Hello Bill, I have 2 of your picks GSC and GRE, at good prices.
Greenstone just did a financing at 2.10 , that I heard was 2 times oversubscribed. They also have a vein 4.5M reported to grade 300g per tonne.
Im getting more bullish on Gold from what I see out there, there are just too many reasons around not to have a major reversal in Gold.
I think the week coming up will be Very Interesting....
Here's an interesting article from Russia, sounds like they will pay off all their creditors in Rubles - why not, they are essentially in chapter 11.....
Russia inks money presses
Deputy prime minister says country will print rubles to wipe out debt
September 4, 1998: 3:24 p.m. ET
MOSCOW ( Reuters ) - Russia will print money to wipe out its domestic debts so it can start reforms with a clean slate, First Deputy Prime Minister Boris Fyodorov, who drew up the acting government's economic plan, said late Friday.
In an interview with Russian public television, Fyodorov spelled out in fuller detail the economic plan unveiled by acting Prime Minister Viktor Chernomyrdin in an earlier address to parliament, which called for "economic dictatorship" starting in January, and "controlled" monetary emission before then.
Fyodorov said Russia would print money to pay off all its debts before tying the ruble strictly to the country's foreign reserves.
He conceded that the plan would cause a short-term burst of inflation, but said it is necessary to begin serious economic reforms unburdened by the debts the government racked up in eight years of half-hearted reforms.
"We have to settle accounts with the past. Today we have an enormous quantity of debts, the budget is not balanced. Everybody wants ( monetary ) emission. Listen to what they are saying in the ( parliament ) ," he said.
"The plan we offer is very simple. With the aid of certain operations, about which it is still too early to comment, we will pay just about all the debts that can be paid," he said.
"Then we will balance the budget, the ruble will be strictly tied to the country's hard currency reserves, tax reform will be carried out, tax collection beefed up, and a row of other measures."
Fyodorov, who held the post of tax chief in the outgoing government of reformist former Prime Minister Sergei Kiriyenko, was renamed first deputy prime minister with control over the economy Wednesday by President Boris Yeltsin.
"Why is it necessary to settle accounts with the past? Because otherwise everybody will tell us, look, you owe us this and that. Now it's -- okay, fine. You'll get it. You want everything, fine. Take everything today. But be aware that prices will rise.
"After that, either we can continue to print money, in which case prices will still continue to rise, or we can stop and finally begin to carry out reforms," Fyodorov said.
Prices have already been rocketing with the fall of the ruble. Inflation soared to 15 percent in August against 0.2 percent in July, the state statistics committee said Friday.
But some prices have risen at an even more alarming rate -- crossing the 50 percent monthly threshold into hyperinflation -- as retailers tried to keep up with the dizzying descent of the ruble, which has lost nearly two-thirds in value over three weeks.
Fyodorov headed a group that drew up the new economic plan that Chernomyrdin, who is seeking confirmation from parliament, presented to the Federation Council upper house Friday.
Fyodorov and Chernomyrdin have met former Argentine economics minister Domingo Cavallo this week, giving the impression that they hope to institute a currency board, which would directly link the amount of rubles in circulation to hard currency reserves. Cavallo oversaw such a plan in Argentina, which broke that country's hyperinflation in the early 1990s.
Chernomyrdin and Fyodorov haven't specifically said their plan will lead to a currency board. |
