• Are the Gold Stocks Overvalued Today?

    Are the Gold Stocks Overvalued Today?

    Source: Adrian Day for Streetwise Reports 09/16/2020 Money manager Adrian Day takes a look at the gold stocks—the senior miners, in particular—and discusses whether they remain undervalued or whether they have moved too far, too fast.We discussed recently how the policies of the Federal Reserve and other global central banks were extremely bullish for gold. If the various quantitative easings (QEs) after 2008 took gold on a five-year bull market that saw the price of gold almost triple, while the major mining index (XAU) went up over 3.5 times, and many juniors far more, today's even more extreme "policy," dubbed "QE Infinity," could have an even longer and greater impact on the price of gold. Yet despite increased interest in gold and gold stocks—despite the XAU having more than doubled since March—the gold stocks remain undervalued. This is true of pretty much every subsector of the gold space, other than the major royalty companies. (We still like these companies, for reason we have discussed many times, but they are not, as a group, particularly undervalued today.) There are individual stocks—among the producers, developers and exploration—that are not cheap, of course, but as a group, they are very undervalued today, including the major mining companies. One factor that contributes to whether gold stocks are cheap or not, of course, is the price of gold itself. If the price of gold were to move up significantly from here, then we would expect the gold stocks generally to move up as well. Conversely, a major drop in the gold price would see the gold stocks drop. (That is not the only factor, of course, and the relationship between the gold stocks on the one hand, and the gold price and the broad market on the other, is a complex one.) Is gold due for a correction? Is gold due for a correction? Certainly it has moved above its longer-term trend, though the drop in early August and sideways movement since has brought gold back to its trend line since the end of March. Typically, of course, we would expect a decline below the trend after a move above it, (such as we saw in the second half of July and into August). Inflows into gold seems to have leveled off; in August, inflows into global gold exchange-traded funds (ETFs) were the lowest since January, and only just over a quarter the monthly average this year. That would lead to concern about a reversal, and thence a price decline. However, though there were some days at the end of August that saw net outflows, overall for the month, inflows on an historical basis were still strong, while the last 12 days have seen inflows every day, albeit still as a lower price than the last several months. Technically, gold is at a critical level, very close to its 50-day moving average (MA), and just above support that has ...read more
  • Calibre Delivers 149.4 g/t Gold

    Calibre Delivers 149.4 g/t Gold

    Source: Bob Moriarty for Streetwise Reports 09/16/2020 Bob Moriarty of 321gold explains why he believes this company is on its way to mid-tier producer status.I don't think most investors understand the extent that the well-led resource companies have cashed up in anticipation of far higher prices for gold and a renewed interest in mining by the general public. The actions of the Federal Reserve and all central banks pouring bales of $100 bills onto a bonfire pretty much guarantee the end of fiat currencies, higher gold and even potential hyperinflation. Eleven months ago I covered the potential for Calibre Mining Corp. (CXB:TSX; CXBMF:OTCQX) that had just done a deal with B2 Gold to take over two existing gold mines in Nicaragua. While gold is up a lot at the time their shares were $0.75. Fast forward to today and those same shares are up about 300%. Everyone in the junior resource space is going to benefit but the sweet spot of risk vs. reward is going to be in actual producers. Management at Calibre has done a bang up job of hitting the ground running. They cashed up as soon as they could and have been dumping money into drilling and expanding the resource ever since. Calibre is in the midst of a gigantic 80,000-meter drill program covering infill resource drilling, expansion drilling and some raw exploration. It is a giant success with results just out showing as high as 149.4 g/t gold over 4.8 meters leading the pack. The company has 14 drill rigs active on various projects and has 12,000 meters a month planned for the remainder of 2020. To date a mere 10% of assays have been received. While I personally like investing in the real penny dreadfuls with ten-bagger potential, CXB is an easy ten-bagger from when I wrote about them in October and perfectly positioned for several hundred percent higher move from their price today. They are selling for a market cap of about $650 million today but are a dead easy call for them to crack into the billions. As an investor you have to consider both risk and reward. CXB has a mix of the two that I consider perfect. They will be a mid-tier producer one day soon and with that the market will value them a lot higher per ounce of production. Go to their website and view their presentation. They do a great job of telling their story. Calibre is an advertiser and I did participate in their last PP. As such that makes me biased so do your own due diligence. I share in neither your gains nor your losses so your decisions are yours alone. Calibre Mining CXB-T $1.95 Sept 15, 2020 CXBMF OTCQX 330 million shares Calibre Mining website Bob Moriarty President: 321gold Archives 321gold Bob Moriarty founded 321gold.com, with his late wife, Barbara Moriarty, more than 16 years ago. They later added 321energy.com to cover oil, natural ...read more
  • Explorer Starting the Drill Rigs in Quebec's Prolific Val-d'Or

    Explorer Starting the Drill Rigs in Quebec's Prolific Val-d'Or

    Source: Streetwise Reports 09/16/2020 After using advanced geophysical technology, Black Tusk Resources is ready to begin drilling its Quebec gold property.Black Tusk Resources Inc. (TUSK:CSE; BTKRF:OTCMKTS; 0NB:FSE) has been assiduously testing its flagship gold project, the McKenzie East property, located in the heart of Quebec's prolific gold mining region, Val-d'Or, and is about to commence drilling. Within the last few months the company has conducted a drone magnetometer survey and a 3D induced polarization (IP) survey, and SGS Minerals Lab has analyzed 205 soil samples using its Mobile Metal Ion (MMI) process. "We've used the most modern and advanced exploration techniques available, and we're currently piecing all the data together to formulate the strongest drill targets," Richard Penn, Black Tusk's CEO, told Streetwise Reports. "Black Tusk's chart shows a solidly bullish picture with another upleg in the offing." - Technical analyst Clive Maund The company plans a multi-phase drill program, beginning with a minimum of 1,000 meters of drilling in phase 1, with the first holes targeting depths of 300 to 500 meters. "Phase 1 is designed to test the mineralization potential of several anomalous features that occur within the northwestern section of the 1,676-hectare property. The drilling program will test a corridor of interest that includes elevated gold associated with copper returned from the MMI soil sample results, combined with magnetic anomalies outlined by the detailed drone survey," the company stated. Grab samples have returned values as high as 241.8 grams per tonne (g/t) gold and 97.3 g/t silver. Located in Quebec's Val d'Or—literally Valley of Gold—Black Tusk counts numerous miners among its neighbors. "There are very large mines in the area," Penn said. "Agnico Eagle/Yamana's Canadian Malartic Mine—currently Canada's largest gold mine—and Agnico Eagle's Lamaque Mine are within 10-15 minutes." Black Tusk's McKenzie East is also located 1 kilometer west of Monarch Gold Corp.'s McKenzie Break property; in 2018 Monarch released an estimate there of a pit-constrained Indicated resource of around 50,000 ounces of gold, and an underground Indicated resource of roughly 55,000 ounces of gold, and the firm is actively drilling to expand that resource. "Our geologists think that McKenzie Break's quartz veins trend from their property onto ours," Penn explained. "One of our head geologists, Dr. Mattieu Piché, worked on Monarch's drill program last year, and now he's working on our drill program. He sees a lot of similarities between the two projects." One of the goals of the drill program is to try to prove that those quartz veins extend from Monarch's property onto Black Tusk's property. Black Tusk is permitted to construct 18 drill pads, and the McKenzie East property is accessible for drilling all year round. "We're planning on drilling all through the fall and all into the winter," Roman Rubin, Black Tusk CFO, said. He explained that phase 1 will drill in areas that are easily accessible right now. "Phase 2, the winter drilling, will be larger and will be ...read more
  • GSP Resources Begins Drill Program

    GSP Resources Begins Drill Program

    Source: Bob Moriarty for Streetwise Reports 09/14/2020 Bob Moriarty of 321gold explains why he is confident the company will hit copper with its new drill program.GSP Resource Corp. (GSPR:TSX.V; GSRCF:OTCBB) put out a press release on the 8th of September that was at the very least poorly worded and confusing. They announced the start of a drill program at their Alwin copper mine adjacent to Teck's Highland Valley Mine. When I read the press release I got into contact with the company to clarify what I thought they were doing. In the press release GSPR stated, "The Phase 1 program will consist of a minimum of 1,000 meters of diamond drilling. . . " And I get about as excited at a press release talking about a 1000 meter drill program as do my readers. That is to say not at all. But management did clarify the release. The 1000 meters is just the start of Phase 1 and there will be a Phase 2 based on the results of the first program. The entire drill program is financed with money in the bank and they have $500,000 in cash beyond that. There will be more drilling. With copper breaking out above the $3 level after a 50% advance in six months from the March 19th low at $2.08 investors should be looking for low priced lottery tickets on copper. GSPR has a tiny 16 million shares and at today's price has a total market cap of about $5 million USD. GSPR is going to drill a lot more than 1000 meters in this year. They will hit copper. The copper/silver/gold structure mined at the Highland Valley Mine runs right into the Alwin property. They are a natural buyout candidate for Teck. Copper has had a great run since March, it is probably due a correction but GSP Resources is a cheap lottery ticket on both copper and the stupidity of the Federal Reserve in destroying the U.S. dollar. GSP Resources is an advertiser. I have bought shares in the latest PP and naturally that makes me biased. Please take responsibility for your own due diligence. GSP Resource GSPR-V $0.46 Sept 11, 2020 GSRCF OTCBB 16.1 million shares GSP Resources website Bob Moriarty President: 321gold Archives 321gold Bob Moriarty founded 321gold.com, with his late wife, Barbara Moriarty, more than 16 years ago. They later added 321energy.com to cover oil, natural gas, gasoline, coal, solar, wind and nuclear energy. Both sites feature articles, editorial opinions, pricing figures and updates on current events affecting both sectors. Previously, Moriarty was a Marine F-4B and O-1 pilot with more than 832 missions in Vietnam. He holds 14 international aviation records. Sign up for our FREE newsletter at: www.streetwisereports.com/get-news Disclosure: 1) Bob Moriarty: I, or members of my immediate household or family, own shares of the following companies mentioned in this article: GSP Resource Corp. GSP Resource ...read more
  • Shoeshine Boys and Dockhands, Market Tops and Precious Metals

    Shoeshine Boys and Dockhands, Market Tops and Precious Metals

    Source: Michael Ballanger for Streetwise Reports 09/14/2020 Precious metals expert Michael Ballanger discusses the correlation between stock tips and market bubbles.There is a great story surrounding the late Joe Kennedy, father of former U.S. president John F. Kennedy, and a Wall Street robber baron of the highest order. A dedicated market player in the 1920s, as rumor (or myth) would have us believe, one fine morning in late September 1929, he was having his shoes shined, reading the Wall Street Journal when the young shoe shine boy, noticing the paper Joe was reading, proceeded to offer a "stock tip" on a particular issue that has already advanced 4000% in the past year. The "tip" turned out to be a corporate event that Joe had heard about and investigated six months prior and in the end, of little (or no) value. That marked the day that Joe Kennedy liquidated his entire portfolio and began to short the U.S. markets because, as he so Boston-ly put it "When the shoe shine boys are handing out stock tips, you just know it's time to leave the pah-dee ("party" in Boston-ese)." Recently (as in two weeks ago), I was at our marina in Honey Harbour stacking boxes and coolers and clothes bags in anticipation of the arrival of the dockhand who loads the golf cart and transports all our "stuff" to the truck. Upon his arrival, this very hard-working and very sharp young college student ("Decklin") fires up his usually quite amicable personality and asks me if I am sticking around or heading home for the week to which I respond that the upcoming week is going to be "insane." After he inquires "why?" I try to sluff it off by throwing a few slangy market phrases at him—as in "I have a big cross to do in my favourite silver deal"—but instead of a non-plussed look of total bewilderment, I get a "Oh, yeah? WHICH silver deal?" Here is a kid in working attire wearing a Crocodile Dundee hat, Kodiak boots and a pair of Aviator sunglasses whipping out his iPhone and proceeds to search out the name I mentioned. After he departs with our "stuff," I assume that his Ritalin has worn off and he will be distracted away from my sexagenarian slip-up and I go about preparing the boat for lock-up. Fifteen minutes later, there is a "Knock, knock, knock" on the hull and there here is—the dockhand from hell—and I know I am in serious trouble because now he wants to take advantage of this "stock tip" I accidentally provided and I am panicking because the last thing I need is to find my "stuff" floating in Georgian Bay because some "silver deal" went south instead of north and that Decklin gambled his 2020 tuition on that tip. Nevertheless, I had no choice but to help him find the quote symbol, off he went. ...read more
  • Explorer Records Highest-Grade Assays to Date at Colombian Silver-Gold Project

    Explorer Records Highest-Grade Assays to Date at Colombian Silver-Gold Project

    Source: Streetwise Reports 09/14/2020 Outcrop Gold reported it has drilled 0.95 meters of 10,784 grams per tonne silver equivalent at its wholly owned Santa Ana project in north Tolima, Colombia.In a news release, precious metals explorer and prospect generator Outcrop Gold Corp. (OCG:TSX.V; MRDDF:OTCPK; MRG1:DB) announced assay results from drilling on its 100%-owned Santa Ana project in north Tolima, Colombia. The firm reported that drilling is ongoing at the Megapozo target, where to date it has already completed 1,783 meters of drilling in 14 core holes with one more hole currently in progress. Outcrop Gold noted that assays from five holes are pending at present. The company reported that it has achieved the highest grades to date at Santa Ana and indicated that it recorded 0.95 meters of 69.6 grams per tonne (g/t) gold and 5,550 g/t silver, and 0.73 meters of 13.4 g/t gold and 1,460 g/t silver intercepted at Megapozo. The firm added that drilling continues at Megapozo, which shows generally thicker unmined veins to 1.6 meters, displaying potential for "bonanza" grades with mineralization open in all directions. "Drilling continues to prove up confidence at Santa Ana," commented Outcrop CEO Joseph Hebert. "We have drilled the best holes yet, while still early in our exploration program. We are excited about the potential as mineralization remains open in all directions." The company advised that a second rig has begun to drill at the Roberto Tovar target, which it said previously identified an historical high-grade shoot that measured 3.04 meters of 1,763 g/t silver equivalent and 5.16 meters of 783 g/t silver equivalent. Outcrop added that bulk mineralized zones have been identified at Roberto Tovar where three parallel high-angle veins and internal wall rock demonstrate composited grades of 18 meters of 450 g/t silver equivalent. The company noted that Megapozo shows multiple phases of mineralization including the bonanza grades seen in drill hole 29, the highest grades drilled to date on Santa Ana. The company stated that the Megapozo results add to the success from La Ivana and historical drilling in Roberto Tovar and that only 4,128 meters of the 12,000 meters planned have been drilled so far at La Ivana and Megapozo. The Santa Ana project is located 190 km from Bogota in northern Tolima Department, Colombia. The property encompasses more than 25,000 hectares and consists of five regional scale parallel vein systems across a 12 km wide, 30 km long trend. The project is situated in the Mariquita District, which the company stated is the highest-grade primary silver district in Colombia. The firm pointed out that at the core Santa Ana target at least 11 principal vein zones are recognized that cumulatively provide up to 14 km of cumulative strike length and that these veins often show both high-grade silver and high-grade gold mineralization. Looking at the stock, technical analyst Clive Maund charted Outcrop Gold and on CliveMaund.com on September 13 wrote, ...read more
  • A-Mark Precious Metals Shares Rise on Record Yearly Earnings, Issues Special Dividend

    A-Mark Precious Metals Shares Rise on Record Yearly Earnings, Issues Special Dividend

    Source: Streetwise Reports 09/11/2020 A-Mark Precious Metals shares traded 22% higher after the firm announced FY/20 financial results that included a 96% YoY increase in Q4/20 revenue and a special dividend of $1.50 per share.Full-service precious metals trading company A-Mark Precious Metals Inc. (AMRK:NASDAQ) yesterday announced financial results for the fiscal fourth quarter and full year ended June 30, 2020. The company reported that in Q4/20 total revenues increased 96% to $1.67 billion, compared to $850.2 million in Q4/19. A-Mark Precious Metals indicated that the year-over-year increase was primarily attributed to an increase in the total amount of gold and silver ounces sold and higher gold and silver market selling prices. The firm stated that gross profit increased 335% to $28.0 million in Q4/20, compared to $6.5 million in Q4/19 and noted that the increase was from higher gross profits from its Wholesale Trading & Ancillary Services and Direct Sales segments. For Q4/20, the company posted net income of $17.8 million or $2.49 per diluted share, which it commented was a significant improvement from the net loss of $823,000 or $0.12 loss per diluted share that it reported in Q4/19. A-Mark reported that gold ounces sold in Q4/20 increased 91% to 669 Koz, up from 350 Koz in Q4/19, and 508 Koz in Q3/20. In addition, silver ounces sold in Q4/20 increased 136% to 29.6 Moz, up from 12.5 Moz in Q4/19, and 25.7 Moz in Q3/20. The company that reported that FY/20 total revenues increased by 14% to $5.46 billion, compared to $4.78 billion for FY/19. The firm stated that the increase was largely due to an increase in volume of gold and silver ounces sold and higher price for gold and silver. A-Mark indicated that gross profit for FY/20 increased 110% to $67.0 million, up from $32.0 million for FY/19 and that the increase was mostly due to higher gross profits achieved by its Wholesale Trading & Ancillary Services and Direct Sales segments. The firm posted net income of $30.5 million or $4.31 per diluted share for FY/20, which it stated was a significant improvement versus net income of $2.2 million or $0.31 per diluted share for FY/19. The company's CEO Greg Roberts commented, "The fourth quarter was a period characterized by sustained and heightened demand and related product volumes. This consistency helped to drive sequential improvements in our key financial metrics, including a 25% increase in gross profit to $28.0 million as well as a 58% increase in net income to $17.8 million or $2.49 per diluted share compared with our third quarter. The record financial results we realized for both Q4 and fiscal 2020 resulted in Return on Equity of 17.6% for the quarter and 30.2% for the fiscal year and demonstrate the attractiveness of our business model, which is designed to generate continuing revenue streams in normal market conditions and outsized profitability during volatile market periods." "The strategic investments we've made ...read more
  • Sassy Resources Expands More Creek Corridor, Discovers New Surface High-Grade Gold-Silver Zone

    Sassy Resources Expands More Creek Corridor, Discovers New Surface High-Grade Gold-Silver Zone

    Source: Peter Epstein for Streetwise Reports 09/09/2020 Peter Epstein of Epstein Research discusses an explorer that he believes offers high-grade precious/base metal discovery potential.Sassy Resources Corp. (SASY:CSE) is a largely unknown spinout from Crystal Lake Mining (now called Enduro Metals). Sassy controls 100% of a promising gold-silver play in the Eskay Camp, at the heart of B.C.'s Golden Triangle (GT). The Foremore project covers 14,585 contiguous hectares (ha) containing high-grade precious metal targets plus showings of zinc, lead and copper. Sassy has an Enterprise Value (EV) {market cap + (0) debt – (~$2 million) cash} of ~$20 million. The capital structure is tight with only 29.1 million shares outstanding. {Please see my prior article here for further details about Sassy's free float}. Sassy is the 16th largest pre-production junior in the GT. Sassy's high-grade Foremore compares in size to well-known GT projects Compare Sassy's 14,585 ha footprint to other high-profile GT projects like Skeena Resources' Eskay Creek @ 6,151 ha, and Ascot's Premier (8,133 ha) + Red Mountain (17,125 ha). Tudor Gold owns 60% of the (17,913 ha) Treaty Creek project, and Benchmark Minerals has the (14,000 ha) Lawyers project. Readers, consider that early next year Skeena (on its 6,151 ha Eskay Creek alone) expects to report an upsized resource of >5 million ounces of gold equivalent, at >5 g/t gold equivalent. Sassy's footprint is both sizable and centrally located. Exploration on and around the Foremore property dates back >30 years. It includes prospecting, mapping, sampling, airborne and ground geophysical surveys, and 71 drill holes (+11 new holes last month, and a 2,000 meter program starting soon). Nearly $15 million has been invested, $20 million+ in today's dollars. Nearby projects include Newmont's/Teck Resources' Galore Creek to the northwest, Teck's/Copper Fox's Schaft Creek to the north, Enduro Metals' Newmont Lake to the southwest, and Skeena and Eskay Mining projects to the south. Australian major Newcrest Mining is in the GT through its 70% ownership of the Red Chris Mine. Billion dollar companies Pretium Resources, Seabridge Gold and Hochschild Mining are active there as well. Newmont and Teck are building the Galore Creek road passing directly through Sassy's property, allowing for easier, less-expensive, year-round access to the Foremore site. Teck is also a partner in nearby Schaft Creek. This bodes well for further investments by both companies into regional infrastructure and mining services, for the benefit of all parties, including Sassy Resources. Best historical intercepts from a total of 71 holes: Phase I was recently completed, followed by borehole electromagnetic surveys at each drilling location (BRT and Toe Showings) within each zone along the 5-km-long historic More Creek Corridor. Drilling intersected additional mineralization at shallow depths, extending the base/precious metals-rich BRT zone (gold, silver and base metals) by 115 meters along strike. A new style of mineralization was also discovered. The company's technical team is pleased to have confirmed the conductivity of BRT-style mineralization through the use of Borehole EM (BHEM) surveys. ...read more
  • Three Junior Gold Explorers Worth Exploring

    Three Junior Gold Explorers Worth Exploring

    Source: Peter Krauth for Streetwise Reports 09/09/2020 Peter Krauth profiles three junior mining companies that he believes hold the potential to produce stellar results. So far this year, the S&P 500 is up 6%. Considering the massive challenges we've faced, that's not bad. By comparison, gold has clocked stellar returns. It's up 26% year-to-date. But a small subsector of the gold space has far outpaced even gold's returns. Imagine making 19 times your investment in just 5 months. Sound impossible? That's what some junior explorers' shares have done already this year. To be fair, these can be some of the most volatile equities on the planet. Of course, the rising tide of a secular gold bull market can go a long way to moderate some of that risk. Also, allocating capital wisely and across several explorers can help mitigate the hazards these companies might present. The fact is just one outstanding success, even alongside a few other mediocre performers, can still lead to life-changing returns for investors. With gold continuing to consolidate, as I've been saying to expect in my recent articles, now is a great time to consider where to invest for the next leg up. Let's dig in… Gold Juniors Outperform The following chart compares the performances of gold, large gold producers, and junior gold miners. Since March 13, 2020, gold is up 25%, gold producers are up a whopping 89%, and gold juniors are up 111%. Now if that doesn't grab your attention, I'm not sure what will. The fact is, the leverage offered by junior gold companies is downright explosive. Some individual junior gold explorers are up over 1,900% or more in that time frame. That's testament to the kind of wild upside they can offer. Needless to say, such high potential reward is commensurate with high risk. Explorers can burn through lots of cash securing land rights, permits and drilling all to turn up nothing. Other times, big success is followed up with big duds. As well, the commodity cycle can work with or against. That's why rising gold prices are so important for gold explorers. Some discoveries that lead to deposits could be uneconomic at $1,400 gold, but highly profitable at $1,800. Gold's 4-year bear market from 2012 to 2016 forced miners to dramatically cut costs, sell assets, and put some mines on care and maintenance while expansions were put on ice. Exploration was one of the first victims, which has led to a dearth of discoveries. But with gold back to marching higher on strongly sustained fundamentals, miners are realizing they need to replace depleting reserves. As a result, successful explorers become takeover targets as they expand known deposits and discover new ones. Here are three companies that have the right people and are looking in the right places to potentially produce stellar results. Nevada Nano Cap Nevada was ranked as the world's third most attractive jurisdiction for mining investment by the Fraser Institute this past February. Nevada is exceedingly attractive with ...read …
  • Basel III and Gold, Silver and Platinum

    Basel III and Gold, Silver and Platinum

    Source: Maurice Jackson for Streetwise Reports 09/08/2020 Maurice Jackson of Proven and Probable talks with Andy Schectman of Miles Franklin Precious Metals Investments about macroeconomic policy and its effect on precious metals prices.Maurice Jackson: Joining us for a conversation is Andy Schectman, the president of Miles Franklin Precious Metals Investments. Let's begin today's discussion with gold, which has recently surpassed its all-time high since we last spoke, but this is no surprise. You forewarned us this would come to pass in our discussion back in December 2019, regarding the Bank of International Settlements and Basel III and its impact on gold. For those that missed that conversation, can you please shed some light on the importance of Basel III? Andy Schectman: Readers should note, Basil III is the most significant event of my career. And really if people were to take a broad look at this and understand what it means, quite frankly, I don't think you need to know anything else. Everything else that we see is just noise. Since 1944, there's only been one tier 1 asset, and that has been United States Treasuries or fully funded dollar deposits. Gold was considered a tier 3 asset where only 50% of its value was allowed to be calculated on a balance sheet. Therefore, there would be four reasons that central banks would be de-incentivized to own gold. It wouldn't pay interest, costs money to store, it was unpredictable in its movements, but the tier 3 status meant that a 50% denigration on the balance sheet would limit a central bank's ability to sell bonds or transact international business. So really, the only purest form of collateral, and by the way, if your readers were to Google tier 1 asset, it's listed as a riskless asset. So the Bank of International Settlements, which is the central bankers' central bank in Basel, Switzerland, reclassified gold in April of 2019, as the only other tier 1 asset in the world next to U.S. dollars in Treasuries. So since 1944, there's only been the dollar and the treasury bill that would give a tier 1 status for a central bank and or commercial bank collateral. Now, with gold brought up to that table, it's important to note that the central banks of the world front-ran this decision. In 2018, they bought more gold cumulatively as a group than they did in the 60 years previously. And in 2019, those numbers were up 90% and continue unabated higher now. And so you're seeing the most sophisticated, well-funded, well-informed traders on the globe accumulate what they call a riskless asset and have been front-running that decision, of course, now for over three years. I think it's only a matter of time before gold goes higher than anyone thinks possible. And they'll continue to let it move up at this methodical pace with volatility inside of it, to keep people ...read more