analyst Steve Shepherd says the reasons
are twofold: "It is geographically diversified, therefore not as
exposed to the rand/gold price, and ... overall its assets are the
lowest cost of the South African gold producers."

DRDGold has also pursued a diversification strategy, spreading the
company's asset base into Asia. "We'd have gone bust last year" if
the company hadn't diversified, according to CEO Wellesley-Wood.

Some gold miners have also sought to protect profits through cost-
cutting measures. For instance, in the last nine months, Harmony has
axed 4,000 workers and 4,000 contractors. Numbers employed in the
industry overall fell 10% between 2000 and 2003.

Baxter, of the Chamber of Mines, points out that many of the job
reductions have come through "natural attrition" rather than more-
expensive redundancy programs. Technology and productivity
improvements also play a part in falling employment numbers, Baxter
added.

Still, there's "a lot of fat to cut" at Gold Fields' Driefontein and
Kloof mines in particular, an analyst said. Gold Fields employs only
around 45% of its labor force in revenue-driving, rock-breaking jobs,
compared with Harmony's almost 60%, according to one South African
gold mining analyst. Another analyst reckons Gold Fields' costs could
be cut by 20% to emulate Harmony's leaner cost structure.

Attacking higher-grade areas containing richer seams of gold within
an existing mine, is a method already in action at Gold Fields and is
employed across the industry to combat the weak price environment.
Gold Fields is using this approach now on loss-making shafts at its
Beatrix mine, in the Free State Province.

But while companies move drilling teams to different parts of mines,
closure of either shafts or mines is a last resort. Reopening them is
prohibitively expensive and companies loose the flexibility of being
able to move back into lower-grade areas of the mine if the rand/gold
price strengthens.

To combat the difficult price environment, however, Gold Fields,
Harmony, and DRDGold have already closed shafts.

Most recently DRDGold announced the provisional liquidation of its
Buffelsfontein Gold Mines Ltd. business. Hit by a severe earthquake
on March 9, this mine was already loss making -- contributing 75% of
the company's losses. One Johannesburg-based analyst estimates that a
rand/kg gold price of ZAR120,000 would be needed before this mine
could operate at a profit.

There could be more staff cuts to come at Harmony's Free State
operations, meanwhile, unless the company can persuade South Africa's
National Union of Mineworkers to introduce a new working practice.
Under the practice known as continuous operations, or CONOPS, the
mine is in production every day of the year, rather than the current
industry standard of 273 days a year.

This situation appears to be worsening, with the union at that mine
electing to strike over a number of issues, including the
introduction of CONOPS.

But Harmony's Dippenaar says CONOPS is just one of the methods which
can be used to make those shafts profitable. Harmony also uses other
measures such as cutting expenditure on consumables, mining higher-
grade areas and restructuring labor on the shafts.

"It is about restructuring and downscaling for profitability at those
operations and not about ultimate closure," Dippenaar said.

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

Drooling along ...

There is no harmony with the Goldfields Raid - IMHO!

Zwei einbeinige hundert Meter Sprinter stellen neuen negativ Rekord auf. DRD ist zumindest ehrlich bei ihren Finanzproblemen.

Mbeki torn between two alternatives - Zimbabwe type armageddon or live with the devil. His route will delineate the rout.

Cheers

Interessant für mich ist die Analyse von (Prof.) Roy Jastrams "The Golden Constant" und ihre kurzfristigen Unzulänglichkeiten.

Im Folgenden habe ich mir erlaubt dieses essay im original weitezugeben, wissend dass James es begrüssen würde.:

Letter No. 361

March 28th, 2005

My Response to Tim Wood

by James Turk

Copyright © 2005 by The Freemarket Gold & Money Report. All rights reserved.

Tim Wood is the founding editor of Resource Investor, (http://www.resourceinvestor.com) an online newsletter focusing on junior mining stocks. It is a newsletter that I find informative and filled with generally good research, so I read it regularly.

Every once in a while Tim strays from the resource stocks in order to shoot arrows at the Gold Anti-Trust Action Committee (http://www.GATA.org), and he has done so again. His first article appeared on March 20th, and can be found at the following link: http://www.resourceinvestor.com/pebble.asp?relid=8768 Then his second article followed on March 24th and can be found at this link: http://www.resourceinvestor.com/pebble.asp?relid=8831

It is the first article that I will focus upon because in it, Tim challenges GATA’s claim that gold’s lagging price performance relative to other commodities was "more powerful evidence of surreptitious intervention by central banks in the gold market". GATA’s claim is one to which I wholeheartedly agree. I even helped to support it with an article written for my last newsletter (Is the Gold Price Being Managed?), which can be read at this link: http://www.kitcocasey.com/displayArticle.php?id=49).

At the heart of the matter is the CRB Index of seventeen commodities (this index is owned by Reuters and often referred to as the Reuters/CRB Index). By presenting the relationship between gold and the CRB Index since 1980, I set out to explain two things. First, gold in recent years was diverging from its historical record and underperforming the CRB Index, which provides more evidence of government intervention to keep the gold price artificially low. Second, governments were doing us a favor because by their intervention. They are making gold cheap for us to buy because gold is well below the natural market price that would prevail absent government intervention.

Tim dismissed the possibility of government intervention out of hand, blaming gold’s underperformance instead on the CRB Index itself. As a consequence, I feel compelled to respond to Tim, lest anyone reading my article and his believe that I accept his point of view, and ‘point of view’ it is. His article is an opinion piece that rests upon one premise. As he explains it: "There is no iron law requiring the Reuters/CRB Index to sustain fixed price relationships for time immemorial."

Tim doesn’t provide any references to support this premise. It’s an indefensible oversight because absent any support, his premise degenerates into just his opinion, rather than sound research. This point is particularly important for there is indeed an ‘iron law’, which I will explain in a moment, but first I need to address Tim’s comments about the CRB Index.

Clearly, this index is not perfect. As Tim rightly points out, the "CRB Index has not kept pace with changes in the world economy" and "That is why so many trade-weighted commodity indices have started to emerge to compete with Reuters/CRB." It’s true, but then again, the same thing could be said for the venerable Dow Jones Industrial Average. So while I follow other commodity indices – just as I also follow the S&P 500 and other market cap weighted stock indices – there is nothing inherently wrong or inappropriate in comparing gold’s relationship to the CRB Index anymore than there is in comparing gold’s relationship to the Dow Jones Industrials. But this is not Tim’s only ad hominem attack.

Tim goes on to say: "History shows that relationships between components of the CRB Index are always in flux." But this statement is self-evident and adds nothing to support his argument. Again, think about what happens within the Dow Jones Industrial Average. Exxon and Citicorp are always "in flux", and so are the other twenty-eight stocks, but so what? Does that mean that the message of a rising or declining DJIA should be ignored? Or that gold’s relationship to the DJIA is not meaningful? Of course not, which brings me back to the basic, underlying premise of Tim’s article and his contention that there is no ‘iron law’ about gold and the price of commodities.

I assume that Tim is not aware of "The Golden Constant", a wonderful book written in 1977 by Roy Jastram, at the time a statistics professor at the University of California, Berkeley. He proves that there is indeed an ‘iron law’, or in other words a ‘constant’, in gold’s purchasing power, notwithstanding the historical fluctuations that do occur.

By analyzing 633 years of commodity prices in England as well as 176 years of commodity prices in the United States and their relation to gold, this statistics professor presents two important conclusions. First, "gold is an ineffective hedge against yearly commodity price increases", which is a somewhat surprising conclusion that I’ll get back to in a minute. But despite this limitation demonstrated by his statistical analysis, professor Jastram concludes "gold does maintain its purchasing power over long periods of time. The intriguing aspect of this conclusion is that it is not because gold eventually moves toward commodity prices but commodity prices return to gold."

To explain this last point, the good professor was speaking in a ‘politically correct’ way, which no doubt was required for college professors in state-run schools in the years immediately following President Nixon’s ‘demonetization’ of gold. Jastram does not accept the view that gold is money, and he does not as a result refer to commodities and their price in terms of gold (e.g., the price of wheat or coal in terms of ounces of gold). As he puts it: "The purchasing power of gold is…how much it can be sold for, translated into how much can be bought with the proceeds of its sale." Using national currencies an as intermediary requires an added step in his calculations, but it doesn’t detract from his basic conclusions. So to translate, here is what he is really saying in his second conclusion: when commodity prices are expressed as a weight of gold, they remain unchanged over long periods of time. Or in other words, over long periods of time, his work demonstrates that commodities cost the same weight of gold. But why does the professor conclude that gold is not effective "against yearly commodity price increases"?

It’s a good question, and the professor does not attempt to answer it. Why? Probably because he taught statistics, and not political science.

Jastram noted that for periods of time – like the during the Napoleonic Wars and more recently, during the period of the London gold pool in the 1960’s – gold did not keep up with inflation. But he remained focused on the statistical anomaly, rather than the reason it occurred. Yet the reason for gold’s underperformance is obvious. These are periods during which there was active government intervention – for example, suspension of redeemability in England during the time of Napoleon and dishoarding from Ft. Knox during the gold pool days. This active government intervention was aimed to keep the ‘gold price’ artificially low because a rising gold price would bring attention to the prevailing monetary turmoil of the day.

So for periods of time, gold is, in the good professor’s words, "an ineffective hedge against yearly commodity price increases". And it remains an ineffective hedge until, and this is the professor again, "commodity prices return to gold". In other words, gold measures the true price of commodities. But during periods of government intervention, gold purchases fewer commodities, meaning its ‘price’ does not keep up with inflation. In time, however, government intervention in the gold market becomes unsustainable, and commodity prices return to their historical norms, i.e., commodities eventually again cost the same weight of gold.

Thus, the relationship between gold and commodity prices is well established, except during periods of government intervention in the gold market, which is the basic conclusion of my previous article. And it is this basic conclusion that Tim Wood tried to refute, but he comes up short given the absence of any supporting evidence, which brings me to one more point.

Tim ends his article with the following chart, challenging the reader with these parting words: "It is interesting how gold has reasserted its monetary role since 2001. If the CRB Index is proof of a conspiracy, then this chart must be sufficient proof of the contrary."

I really pondered his message thoughtfully. His point was not obvious to me, so I looked for and expected some deep hidden message. But it seems to me there is none.

All this chart shows is that gold and the euro have more or less moved in tandem with one another. It doesn’t disprove that central banks are intervening to keep the gold price artificially low, disrupting gold’s long-term relationship to the CRB Index. All it does is to establish that commodity prices are low in terms of the euro. Now why might that be?

Here’s what Bloomberg said in its interview on March 26th with Ottmar Issing, chief economist of the European Central Bank: "He also noted that Euro strength was paramount to the region's ability to secure discounted prices for key commodities, such as crude oil, which is trading at record highs in U.S. dollar terms, but remains historically inexpensive in Euro terms."

This statement makes it clear that cheap commodity prices are to Europe’s advantage. So why should the ECB be concerned if the US is intervening in the gold market? In fact, Issing’s statement would indicate that Europe is happy that gold and the euro are tracking one another, making commodities and gold relatively cheap in euro terms. But this advantage is temporary, just as it was in all other periods where government intervention for a time adversely affected gold’s purchasing power. As the good professor irrefutably demonstrates, "commodity prices return to gold", thus proving there is indeed an ‘iron law’. But why does gold maintain its purchasing power over time?

Professor Jastram doesn’t have an answer, but I do. The aboveground stock of gold grows at approximately the same rate as world population and world wealth.

In a world of uncertainty, one thing is certain – it’s this ‘iron law’ of gold’s purchasing power. But I suppose on reflection there is also one other certainty – that governments will intervene in the gold market in a vain attempt to prove they are more powerful than gold.

James Turk is the founder of GoldMoney http://www.goldmoney.com and the co-author of The Coming Collapse of the Dollar http://www.dollarcollapse.com.

***

PS: Just a thought ... Am Forum sind einige generelle - und vielleicht auch ausreichende Themen vorgegeben.
Kann man nicht innerhalb dieser Themenstellung eine fortlaufende Diskussion führen, ohne von neuen threads den Faden zu verlieren?

To many threads are threats to ongoing discussion ... says who?

OSTERFRIEDEN, oder?

Doch eine Frage an Eldo - woher hast Du CRV.P? Die Gesellschaft ist so jung, dass sie noch ein capital pool darstellt. Cresval ist die Abkürzung von Crescent Valley, dem letzten namhafteren Ort vor der Pipeline Mine und Tenabo CGR's (ghost town) property.
haben bereits einige Projekte in der Gegend von eingesessenen Prospektoren übernommen - und werden rein am Battle Mountain Trend operieren. Management ist mit CGR verwandt, das erklärt die Möglichkeit mit den alt- Eingesessenen deals zu machen.

Osterfrühstück mit meinen Kindern u. Enkelinnen eben zu Ende gegangen u. der Hase war ein voller Erfolg.

Mit österlichen Grüssen

Probably deserved your chagrin, Ha!

Auch das Eierfärben hat meine inexistente Astrologie nicht wesentlich gefördert.

Denke, dass wie jedes Jahr die Farben erst am nächsten tag intensiver erscheinen. TA and Cycle theories, latter based on volume interpretation for short term (Ian Notely) are totally different animals.

Beide, und ähnliche Analysen sind bestenfalls - Probabilities - doch wissen dies auch die, die davon mehrheitlich profitieren.

So what you should do is being contrarian to the contrarians - or even better believe in fundamental values, which are there already and can at all means ( there's no such thing either, though some are close to it) survive.

Cecil Rhodes came close in SA and Rhodesia - well a good century later there still is De Beers - and outside of the CSO (Central Selling Org.) there's chaos.

Reminded me of Bob Friedland, who is dupped the Bill Gates of Mining. Oh, yes he was brilliant in Diamondfields and made a well deserved bundle.
His new company wrapped up Mongolia totally in all respects of mineral rights - let's call it Peaceland, as it's squashed in between some interesting neighbours looking exactly towards the goods Fried- (Peace) land will have to offer.

Oh well, maybe it'll work out for a while, though as the latest eruptions in Kirgistan prove, I'd just state - you can't insure political risk. And here you're up against proven rogues...to stop at a great place for nat'l resources inhabitated by only 2 Million Mongoles.

The more success the greater the danger .... und ich bin mir bewusst dass ich das Thema (geflissentlich) in andere Bahnen ablenkte...

OK, friedliche (nicht friedländische) Ostern ...

Very good essay -

The problem is it doesn't tell you anything about timing.

... Nun sind wir alle mehr oder weniger überzeugt, dass wir in einem sekulären Bull Markt für Gold sind. OK, auch ich. Jedoch bisher ist der Bulle nur vis a vis dem US Dollar zu sehen - und auch hier hat Gold kaum Schritt gehalten, zumindest nicht in der $:€ Relation.

Der Gold Bulle, und ich bezweifle nicht dass wir einen haben ... werden, wird erst dann richtig schnauben wenn wir seine Potenz vs allen Währungen sehen.
Es wird der US Hegemonie als Resrve Währung weder gelingen durch einseitige Abwertung ihre div. Defizite in Ordnung zu bringen, noch kann sich der Rest der Welt dies ewig erlauben. Die USA benötigt schon jetzt 80% der globalen Ersparnisse - laut Mises das einzige Kapital um neue Produktion zu schaffen.
Mit weiteren Schulden um den Konsumenten der "last Resort" noch weiter zu füttern untergräbt man auch seine eigene Stellung.

Niemand weiss, wann dieses Spiel zu Ende geht - lange kann es IMHO nicht mehr gutgehen. GM, AIG, GE, JPM, Citi & Co. haben ihre eigenen Probleme bereits verdeutlicht. Derivativ Idiotien sind bereits an der Schwelle von Nirvana - Notional Values of this sector are now probably 12 times world gdp; And where are the counterparties in this Trillion $ scheme? Right, there are none!!! Not even the B(L)S - ESF is anywhere close to manage the derivative markets.

International sind augenscheinlich DB und UBS in ähnliche Probleme verwickelt. West Points deep storage gold of 1.700 tons is probably originally owned by the BuBa. Inwieweit ist dieses Gold korrumpiert?

Wie auch immer ... ich denke, dass wir Gold Bugs noch eine heftige Bewegung nach unten sehen werden - Kaufgelegenheit in Bullion und Minen -; Kommt Mai sei dabei!

Frohe Ostern -

Hier ist ein alter Artikel, der mehr denn je gültig ist :

http://www.gold-eagle.com/editorials_03/frr072503.html

Notice how the guys Ken Snyder (Ken Snyder, Midas Mine) and Larry Kornze (as in BetZE Mine) evaluate the property. Talked to Larry a few weeks back how he's interpretating last years results. His reply was short - I'm even more convinced!

Cheers --- Nun aber ab für Ostern ...

John Mackenzie ist nicht ganz allein mit seiner kurzfristigen Prognose. Sollten wir weitere Kurseinbrüche bei den Goldies sehen - wie z.B. XCL, die bei hohem Volumen vielleicht schon ihren selling climax gesehen haben - ist das für mich eine weitere Gelegenheit zur Akkumulation von
guten Projekten, die auch entsprechend finanziert sind. XCL - wird heuer 5.5 Mio US $ in das Sleeper Development stecken und ca 1 Mio $ ins Mill Creek Projekt.
http://custom.marketwatch.com/…ink-net/mw-news.asp?guid={06E143D8-200C-49DF-A181-3FEA2401C080}

Frohe Ostern

Gold Standard lebt! nach Ed Werner ...

The Gold Standard is Alive and Well

Ever since Nixon broke the final ties between the US Dollar and Gold in August 1971 two myths about Gold have been accepted by the Financial Community. The first is that the Gold standard is Dead and the second is that Gold entered a Bear Market in 1980 that lasted two decades (or hasn't ended if you believe some Chartists). Both these assertions are
false and reveal a misunderstanding concerning the role of Money and the role of Gold as the money of choice.

In August 1971 it was accepted opinion that now that Gold was demonitized its value would fall dramatically. Instead, as we all know, Gold soared 2300% to a 1980 high of US $850 but then proceeded to fall and now 25 years later is still only half its former top. Thus myth
number two that Gold is in a bear market.

My old dictionary (Webster's 1953) defines Gold Standard as follows:

A monetary standard solely in terms of gold, in which the basic currency unit is made equal to and redeemable by a specified quantity of Gold.

Now according to this definition, with current Legal Tender Laws and IMF rules we definitely do not live under a Gold standard anywhere in the world. However I want to explore the meaning of the word standard a bit further for I believe, despite official sanction, there is a sense in which Gold still is the Standard by which monetary affairs are judged. And more importantly reveals that quietly behind the scenes Gold is reasserting itself, forcing the fiat US Dollar System to conform.

Again referring to my old dictionary I find Standard is a complex word taking up a full column of space. In particular I note:

2) something established for use as a rule or basis of comparison in measuring or judging capacity, quantity, content, extent, value, quality

4) the type, model, or example commonly or generally accepted or adhered to: criterion set for usages or practises (moral standards)

5) a level of excellence, attainment, etc. regarded as a measure of adequacy.

What this definition reveals is that any Monetary Standard (Gold or otherwise) must meet certain requirements, both practical and moral. Money must act as a medium of exchange, a measure of value and most importantly must preserve its value through time. When Nixon tried to get rid of Gold, the market rebelled. Why? Because the monetary unit
must preserve value through time. The US Dollar clearly cannot do that. If the Monetary system is not preserving value through time it's because someone is stealing that value.

And so Gold soared or more precisely, since Gold is Gold is Money, the US Dollar was demonitized and was heading for the trash can when the Fed intervened by freeing up interest rates. It is most important to understand what happened here. The object is to preserve value through time. Freeing up interest rates allowed the relative values of the US
Dollar and Gold to stabilize. The market had to find a US Dollar rate of interest so that despite Dollar inflation the Gold Dollar ratio was constant over time. After the 1980 crisis, it stabilized at around $450 Gold and 15-20% US interest rates.

Thus the market reasserted itself and Gold remained the Standard forcing the Dollar to conform. Gold itself, being the standard, cannot by definition be in a bear market. The standard is the unit of measurement and as such does not change.

The enemies of the Gold Standard, who prosper and rule by stealing our wealth through time, learned from the Dollar Crisis. They introduced sophisticated financial instruments to try to control Gold, they tricked Gold producers into selling forward their production and when desperate they dumped their Public Gold Reserves on the market. But Gold is a
tough taskmaster. It has played these games many times before and always won. Why? Because it serves the interests of the common people. It alone preserves their wealth through time.

And so as the months go by we see Gold at work. People flee the Dollar, the Dollar falls, forcing the Fed to raise rates, thereby hurting borrowers and more importantly leveraged borrowers, writers of interest rate related derivatives contracts and the share markets. More Gold is dumped. The Dollar recovers slightly but the US markets also need more Dollars. The Government needs more Dollars. Without Dollar liquidity the credit bubble will collapse.

What we are seeing is not a Gold bear market or a Gold bull market. What we are seeing is the Gold Standard at work. There are three variables at work. The ever increasing Dollar liquidity, interest rates and Official Gold Reserves. Gold is forcing the issue. This is not
Dollar inflation or deflation but Gold forcing the markets back to the equilibrium only it can provide: a measure of value, a medium of exchange, a store of value and low and stable interest rates.

Greetings from Auckland
Ed Wener
ed.na@xtra.co.nz

Put 10% of your investments into gold and hope it doesn't work ...

http://www.gold-eagle.com/editorials_05/greene032305.html

Hope springs forever ...

Copied from G-E under special care of acceptable copy right regulations -

http://www.gold-eagle.com/editorials_05/watson032305.html

Well, there you are - Wenn wir auch nicht wissen wie tief diese Konsolidierung geht - 6 oder ogar 5 $ pro Unze AG, wissen wir dass 750 $ möglich sind.

Symmetric triangles and all are neat tools to drool about - jedoch langsam glaube ich der GLAUBE an technische Analyse hat sich zu counter contrarian probabilites entwickelt.

Langfristige Zyklen, a' la Kontratieff bleiben relevant, doch scheinen mir kurzfristige trading TA's kontra- müsste sagen kontra-konträr produktiv.

Never-the less - I'm seeing a contrary move in PM's and Mines starting in May...

Fröhliche Ostern

You've said it.

Nibble away and build the beavers dams in order to tame the waterfall declines of the Ex-Bretton Woods monetary system delusions.

Got Gold and some silver? ... As in time it will be a rat race to the bottom in all currencies -pegged to nothing - ...

In Go(l)d we trust - has become a blasphemy - next to Haders biblical Jesus cartoons in Greece!

Quo vadis?

To zero value is the only answer available -...

Blow Off wird meist nur in Tops verwendet, doch was sich in den letzten Tagen insbesondere bei den GM Titel abspielt ist diesem nicht unähnlich. Bleiben wir also bei Selling Climax - vielleicht gibt es auch multiple Climaxes?

IMHO, wir sind zwar nahe dem Boden, jedoch ist die Frage sind wir schon dort? Who cares, diese Kurse sind zum Teil zu geil um nicht daran zu knabbern. I am a Hamster!

Eine Silberchart von Rodin - aren't we all some kind of rodents - verdeutlicht meine Ansicht: Double Bottom?

http://www.contrarianthinker.com/index.177.jpg

- Fördern eigenes Denken.

Gut dass es leute wie Nelson Hultberg gibt, die dazu beitragen.

http://www.321gold.com/editori…tberg/hultberg032305.html

NEWS RELEASE 2005 Number 8
March 22, 2005
IMA's Drilling Expands High Grade Silver Mineralization at Calcite Hill -Program Expanded By 10,000 Metres

IMA Exploration Inc. (IMR - TSX.V, IMXPF - OTC.BB) is pleased to report results from Phase III diamond drill holes 146 to 161 at it's 100% owned Navidad project in Patagonia, Argentina. Highlights from drilling at Calcite Hill include: 83.0m of 209 g/t silver in hole 148 and 80.2m of 246 g/t silver including 25.3m of 476 g/t silver in hole 151. The Calcite Hill soil anomaly extends for 1.4 km to the northwest of current drilling and is located along the Navidad Trend where IMA's Phase I & II drill programs defined an Indicated Resource of 268 million ounces of silver and 1.1 million tonnes of lead (80.8 million tonnes at 103 g/t silver and 1.45% lead using a 50 g/t silver equivalent cut-off).

As a result of the success to date at Calcite Hill, IMA's Technical Committee has approved a 10,000m expansion to the Phase III drill program, thereby doubling the budgeted drill metres. This expansion will allow IMA's geologists to continue to delineate high-grade silver mineralization at Calcite Hill. New drill results from Calcite Hill (holes 146 to 152) have extended known silver mineralization another 100m to the northwest bringing the size of the main portion of Calcite Hill mineralization to approximately 275m long by 100m wide by 50 to 120m deep (see attached map).

Drilling at the Connector Zone (holes 153-156) has intersected silver mineralization over long intervals outside of the current Indicated Resource. Results include 88.8m of 107 g/t silver in hole 153 and 28.8m of 148 g/t silver in hole 154; both intercepts start at surface. Mineralization in holes 153 and 154 is open to expansion to the north and northwest. Both step-out and infill drilling is required in this area and an updated resource estimate will be undertaken when this is completed. At Navidad Hill, holes 157 to 161 were collared along the southern boundary of the known resource and demonstrate that mineralization continues beyond the limits of the Indicated portion of current resource estimation.

Mineralization encountered to date at Calcite Hill is predominantly hosted within trachyandesite volcanic rock and to a lesser degree within mudstone which overlies the volcanic rock. The volumetrically most important style of mineralization consists of calcite-barite veinlets and breccias with argentite-acanthite, native silver and lesser galena and chalcopyrite. In general, this style of mineralization contains high silver grades with minor amounts of lead and copper. In the upper portions of the host volcanic unit, and in the overlying mudstone, mineralization tends to be lead-rich and consists predominantly of medium-grained galena with moderate silver values. A resource estimate has not yet been done for Calcite Hill.

IMA is well financed to continue to test the numerous exploration targets at Navidad with significant drill programs. The Company has over 10 years experience in Argentina and is focused on the environmentally responsible exploration and development of its' 100% owned Navidad silver discovery.

ON BEHALF OF THE BOARD

"Joseph Grosso"

President & CEO

For further information please contact Joseph Grosso, President & CEO, or Sean Hurd, Investor Relations Manager, at 1-800-901-0058 or 604-687-1828, or fax 604-687-1858, or by email info@imaexploration.com, or visit the Company's web site at http://www.imaexploration.com.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release. Cautionary Note to US Investors: This news release may contain information about adjacent properties on which we have no right to explore or mine. We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

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© 2005, IMA Exploration Inc.,
All Rights Reserved.

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Zumindest ein Pro Gold Mann; Doch wird sich an der Strategie was ändern?

Haben ihr Gutes.

Nobody feels the need to disagree.

Some consolation...

Cheers

Ökonom Stiglitz meint, dass "die" Reserve Währung der Welt auch wert- erhaltend sein sollte.
Dies im Zusammenhang mit Z.B's immer öfter ihre Präferenz für den EURO als Diversifikation für ihre monetären Reserven zu sehen ist die heute beschlossene Aufweichung des 3% Limits - Defizits zum BNP - geradezu ein Hohn.
Wellcome to the new world order of competitive devaluations. Es waren gerade 3 Finanzminister der 12 Euro-Zone Mitglieder gegen diese Ent-scheidung.

... Aber hier singt ein Stiglitz:

http://www.financeasia.com/art…7E17-4BCC138D9ECC2BCB.cfm

Tschonko - heisst im Übrigen - By The Way - und wenn schon IMHO - In My Humble Opinion ... Bin seit ca. 6 jahren Poster @ usagold and gold-eagle, da muss man sich schon a diverse Abkürzungen gewöhnen.

Sehe dass Avino auf der Minesite von goldseiten Einzug gehalten hat. Yummy!