On the heels of some wild trading in the gold and silver pits today, apparently the bears didn’t realize there is “no physical gold and silver available in any quantity.”
BTFD In Gold
April 19 (King World News) – Alasdair Macleod: “Watching the gold price in the last few days has been interesting. Every time the bullion banks try to mark it down, the buyers come in and the price then shoots up. Today, they took it down to $1,969 before it bounced back $27 in a matter of a few hours. Buyers, many of which will stand for delivery, have learned the game played on Comex and are quietly using it to remove all liquidity.
The situation in silver is even more extreme. It was marked down 60 cents before the buyers cleaned out the market, squeezing the bears so hard that the price is now up on the day.
The underlying situation is the dollar’s trade weighted index has stabilised at a support level, and we see bond yields ticking higher. Hedge funds take this to be a time when gold could weaken, so are vulnerable to bullion banks dropping the price and taking out their stops.
No Physical Available In Size
But there is no physical gold and silver available in any quantity, and the deposit run on regional banks is driving retail demand for coins. And the banking crisis has only just started.
Also of importance…
Bonanza Grades!! FSX Acquires Major Land Package in PNG Near K92!
Fosterville South has assembled a commanding land position in the heart of one of the world’s best regions for tier one copper and gold deposits, Papua New Guinea. The team at FSX is no stranger to PNG and includes CEO Bryan Slusarchuk who is co-founder and former President of K92 Mining Inc and John Lewins, K92’s CEO who is also a Director of FSX.
Huge Land Position Near K92
The land position acquired through this transaction is a massive 2,166 square km and consists of a variety of exploration licenses and exploration license applications. Notably, within this is a 614 square km project contiguous with and southeast of K92 Mining Inc. exploration tenements and a 130 square km project contiguous with and northwest of K92 Mining tenements, 10 km from mining operations. The total PNG land package to be acquired by Fosterville includes both early stage and advanced stage exploration targets with high grade epithermal vein and porphyry style mineralization present. Fosterville has a significant cash position and therefore, post-transaction, will be well positioned to advance these projects on the ground following up the substantial amount of fieldwork and development of drill targets already completed by WDR over the past two years.
Bonanza Grades and Size Potential
PNG has been given many monikers in the mining industry over the decades due to the amazing geological endowment of the country. It has been called The Land of Giants due to the prolific number of very large gold and copper deposits throughout the nation. Additional to the size, some of the world’s highest grade mines have also been found in PNG. While at an exploration stage, early sampling data from these properties being acquired by FSX indicate the potential for serious grade. In today’s FSX news release, it is noted for example, “…multiple samples collected from a historic stockpile near the Wild Dog Zone returned bonanza grades of gold and copper including Sample 30104 which assayed 242 g/t Au, 601 g/t Ag, 9.52% Cu and Sample 68001 which assayed 122.5 g/t Au, 350 g/t Ag and 11% Cu.
Serious Cash Position and Tight Share Structure Resulting in Big Potential Torque
The project geology and the team’s track record in PNG speak for themselves. In addition to that, a very important item to note is that with approximately $15 million in cash on hand, FSX is extremely well financed with no need for dilutive financings to start advancing these high impact gold and copper projects. Well funded for drilling, expect a lot of news in the weeks ahead as this situation develops. It is early days in what could be a massive project within the gold and copper space. Fosterville South, symbol FSX in Canada and FSXLF in the US.
ALSO JUST RELEASED: The Gold Trade Is Far From Crowded As Fed Poised To Raise Interest Rate CLICK HERE.
ALSO JUST RELEASED: BUCKLE UP: Fed To Raise Interest Rates In 2 Weeks CLICK HERE.
ALSO JUST RELEASED: No Way Gold Has Topped, Plus One Of The Most Speculative Moments In History CLICK HERE.
ALSO JUST RELEASED: Bull Market #3 In This Key Asset Is Alive And Well And It Will Be A Game-Changer CLICK HERE.
ALSO JUST RELEASED: Greyerz – This Everything Global Collapse Will Be Unlike Anything Seen In History CLICK HERE.
**To listen to Alasdair discuss the collapsing available physical gold and the other big catalysts for the gold and silver markets CLICK HERE OR ON THE IMAGE BELOW.
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