Best of the Week
Most Popular
1. Gold vs Cash in a Financial Crisis - Richard_Mills
2.Current Stock Market Rally Similarities To 1999 - Chris_Vermeulen
3.America See You On The Dark Side Of The Moon - Part2 - James_Quinn
4.Stock Market Trend Forecast Outlook for 2020 - Nadeem_Walayat
5.Who Said Stock Market Traders and Investor are Emotional Right Now? - Chris_Vermeulen
6.Gold Upswing and Lessons from Gold Tops - P_Radomski_CFA
7.Economic Tribulation is Coming, and Here is Why - Michael_Pento
8.What to Expect in Our Next Recession/Depression? - Raymond_Matison
9.The Fed Celebrates While Americans Drown in Financial Despair - John_Mauldin
10.Hi-yo Silver Away! - Richard_Mills
Last 7 days
WARNING PAYPAL Making a Grab for US $1200 Stimulus Payments - 4th Apr 20
US COVID-19 Death Toll Higher Than China’s Now. Will Gold Rally? - 4th Apr 20
Concerned That Asia Could Blow A Hole In Future Economic Recovery - 4th Apr 20
Bracing for Europe’s Coronavirus Contractionand Debt Crisis - 4th Apr 20
Stocks: When Grass Looks Greener on the Other Side of the ... Pond - 3rd Apr 20
How the C-Factor Could Decimate 2020 Global Gold and Silver Production - 3rd Apr 20
US Between Scylla and Charybdis Covid-19 - 3rd Apr 20
Covid19 What's Your Risk of Death Analysis by Age, Gender, Comorbidities and BMI - 3rd Apr 20
US Coronavirus Infections & Deaths Trend Trajectory - How Bad Will it Get? - 2nd Apr 20
Silver Looks Bearish Short to Medium Term - 2nd Apr 20
Mickey Fulp: 'Never Let a Good Crisis Go to Waste' - 2nd Apr 20
Stock Market Selloff Structure Explained – Fibonacci On Deck - 2nd Apr 20
COVID-19 FINANCIAL LOCKDOWN: Can PAYPAL Be Trusted to Handle US $1200 Stimulus Payments? - 2nd Apr 20
Day in the Life of Coronavirus LOCKDOWN - Sheffield, UK - 2nd Apr 20
UK Coronavirus Infections and Deaths Trend Trajectory - Deviation Against Forecast - 1st Apr 20
Huge Unemployment Is Coming. Will It Push Gold Prices Up? - 1st Apr 20
Gold Powerful 2008 Lessons That Apply Today - 1st Apr 20
US Coronavirus Infections and Deaths Projections Trend Forecast - Video - 1st Apr 20
From Global Virus Acceleration to Global Debt Explosion - 1st Apr 20
UK Supermarkets Coronavirus Panic Buying Before Lock Down - Tesco Empty Shelves - 1st Apr 20
Gold From a Failed Breakout to a Failed Breakdown - 1st Apr 20
P FOR PANDEMIC - 1st Apr 20
The Past Stock Market Week Was More Important Than You May Understand - 31st Mar 20
Coronavirus - No, You Do Not Hear the Fat Lady Warming Up - 31st Mar 20
Life, Religions, Business, Globalization & Information Technology In The Post-Corona Pandemics Age - 31st Mar 20
Three Charts Every Stock Market Trader and Investor Must See - 31st Mar 20
Coronavirus Stocks Bear Market Trend Forecast - Video - 31st Mar 20
Coronavirus Dow Stocks Bear Market Into End April 2020 Trend Forecast - 31st Mar 20
Is it better to have a loan or credit card debt when applying for a mortgage? - 31st Mar 20
US and UK Coronavirus Trend Trajectories vs Bear Market and AI Stocks Sector - 30th Mar 20
Are Gold and Silver Mirroring 1999 to 2011 Again? - 30th Mar 20
Stock Market Next Cycle Low 7th April - 30th Mar 20
United States Coronavirus Infections and Deaths Trend Forecasts Into End April 2020 - 29th Mar 20
Some Positives in a Virus Wracked World - 29th Mar 20
Expert Tips to Save on Your Business’s Office Supply Purchases - 29th Mar 20
An Investment in Life - 29th Mar 20
Sheffield Coronavirus Pandemic Infections and Deaths Forecast - 29th Mar 20
UK Coronavirus Infections and Deaths Projections Trend Forecast - Video - 28th Mar 20
The Great Coronavirus Depression - Things Are Going to Change. Here’s What We Should Do - 28th Mar 20
One of the Biggest Stock Market Short Covering Rallies in History May Be Imminent - 28th Mar 20
The Fed, the Coronavirus and Investing - 28th Mar 20
Women’s Fashion Trends in the UK this 2020 - 28th Mar 20
The Last Minsky Financial Snowflake Has Fallen – What Now? - 28th Mar 20
UK Coronavirus Infections and Deaths Projections Trend Forecast Into End April 2020 - 28th Mar 20
DJIA Coronavirus Stock Market Technical Trend Analysis - 27th Mar 20
US and UK Case Fatality Rate Forecast for End April 2020 - 27th Mar 20
US Stock Market Upswing Meets Employment Data - 27th Mar 20
Will the Fed Going Nuclear Help the Economy and Gold? - 27th Mar 20
What you need to know about the impact of inflation - 27th Mar 20
CoronaVirus Herd Immunity, Flattening the Curve and Case Fatality Rate Analysis - 27th Mar 20
NHS Hospitals Before Coronavirus Tsunami Hits (Sheffield), STAY INDOORS FINAL WARNING! - 27th Mar 20
CoronaVirus Curve, Stock Market Crash, and Mortgage Massacre - 27th Mar 20
Finding an Expert Car Accident Lawyer - 27th Mar 20
We Are Facing a Depression, Not a Recession - 26th Mar 20
US Housing Real Estate Market Concern - 26th Mar 20
Covid-19 Pandemic Affecting Bitcoin - 26th Mar 20
Italy Coronavirus Case Fataility Rate and Infections Trend Analysis - 26th Mar 20
Why Is Online Gambling Becoming More Popular? - 26th Mar 20
Dark Pools of Capital Profiting from Coronavirus Stock Markets CRASH! - 26th Mar 20
CoronaVirus Herd Immunity and Flattening the Curve - 25th Mar 20
Coronavirus Lesson #1 for Investors: Beware Predictions of Stock Market Bottoms - 25th Mar 20
CoronaVirus Stock Market Trend Implications - 25th Mar 20
Pandemonium in Precious Metals Market as Fear Gives Way to Command Economy - 25th Mar 20
Pandemics and Gold - 25th Mar 20
UK Coronavirus Hotspots - Cities with Highest Risks of Getting Infected - 25th Mar 20
WARNING US Coronavirus Infections and Deaths Going Ballistic! - 24th Mar 20
Coronavirus Crisis - Weeks Where Decades Happen - 24th Mar 20
Industry Trends: Online Casinos & Online Slots Game Market Analysis - 24th Mar 20
Five Amazingly High-Tech Products Just on the Market that You Should Check Out - 24th Mar 20
UK Coronavirus WARNING - Infections Trend Trajectory Worse than Italy - 24th Mar 20
Rick Rule: 'A Different Phrase for Stocks Bear Market Is Sale' - 24th Mar 20
Stock Market Minor Cycle Bounce - 24th Mar 20
Gold’s century - While stocks dominated headlines, gold quietly performed - 24th Mar 20
Big Tech Is Now On The Offensive Against The Coronavirus - 24th Mar 20
Socialism at Its Finest after Fed’s Bazooka Fails - 24th Mar 20
Dark Pools of Capital Profiting from Coronavirus Stock and Financial Markets CRASH! - 23rd Mar 20
Will Trump’s Free Cash Help the Economy and Gold Market? - 23rd Mar 20
Coronavirus Clarifies Priorities - 23rd Mar 20
Could the Coronavirus Cause the Next ‘Arab Spring’? - 23rd Mar 20
Concerned About The US Real Estate Market? Us Too! - 23rd Mar 20
Gold Stocks Peak Bleak? - 22nd Mar 20
UK Supermarkets Coronavirus Panic Buying, Empty Tesco Shelves, Stock Piling, Hoarding Preppers - 22nd Mar 20
US Coronavirus Infections and Deaths Going Ballistic as Government Start to Ramp Up Testing - 21st Mar 20
Your Investment Portfolio for the Next Decade—Fix It with the “Anti-Stock” - 21st Mar 20
CORONA HOAX: This Is Almost Completely Contrived and Here’s Proof - 21st Mar 20
Gold-Silver Ratio Tops 100; Silver Headed For Sub-$10 - 21st Mar 20
Coronavirus - Don’t Ask, Don’t Test - 21st Mar 20
Napag and Napag Trading Best Petroleum & Crude Oil Company - 21st Mar 20
UK Coronavirus Infections Trend Trajectory Worse than Italy - Government PANICs! Sterling Crashes! - 20th Mar 20
UK Critical Care Nurse Cries at Empty SuperMarket Shelves, Coronavirus Panic Buying Stockpiling - 20th Mar 20
Coronavirus Is Not an Emergency. It’s a War - 20th Mar 20
Why You Should Invest in the $5 Gold Coin - 20th Mar 20
Four Key Stock Market Questions To This Coronavirus Crisis Everyone is Asking - 20th Mar 20
Gold to Silver Ratio’s Breakout – Like a Hot Knife Through Butter - 20th Mar 20
The Coronavirus Contraction - Only Cooperation Can Defeat Impending Global Crisis - 20th Mar 20
Is This What Peak Market Fear Looks Like? - 20th Mar 20
Alessandro De Dorides - Business Consultant - 20th Mar 20
Why a Second Depression is Possible but Not Likely - 20th Mar 20

Market Oracle FREE Newsletter

Coronavirus-bear-market-2020-analysis

Buy Gold and Silver Stocks Before the Bear Goes into Hibernation

Commodities / Gold and Silver 2015 Apr 09, 2015 - 10:27 AM GMT

By: The_Gold_Report

Commodities

Eric Muschinski, editor of the Chicago-based Gold Investment Letter, says that investing in a bear market is not about picking the absolute bottom—it's about accumulating your favorite companies regularly and averaging in at massive discounts. In this interview with The Gold Report, Muschinski lists some highly undervalued equities and tells investors to get more aggressive, especially this summer, when he believes the bear could go into hibernation.


The Gold Report: You sent us a graph that charts gold's downtrend in bear markets since 1975–1976. That chart suggests that some bear markets end in a capitulation selloff, while others build a base for an extended period. How is this bear market trending?

Eric Muschinski: Due to the duration of the current bear market, we are more in a "grinding" bear market, which doesn't necessarily mean that we're not going to have a capitulation selloff at the end. In 1975–1976, for example, there was a harsh mid-cycle flush, so it was painful and brief. The 50% drop in the price of gold was actually more severe than what we are seeing now. But if this is a mid-cycle correction, we could see a similar percentage decline to what we saw in the mid-1970s. The current grinding bear market just exceeded the 1996–1999 bear—the second-worst bear market in both duration and severity. Only the 1988–1993 bear market, which we've already surpassed in severity, lasted longer.

TGR: What else should investors know about that chart?

EM: For me, it helps to look at facts and data instead of the emotional side of investing. Anyone who has been in the precious metals sector has been brutalized for the last four years. Our perception can be skewed in that environment, and it can work against us in the sense that investors become complacent or worse—they give up on these stocks or the sector. The chart helps me remember that we've already gone through most of the pain. Typically, 9 out of 10 bear markets in the gold sector have not lasted this long. The end is coming. How near is it? The summer of 2015 could potentially be the bottom but this bottom feels like a process that has already begun.

TGR: Is comparing this market to previous bears an apples-to-apples comparison given the relative strength of the gold price throughout this bear market and the unprecedented level of global debt?

EM: )It's a good question. It is because we can only look at history and we're comparing apples to apples in historical gold and silver prices. And from a macro standpoint, with global debt and money supply levels climbing over the last five or six years, especially in Japan and Europe, we should see a stronger rebound in the gold price from wherever the bottom ends up. I'd keep that in mind. We also have to keep in mind that gold trades differently in different currencies. Against currencies not named the U.S. dollar, gold has been incredibly strong of late. It looks as if it's already in a bull market.

TGR: The spot price for gold has not closed below $1,150 per ounce ($1,150/oz) since its peak in September 2011. How low do you expect it to go before the next bull market begins?

EM: We've seen gold pull back before in the middle of a cycle, and I believe we're still in a secular gold bull market. We could see gold shake out below $1,000/oz, yet still be within a historical metric that is consistent with what we've seen in the last 30 years. If we see gold break below $1,000/oz, it would be frightening and could be that final shakeout that's necessary for long-term gold bulls and goldbugs to throw in the towel, which is really what we need to see. We need to see that final capitulation process or event and extreme bearishness across the sector. We need to see more bankruptcies, as we saw with Allied Nevada Gold Corp. (ANV:TSX; ANV:NYSE.MKT). That would mark the low in the gold price. I'm prepared for $950–1,050/oz as the ultimate low. But so are a lot of other professional investors, so it may not play out that way.

TGR: Allied Nevada filed for bankruptcy and a dozen or so Canada-listed companies have changed course to become medical marijuana companies. Yet you see positives in those stories.

EM: It comes down to investor psychology. Everybody wants to buy when things are rising. For example, when I was a broker in 2000 there was a buying frenzy for Internet stocks. A client in construction sent his great aunt to me to open her first brokerage account because she wanted to buy Internet stocks. That's the type of mentality we see at market tops. We tend to see the opposite at market bottoms—disgust, fear, indifference and negativity. We want to hear about more bankruptcies because bull markets are birthed in a negative environment, and capital then supply dry up, eventually boosting prices via economics 101. If we see more companies turn into medical marijuana companies and if we have more Allied Nevadas, it means that we're getting closer to the bull being birthed.

TGR: Most of the people that I talk with for The Gold Report seem to believe that there are 12 to 18 months to go in this bear market. How should investors play it?

EM: Another 18 months would make this market the longest bear in history. If we get a flush in gold—a scary flush—this summer or fall, which is usually the worst time for gold and gold stocks, then we're going to be aggressive buyers, so you want to have some cash to put to work. You want to be a buyer toward the end of the bear market. You do not want to be complacent or a seller.

"The potential at Bruner, a Canamex Resources Corp./Patriot Gold JV, is fantastic."

My challenge is that I have subscribers and friends that bought certain mining stocks a lot higher and it's imperative to bolster their long-term positions versus just "hanging in there" and not selling. It's not about picking the absolute bottom. It's about accumulating your favorite companies on a regular basis and averaging in and buying assets at massive discounts. There are companies out there that are trading at less than cash. That means you can own multimillion-ounce gold deposits for free. That's not going to last. You don't have to pick the exact bottom, and you probably won't even if you try. Be patient. Buy and chip away. Start to get more aggressive, especially this summer.

TGR: Is that what you're telling your subscribers?

EM: We have been aggressive at the Gold Investment Letter, especially late last year when we were not afraid to play the downside of the market by taking positions in the 3X ETFs like Direxion Daily Gold Miners Bear 3X ETF (DUST) and Direxion Daily Junior Gold Miners Bull 3X ETF (JNUG). We had a good rally in the gold shares, yet it was clear that we were not done with the bear market, so I like to trade the downside to generate more capital to buy cheap companies. If you're losing sleep at night, instead of selling out of your gold stocks, buy one of the inverse exchange-traded funds (ETFs) to mitigate the decline in your portfolio. You can do that with 10–20% of your portfolio to help you sleep at night.

TGR: What are some specific ETFs or exchange-traded notes that you like?

EM: The one I love the most to have exposure to physical gold and silver is the Central Fund of Canada Ltd. (CEF:NYSE.MKT; CEF.A:TSX), which is trading at a 7–8% discount to net asset value (NAV). ETFs like this one tend to trade at discount to NAV in really bad markets and at premiums to NAV in really good markets. There are two other components that are good about the Central Fund. One is that you actually own physical gold and silver, about a 60/40 gold to silver split, that you know is there because of its meticulous third-party audits. The other component is storage. You don't have to worry about buying a monster box of silver to have a good position. You can have that exposure to the physical metal by buying the Central Fund. I really like it.

If you want pure gold, there is the Central Gold Trust (GTU:NYSE; GTU.UN:TSX), run by the same people who run the Central Fund. It's liquid and trades at a discount to NAV.

TGR: What's your investment thesis for equities?

EM: The beauty of this type of a market is that we get to be very picky. It's absolutely a buyer's market. I look to buy best-of-breed companies with strong cash positions. There are companies out there with at least a couple of years of operating capital. Those companies are not going to need to raise capital at the bottom of the market and can be looking to acquire cheap projects. If a company has to raise money in the next, say, 9 to 12 months, it goes off my list. Moreover, a company's flagship project has to be in a potentially safe jurisdiction (with certain exceptions) and have a proven resource, so you know you're buying gold at $5–10/oz in the ground or less. Then these companies should have a catalyst that makes them the cream of the crop.

TGR: What are some narratives that you're following?

EM: A quality junior is Midway Gold Corp. (MDW:TSX.V; MDW:NYSE.MKT). This is a Nevada-focused explorer and producer. The company poured 100 oz gold in late March at its Pan gold project, and production is going to scale considerably from there. In addition to Pan, Barrick Gold Corp. (ABX:TSX; ABX:NYSE) is spending about $20 million ($20M) drilling Midway's Spring Valley project and has earned a 70% stake in the joint venture. Midway has another project in Nevada called Gold Rock, which could be put into production in short order.

"Medallion Resources Ltd. has an interesting angle on rare earth production—it is a REE separation play."

Midway is a junior that is going from explorer to producer and has raised well over $100M in the last 18 months. Its market cap is around $72M, with roughly $28M in bank debt. But the company needs another $5M to meet its obligations. CEO and President Bill Zisch is a former executive with Royal Gold Inc. (RGL:TSX; RGLD:NASDAQ), which finances companies in exchange for production royalties. I wouldn't be surprised to see a deal with Royal Gold to get that shortfall covered. About 50% of Midway shares are owned by institutional investors and the stock had been trading at a market premium. If the stock is under $0.35/share, I think it's a real bargain. We crushed it just last week buying in the high $0.20s/low $0.30s and trading out of a chunk at a nearly 50% profit, holding for about one week. But, I'm looking to add some of that back and kept the shares I own now for free from the trading profits.

TGR: Tell us about another name.

EM: One that's interesting is Patriot Gold Corp. (PGOL:OTC.MKTS) and I should disclose that I am an advisor to the board of directors and a fairly significant investor in the company. It's not super liquid and trades at around $0.07/share, but it has two properties that many investors will recognize: Bruner in Nevada, a joint venture with Canamex Resources Corp. (CSQ:TSX.V; CNMXF:OTCQX; CX6:FSE) as operator, and Moss in Arizona, which is run by Northern Vertex Mining Corp. (NEE:TSX.V; NHVCF:OTCQX) in a similar structure.

Canamex has to spend $8M to earn a 70% stake and it is approaching that amount. The potential at Bruner is fantastic. Both Gold Resource Corp. (GORO:NYSE.MKT) and Hecla Mining Co. (HL:NYSE) have invested in Canamex directly to get exposure to Bruner and may be candidates to buy Bruner from Patriot and Canamex or buy one or the other.

Northern Vertex, meanwhile, has to spend $8.5M and provide a bankable feasibility study to earn a 70% interest in Moss. However, Northern Vertex has spent closer to $20M so far and produced about 5,000 oz (5 Koz) gold testing a pilot plant. Patriot has received nearly $30M in development spending on its two discoveries, one of which should produce about 40–50 Koz per year in Arizona. Yet Patriot's market cap is only $3M.

TGR: Patriot and Canamex recently released an initial resource estimate for Bruner. What are your thoughts on it?

EM: It's early. It was a modest maiden resource estimate that will probably grow considerably over time. I've talked to a couple of geologists who have brought mines into production and they feel extremely confident that Bruner has the potential to be a mine. There's a lot more gold there to be found.

TGR: What is the next step for Patriot Gold?

EM: Moss requires about $30M to get a mine built. Patriot has a few different options. If it raises its share to maintain 30% ownership, $8–9M, then it will be a partner as a producer, but its worst case is being diluted to a net smelter royalty (NSR) of 3% on Moss, which is a healthy royalty. We're talking about millions in cash flow from a 3% royalty on annual production of 40–50 Koz gold. It would be easier for Northern Vertex to raise the necessary capital as the sole owner of the project, so we could see Patriot do a deal with Northern Vertex where Vertex takes the whole project over in exchange for an expanded NSR, maybe some shares and cash.

TGR: What are some other companies you're following?

EM: The other one I love is Orca Gold Inc. (ORG:TSX.V), with a market capitalization of about $37M. The company has $35–37M in cash. The people who run Orca ran Red Back Mining, which was sold to Kinross Gold Corp. (K:TSX; KGC:NYSE) for over $9 billion ($9B). It was a huge success. They're all rich beyond belief, so they're not going to get involved in anything that's going to be small or modest.

Orca is working in an area of Sudan that seems substantially safe. The Measured and Indicated resource on its Block 14 mineral license is already over 1.3 million ounces. There's never been any drilling done in this area. Orca is going to move this project forward at a modest pace to conserve cash while we're still in a bear market. Meanwhile, we are seeing more drill results. Some of them look very compelling. This one could be a monster.

TGR: You also follow some small-cap equities that are not in the precious metal space. Please tell us about some of those stories.

EM: One is Medallion Resources Ltd. (MDL:TSX.V; MRD:FSE; MLLOF:OTCQX), a rare earth elements (REE) company. The rare earth sector has been slaughtered. However, there is a need for rare earths, especially the heavier rare earths, in the many products that we use every day like tablets, smart phones and LED lights. The question is which company is actually going to get into production? A lot of REE projects have huge capital expenditure numbers. Medallion has an interesting angle on rare earth production: it's a REE separation play. Separating REE from monazite is a known process and the company is working with potential customers to process REE at a facility that would cost $15–18M to build. If it can secure supply agreements with certain firms, Medallion could generate $30–35M annually processing REE. Medallion is a speculative play at $0.06/share. It's a good one to keep an eye on.

TGR: Any others?

EM: Jagercor Energy Corp. (JEM:CNSX; JAMTF:OTC) is an interesting oil play in Argentina, which has been a problematic jurisdiction for quite a while. Jagercor is producing oil and the Argentine government pays domestic producers a set price of $77 per barrel ($77/bbl). That has come down from $84/bbl on Jan. 1 but remains well above the price of Brent Crude. It should remain above world market prices because the bureaucracy in Argentina has destroyed domestic production in a country that has massive oil and gas reserves. Last year Argentina imported $14B in oil and the country needs to stimulate domestic production.

Jagercor has taken the risk out of being a producer and has strong management with a CEO who has managed over 500 people and 15 active rigs for YPF Repsol, Argentina's largest oil producer. Jagercor produces roughly 200 barrels per day at $77 each or approximately $250,000 a month, with a burn rate of $50,000—that's $2.4M annually with only three wells. Let's call it $2M, and with a modest multiple of 10 times earnings Jagercor is a $0.20+ stock. That should grow as Jagercor expands to eight wells this year with its partners. The stock is trading around $0.05/share.

TGR: What is something investors should always be cognizant of in a bear market?

EM: Be cognizant of when you want to be aggressive as a buyer. The problem with bear markets is that they go on for so long that we fall asleep or get pissed off and end up shunning the best buys in the market. One of the greatest values in any asset class right now is where we are focused: precious metal mining companies. They're trading at massive discounts to historical norms and are flat out cheap. We understand this sector. Let's be the ones to take advantage of it and be buyers of these cheap assets.

TGR: Thank you for talking with us today, Eric.

Sign up for the free Gold Investment Letter E-Letter.

Eric Muschinski, the editor of Gold Investment Letter, is founder and CEO of Phenom Ventures LLC, president and co-founder of Investor Media Inc. and co-founder and managing member of Diadem Media Group. Muschinski has been recommending gold and silver accumulation since 2003 to his clients and has over 15 years of diverse experience in the capital markets. Initially as a general securities broker, and later becoming recognized as a specialist assisting the needs of high-net-worth investors, Muschinski focused his practice on alternative investments, including venture capital, private equity and alternative investment management, exclusively for accredited investors and institutions. Prior to Waveland Capital Partners where he worked from 2006–2011, Muschinski was vice president and co-founder of GunnAllen Venture Partners and has also served in the Private Client Group with McDonald Investments Inc. Muschinski studied business economics and psychology at the University of Wisconsin-Whitewater while interning at both Piper Jaffray and Merrill Lynch.

Want to read more Gold Report interviews like this? Sign up for our free e-newsletter, and you'll learn when new articles have been published. To see recent interviews with industry analysts and commentators, visit our Streetwise Interviews page.

DISCLOSURE:
1) Brian Sylvester conducted this interview for Streetwise Reports LLC, publisher of The Gold Report, The Energy Report, The Life Sciences Report and The Mining Report, and provides services to Streetwise Reports as an independent contractor. He owns, or his family owns, shares of the following companies mentioned in this interview: None.
2) The following companies mentioned in the interview are sponsors of Streetwise Reports: Canamex Resources Corp. and Medallion Resources Ltd. The companies mentioned in this interview were not involved in any aspect of the interview preparation or post-interview editing so the expert could speak independently about the sector. Streetwise Reports does not accept stock in exchange for its services.
3) Eric Muschinski: I own, or my family owns, shares of the following companies mentioned in this interview: Patriot Gold Corp., Medallion Resources Ltd., Jagercor Energy Corp., Central Fund of Canada Ltd., Midway Gold Corp., and Orca Gold Inc. I personally am, or my family is, paid by the following companies mentioned in this interview: None. My company has a financial relationship with Medallion Resources Ltd. I also own options in Patriot Gold Corp. for my role as an advisor to the board of directors. I was not paid by Streetwise Reports for participating in this interview. Comments and opinions expressed are my own comments and opinions. I determined and had final say over which companies would be included in the interview based on my research, understanding of the sector and interview theme. I had the opportunity to review the interview for accuracy as of the date of the interview and am responsible for the content of the interview.
4) Interviews are edited for clarity. Streetwise Reports does not make editorial comments or change experts' statements without their consent.
5) The interview 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.
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 families are prohibited from making purchases and/or sales of those securities in the open market or otherwise during the up-to-four-week interval from the time of the interview until after it publishes.

Streetwise - The Gold Report is Copyright © 2014 by Streetwise Reports LLC. All rights are reserved. Streetwise Reports LLC hereby grants an unrestricted license to use or disseminate this copyrighted material (i) only in whole (and always including this disclaimer), but (ii) never in part.

Streetwise Reports LLC does not guarantee the accuracy or thoroughness of the information reported.

Streetwise Reports LLC receives a fee from companies that are listed on the home page in the In This Issue section. Their sponsor pages may be considered advertising for the purposes of 18 U.S.C. 1734.

Participating companies provide the logos used in The Gold Report. These logos are trademarks and are the property of the individual companies.

101 Second St., Suite 110
Petaluma, CA 94952

Tel.: (707) 981-8999(707) 981-8999
Fax: (707) 981-8998


© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in

6 Critical Money Making Rules