Andrew Racz
Director of Research
300 East 54 Street, Suite 26C
New York, NY 10022
Phone: (212) 319-6949
Fax: (212) 753-1944

US Gold Corporation

December 1, 2008 




Price range (52 weeks):

.71 - 5.18

Shares outstanding:


Market cap:


U.S Gold is engaged in the exploration and mining of
gold & silver in Mexico and Nevada.

U.S. Gold -- a pure exploration company -- is the brain child of Robert McEwen. In his previous career, he built up Goldcorp.
GG has a market value of $35 billion.

He is in the league of Bill Gates, Warren Buffett and George Soros. He is somewhat of a folk hero.

A second career is not a given. Napoleon, Teddy Roosevelt and Bobby Fisher have practically failed, but their achievement is permanently printed in history.

ANDREW RACZ:  Robert, you have a company, U.S. Gold. It's not your only company, by the way, U.S. Gold has $50 million market cap, 75,000,000 shares, a number of mining projects which cost money, about $15-16 million a year for drilling expenses. After a great career, why did you end up here and where are you going?

ROBERT MCEWEN:  Why did I end up here? Well, Goldcorp had grown and I thought it was time to step aside and go back to where you create money, and that's in the exploration field. That usually is in the junior companies. You look for a situation, or at least I was looking for a situation, that had promising geology or had management or both, and I could buy it at a good price. I think we're at that point again today.

Goldcorp is among the top North American gold producers.
Mr. Robert McEwen was chairman for 14 years. He was the largest stockholder. At $26, GG is listed on the NYSE. At the current price, it has a market cap of $17 billion. All-time high was a market cap of $35 billion. In contrast, the current market cap of U.S. Gold is $75 million.

Q:  What was on your mind when you set up U.S. Gold?

A:  I wanted to invest in a junior mining company because, as I said, that's where you can get the best leverage on a discovery.

On November 24, 2008, South African large gold stocks were trading between 10 percent and 16 percent firmer, revealing the value to be had in the section. Gold Fields (GFI) were 16.03 percent or 10.30 rand firmer at 74.55 rand while shares in Harmony Gold Mining (HAR) were up 11.29 percent or 7.51 rand at 74.01 rand.

Gold started the year at $846.75 an ounce and touched $1,011.25 in March. Credit Suisse Standard Securities mining investment analyst David Davis said the gold price had been hijacked by large U.S. banks on COMEX.

I wanted to have a place that was in a Geo-politically safe environment, so North America, the United States was right at the top of my list. I wanted to be in a dollar zone because I felt the dollar was going down. In that way I could contain my costs. You'd seen elsewhere in the world that the dollar appreciating, everybody's operating costs were going up. So I wanted a Geo-politically safe dollar zone, and I wanted to be in an area where there was the possibility of making a large discovery and Nevada filled that bill. In Nevada, we located in the Cortez Trend, part of the number two Trend in Nevada right now after Carlin. Carlin has 180 million ounces of gold discovered, and the Cortez Trend, which is twenty or thirty miles to the west, appears to be under explored. There's about 90 million ounces that have been defined along it, and it looks like there's a lot still to be found, or the potential is there. In addition, the largest discovery in the last ten years in Nevada was right next door to U.S. Gold's property. So I thought if I could assemble a large package of properties in Nevada, do a financing, that would give us enough money to explore for three plus years without having to do a new financing. However, the expected scenario for the U.S. dollar makes it desirable for aggressive forward steps, including large scale financing.

Q:  Exploration is in many respects like a blind date.

A:  You never know what you're going to get.

Q:  And you can, I presume, explore in a wide variety of places. There are a number of companies and in a way I noticed you are in Alaska. There's potential gold in Alaska. And they discovered an enormous amount in Mongolia, up to $44 million ounces of gold. What I would like to ask is exploration in a different phase of its history today than it was let's say twenty-five years ago?

A:  It has many of the same features. The largest everyone has to consider is the probability of success is low. There are a lot of companies engage in exploration, but few companies that make a discovery. And amongst these few that make a discovery, you want to make sure that what they're exploring is in a region of the world that the government there is not going to come along and take it away.

Q:  Forgetting the government, because that's a different subject, but is the whole concept of exploration, finding new gold, is it in a different phase than it was twenty-five years ago?

A:  The objective is the same, but it's probably more difficult in some ways because the close-to-the-surface deposits most people believe have been found. There is more sophisticated technology being employed, but I wouldn't say that the rate of discovery has picked up. The big discoveries, a number of them are still being found near areas that were mined in the past.

Q:  As a matter of fact, I read that many mines are closing down or cutting back because of the cost. So as a result, the reward for success is greater.

A:  Yes, it's been going down. There will be fewer participating.

Q:  You said that surface mining, the price of gold is higher and when you go deeper down, you have a great chance of finding gold on the surface?

A:  Not necessarily.

Q:  It's not a correlation.

A:  No. One process came called [heap leaching] that allowed people to mine shallow lower-grade or lower concentration of gold deposits. Then there are different recovery processes that come along, infrequently, but they allow you to extract more gold from the rock that you could before.

Q:  However, a higher priced gold, consistently higher, let's say $1,000 or higher, enables most drilling companies with knowledge to go deeper down and spend more money on exploration.

A:  Well, it allows them to go deeper but in the last several years we saw something that was quite surprising. Of course it shouldn't have been surprising, but with the higher metal prices everybody wanted to be in mining. A large number of people, more than there were at the time. So there was big demand on all the suppliers to the industry, such as drilling companies and people providing the experience and supplies and large capital equipment. That put a big cost push into the equation and you found long delays appearing in the industry, a shortage of drill rigs. The price of it went up as a result. The chemical analysis or the assay of drill results took longer to get because there were more going in. Labor was in big demand and so the price of it went up for talented geologists and mining concerns. Right now the demand has slowed considerably as many companies are right now retrenching, cutting all their overhead and saying let's just preserve our cash and wait until a better time, because the equity markets won't allow us to go back to them to get more money. To me this is a good time to be exploring because, one, there's not a lot of competition in terms of putting out results, but you will find something and you just have to keep going.

Q:  Capital markets today are front page stories every day. I have recently returned from London and the net opinion was that it is almost impossible to raise money unless the mining company has extra qualifications, confirmations, and so on. So we are reaching at the moment a stage when most junior mining companies simply cannot raise money. Those who can will have a tremendous advantage over the rest.

A:  That's right. The last time gold and metal prices were down would be in the late nineties, beginning of 2000. When I was running Goldcorp then, we had a very rich deposit that we discovered and we were able to raise capital. I believe the same would be true today, that if we had a good discovery, a rich discovery, it would be able to raise capital. And one of the seniors just yesterday planned to raise $300 million. They went out and raised, I think, $250 million. So there is money there for gold, and I think there will be an increasing amount of money going towards gold.

Deflation is a particularly pernicious economic condition. It is far worse than inflation. Prices decline in deflation. The impact of this is that a person with cash sees the buying power of that cash increase, whereas the owner of the assets with declining values sees the cash value of those assets decline. This is the superficial picture.

In inflation, the buying power of cash declines, whereas the cash value of assets rises. Those who can keep their prices rising in line with inflation (wages, too) actually appear to be enjoying greater wealth. Inflation promotes growth of business, provided it is not in a runaway state. Debts lose value over time as the volume of money rises and become easier to repay, making borrowing attractive. So tempering the availability of that cash (by Central Banks, usually through interest rates) is all it takes to wind down inflation and without that much damage to the economy, particularly once growth has momentum.

Q:  If we look at the global picture, it's reported that the world needs about an additional one or one and a half trillion dollars equity capital to stabilize the situation. The United States is already throwing a trillion dollars but it's not equity. Well, partially equity but not real equity. And the rest of the world one and a have trillion, which is absolutely not equity, or 10 percent may be equity. So in other words, you have two and a half trillion dollars chasing I presume banks, companies, whatever they're using it for, repayment of debt but that somehow filters through the system without equity support. Ever since I was very young after the war, there was a tremendous surge towards gold in Europe, Hungary and almost every European country because the money lost its value. There was no stock market in those days, but money lost its value and my family was in the black market in gold and Swiss francs and the family did very well. But that was the only way we always had value at home and we could exchange gold from the villagers who came to Budapest, half a pig for the winter, food or whatever. I remember my stepfather said to me, you know, in gold we trust, gold we preserve the value.

Now, we are in almost the same stage. Are we going to see an incredible run towards gold and gold-related assets?

A:  I believe we are. I believe, and have for quite some time, believed that gold was going higher. When I was running Goldcorp in 2001, I started the policy of not selling all of our gold production. Gold was $270 at the time. I believed it was going higher so if I held it back, that could increase the earnings for the company and increase the financial assets at our disposal by the reciprocal of our tax rate. Actually, Goldcorp still has upward leverage.

Q:  What is it you foresee now?

A:  I see $2,000 by the end of 2010 and by the end of this cycle, it looks like $5,000.

"How many shareholders can say their stock has actually risen in the carnage of the last four weeks? It's probably safe to say you could probably count them on one hand. Owning shares in Goldcorp is the exception. Its performance has been nothing less than stunning, as its shares have rallied 72% from their 10/27 lows of $13.84 to close at $24.22. Thanks to a 6.6% spike in gold t $801, and a strong showing in the S&P, Goldcorp rocketed up 27%, as its stock tacked on a whopping $5.19 from its previous close of $19.03."

Analyst expectations are just too low. A good portion of analyst expectations are modeled utilizing gold prices ranging from $650-750. The analysts are far too conservative, as their forecasting does not seem to take into consideration the possibility of further appreciation in gold prices. Now that gold has broken the $800 resistance area, the chances of a momentum gain, and a subsequent run to the $1,200 area is certainly not out of the question.

Goldcorp's current 2009 analyst earnings estimates are probably too low at 67 cents, and need to be raised in direct correlation to the price of gold. For every $50 rise in gold, Goldcorp's earnings should increase 20%, meaning if gold rallies back to $1,000, the company's earnings should increase by 80% to $1.20.

Q:  In other words, just as my family was black marketing, had some cash, converted it immediately to either Swiss francs or gold, and preserved our income so we could eat every day. Now on a much greater scale, this conversion feature to gold will happen.

A:  Yes. You can go back to the seventies when there was a crisis in the monetary system and Swiss banks were charging 4 percent a year to keep your money in Swiss francs in their bank accounts because the franc was considered almost as good as gold. That was all about the anxiety surrounding where do I keep my money, how do I protect my money? Certainly gold fulfills that mandate and has done so over the millenniums, during periods of extreme distress. I'd have to say today is one of those periods.

Q: Now the scale is infinitely bigger.

A: No question about it, huge.

As we look at the market, particularly the source of that aggressively selling, COMEX, we see that the net speculative long position in gold has dropped amazingly from well over 600 tons to close to 130 of gold. The aggressive sellers look as though they are now exposed "naked shorts" for even when gold was at $300, the net speculative long position was 300 tons. Now as "forced selling" peters out, uncertainty rises as we face deflation attacked by inflationary expansion of the money supply, we will see gold's value rise and strong.

Q:  For instance, Citigroup right now is $4.19. So a normal retired teacher who bought 1,000 shares of Citigroup at $30, if he had sold it and put it into gold would be infinitely better off than if he just lived his life in a normal fashion. So you have an enormous amount of money which will be converted into cash because of the media. Today the Wall Street Journal said that everything is over about Citigroup. Tomorrow after the surge of the gold shares, there will be an article three days in a row gold is up four dollars, twelve dollars, twenty-four dollars, and Barrick, Goldcorp and Anglo Shanti have each gone up 20 percent. This will be a front page story.

Citigroup says gold could rise above $2,000 next year as world unravels.

The bank said the damage caused by the financial excesses of the last quarter century was forcing the world's authorities to take steps that had never been tried before. This gamble was likely to end in one or two extreme ways: with either a resurgence of inflation, or a downward spiral into depression, civil disorder, and possibly wars. Both outcomes will cause a rush for gold.

Gold traders are playing close attention to reports from Beijing that China is thinking of boosting its gold reserves from 600 tons to nearer 4,000 tons to diversify away from paper currencies.

Therefore, my retired teacher reading this has let's say has 1,000 shares of Morgan Stanley, which is still $10, will sell the 1,000 shares at $10 and buy 500 shares of Goldcorp. So in other words, there will be a shift at a different level towards gold because of the worldwide publicity. It makes sense?

A:  People are looking for an answer. They're looking for a place to put their money where they're not going to lose purchasing power but not decline in value as well. Just look at the growth and the run-up today in some of the gold stocks. U.S. Gold ran from 92¢ to $1.00 in November, 2009.

Q:  Tomorrow the New York Times, front page story, Barrick is up 5 points. Then on Monday, many people will sell Eastman Kodak, IBM and buy Goldcorp, Barrick or U.S. Gold. They will buy a whole list of gold stocks because they say, well, my friend Joe did it six months ago, I should have done it but it's too late, security first. So you have an enormous flood of money towards one single item which could lead to a biog run-up on stocks, gold-related financing, and maybe a whole set of new gold-related financing.

A:  Yes, that's right.

Q:  So in other words, it's a new world which we have never seen.

A:  Not this generation.

Q:  Now, let me ask this. You have Mexico and Nevada drilling. Nobody can foresee it, but let's assume you have at least a bit more than average success and stock goes to $1.50. With that at least moderate success behind you, you have the contacts to go to a British firm -- they're more active than Americans -- and raise $100 million, equity, bonds, whatever. What would you do with that money?

A:  One, I'd keep our exploration going, accelerate it in a couple of areas where we're seeing good encouragement. And then looking around and looking to add to our package. With that type of money you could take some significant interests in a lot of promising exploration projection. Let us take a look at a cash-starved silver project, Silvermax.




Shares outstanding:


Cash raised for silver drilling:


13.401 silver reserves:

18M ounces

Cash starved gold and silver mines are common.

Underwriting activity is almost non-existent.

Q:  So in other words, you would be returning to empire building.

A:  This is the time to be entering this market. It might not be the bottom, but it's much closer to the bottom than it is the top.

Q:  This is the time to build an empire for people who have access to money, knowledge of exploration, and the desire to build empires.

A:  Yes.

Q:  And the conditions are right.

During the depression, Paul Getty had many oil wells. He used his oil income to purchase Tidewater Oil shares on a weekly basis. In 1980, Getty Oil, the successor of Tidewater, was worth $10 billion.

A:  They're good. As you said earlier on, there's massive amounts of liquidity, unprecedented amounts of liquidity, unimaginable amounts of liquidity being pumped into the system. The paper currencies of the world are going to be debased. Someone gave me the other day a copy of a $100 billion note from Zimbabwe, and I thought, $100 billion -- what does that buy? And he said it would probably buy a loaf of bread in Zimbabwe. That's an extreme case but gold is money and paper currency isn't. So bad money drives good money out of circulation. Bad money is too much paper money.

Q:  You already had one career behind you, and then you have the desire to build another career, another empire, another company or whatever you want. Sometimes life gives opportunity to determined and enterprising people. Actually, some great people failed, Napoleon and Teddy Roosevelt. The Curry family had two lives. Your neighbor, Peter Monk, has been going on forever and ever.

A:  He's had numerous careers.

Q:  He had setbacks earlier, but he's going on forever.

A:  He is. He's a dynamo.

Q:  You had a vision which makes sense, but what is interesting to observe is that suddenly circumstances became in your favor. We have the largest flood of money in the world. We have the most inept finance ministers that mankind has probably ever known. The desire of people to work and get paid in paper currency, and also a desire to convert it into something which is stable. These factors then create a gold market which the world has never seen. If on top of it, your exploration is a success, your stock will have...your original theory was I have only 60 or 70 million shares and Barrick has a billion; if I find something, my leverage is bigger than Barrick's. I remember you told me that and it made some sense. But anyhow, if your exploration is successful and the stock is a different price because of the contacts and you raise $100 million, you will probably duplicate your previous career. But because of the circumstances of the monetary system of the world, it could be bigger than even you have ever thought about it. That's it. You agree?

A:  Yes. One comment on when you talk about the inept finance ministers, what they are doing by printing so much money is the largest increase in tax on the general public that we've witnessed probably in a hundred years. Maybe the Weimar Republic might have been close to it. But it is a tax because it steals from everyone's savings. It lowers the purchasing power of everyone's dollar. So the conservative person who's protecting his money and holding it in cash finds that it will buy much less very quickly.

Q: The coin business is booming.

El Gallo Returns Good Results:
43.6 opt Silver & 0.45 opt Gold over 55 ft.,
including 104.1 opt Silver & 1.0 opt Gold over 20 ft.

Strong Grades Continue at Palmarito:
29.1 opt silver over 5 ft. within
14.5 opt silver over 25 ft.

U.S. GOLD CORPORATION announces encouraging drill results from two projects within the Magistral District, Sinaloa, Mexico.





New high-grade "El Gallo" discovery: 22.2 opt Silver over 5 ft. within 13.2 opt silver over 15 ft. Palmarito returns richest grades yet: 24.4 opt silver over 5 ft.
Within 8.5 opt silver over 75 ft.

Toronto, Ontario (November 19, 2008). U.S. GOLD CORPORATION announces that recent conventional rotary drilling in the Magistral District, Sinaloa, Mexico has intersected high-grade silver in two locations. The first location is a new discovery called El Gallo. The best intercept from El Gallo returned 22.2 ounces per ton (opt) silver over 5 feet (760.0 grams per ton (gpt) silver over 1.5 meters), within 13.2 silver over 15 ft. (453.0 gpt silver over 4.6m). The second, Palmarito's new Southwest Zone, has returned the richest silver grades since U.S. Gold began exploration at the project; 24.4 opt silver over 5 ft. (836.0 gpt silver over 1.5m), within 8.5 opt silver over 75 ft. (291.9 silver over 22.9m). Mineralization in both areas starts close to surface.





Magistral mine: 0.17 opt gold over 25 ft., including 0.35 opt gold over 10 ft.
Palmarito: 6.9 opt silver over 25 ft., including 12.2 opt silver over 5 ft.

U.S. GOLD CORPORATION announces that drilling within the Magistral District, located in Sinaloa State, Mexico has successfully intersected more encouraging gold and silver mineralization at the Magistral Mine and Palmarito Project.






U.S. GOLD CORPORATION announces that drilling at Gold Bar, located south of the company's Tonkin project in the Cortez Trend, successfully intersected what U.S. Gold's geologists believe is a new mineralized zone, similar to those previously mined at the property between 1985-1997. Drilling in this new area returned 0.07 opt over 50 ft., including 0.15 opt over 20 ft.






U.S. GOLD CORPORATION announces that drilling within the Magistral District, Sinaloa State, Mexico, continues to expand the mineralization and intersect richer silver grades at the Palmarito Project. Drilling has successfully extended the Main Zone by 310.0 ft. to the northeast ad 105.0 ft. vertically. The furthest hole drilled to the northeast returned 23.7 opt silver over 5.9 ft. silver, within an intercept of 9.2 opt silver over 31.0 ft. The zone remains open and shows good potential for expansion.


Information contained herein is based on data obtained from recognized statistical services, issuers reports or communications or other sources believed to be reliable. However, such information has not been verified by us and we do not make any representation to its accuracy or completeness. Any statement non-factual in nature constitutes only current opinions which are subject to change. BERAL INC. or their officers, directors, analysts or employees may have positions in the securities or commodities referred to herein, and may as principal or agent buy and sell such securities or commodities. An employee, analyst, officer or a director of BERAL INC. may serve as a director for companies mentioned in this report. Neither the information nor any comment expressed shall constitute an offer to sell or a solicitation of an offer to buy any securities or commodities mentioned herein. There may be instances when fundamental, technical and competitive opinions may not be in concert. This firm may from time to time perform investment banking or other services for or which investment banking or other businesses from any company mentioned in this report.



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"Watergate Saved Nixon's Life"
Posted November 28, 2007

"The Mongolian Wakeup Call"
Posted November 16, 2007 

"Sanj Bayar -
The Prime Minister of Mongolia"

Posted November 15, 2007 

"Stalin & Chavez"
Posted November 9, 2007 

"Tagish Lake Gold Corp."
Posted November 1, 2007 

"Gold Indexed Bonds"
Posted October 11, 2007

"Jasper Mining Corporation"
Posted September 27, 2007

"Ghengis Kahn Returns"
Posted September 27, 2007

"Interview with Professor William Pfaffenberger - Torch River Resources"
Posted September 22, 2007 

"Interview with
Jim Davis - President of Leeward Capital Corporation"

Posted September 4, 2007 

"Interview with
David Hjerpe - Newmac Resources, Inc."

Posted August 27, 2007 

"The Age of Special "Corporate" Relationships"
Posted August 23, 2007

"Entrée Gold Inc."
Follow Up Report #1

Posted July 24, 2007

"Aldershot Resources Ltd."
Posted July 16, 2007 

"Portal Resources"
Posted June 12, 2007 

"Ghengis Kahn Was Hungarian"
Posted May 31, 2007

"Bayswater Uranium Corp."
Posted May 30, 2007 

"Brilliant Mining Corp."
Posted May 22, 2007

"Golden Valley Mines, Ltd"
Posted April 21, 2007

"Warren Buffett - Franklin Roosevelt"
Posted March 15, 2007

"Rubicon Minerals Corp."
Posted March 1, 2007

"Robert Friedland -
The Man of The Year"

Posted February 21, 2007

"Lexam Exploration, Inc."
Posted February 11, 2007

"My Father Died In Auschwitz"
Posted January 19, 2007

"WisdomTree Investments, Inc."
Posted December 26, 2006

"Entrée Gold Inc."
Posted December 13, 2006

"Aero Mechanical Services, Ltd"
Posted November 17, 2006

"This Year I"m Voting For Dick Nixon"
Posted November 7, 2006

"Global Options
Group, Inc."

Posted November 1, 2006

"The Arrival of the
Nickel Billionaires"

Posted October 18, 2006

"The Kennedy-Nixon debate revisited"
Posted October 4, 2006

"Brilliant Mining Corp."
Posted September 17, 2006

"A Matter of Reasonable Doubt"
Ken Lay - Enron

Posted August 30, 2006

"Silver Wheaton - SLW"
Posted August 28, 2006 

"Silver In The
Twenty-First Century"

Posted August 16, 2006

"The Age of Mediocrity"
Posted July 19, 2006

"Let There Be Sunshine"
Kirk Kerkorian

Posted July 12, 2006

"Oil & Gas
Energy Crisis Solution"

Posted July 3, 2006

"I Am An Immigrant!"
Posted June 7, 2006

"Northern Star
Mining Corp."

Posted May 19, 2006 

"Gateway Gold:
It"s A Gold Story"

Posted May 15, 2006

"Ken Lay's Legacy"
Posted May 8, 2006

"The Principal Guest Was Missing"
Posted April 25, 2006

"J.P. Morgan Offers Advice To Ken Lay"
Posted April 11, 2006

"Pocketful Of

Posted April 8, 2006 

"Midway Gold
Posted March 23, 2006 

"Harvest Gold"
Posted March 2, 2006 
"Sparton Resources"
Posted March 1, 2006 

"Interview with
Robert McEwen-
U.S. Gold Corporation
Posted February 22, 2006 

"A Tribute to
Rudy Giuliani
Posted February 15, 2006
"Your Money Is Not Yours"
-Enron & Martin Siegel, Esq.

Posted February 9, 2006

"Other People"s Money -Enron & Martin Siegel, Esq."
Posted January 28, 2006

"Northern Star Mining"
Posted January 16, 2006 
"Sonesta International Hotels Corporation"
Posted December 29, 2005 

"The Currency of Mass Destruction"
Posted December 5, 2005
"Bunker Hunt-Silver-China"
Posted November 28, 2005

"50 Relatives Worse Than Yours"
Posted November 14, 2005

"Then And Now"
Posted November 9, 2005 

"The Business of Hungary is Business!"
Posted October 31, 2005

"Mr. Prime Minister"
Posted October 13, 2005
"U.S. Gold Corp."
Posted September 29, 2005

Posted September 23, 2005

"Mr Clarke -
Call In The Boys"

Posted September 12, 2005
"A Letter To
President Bush"

Posted September 8, 2005

"Mr. Smith Goes To Hungary"
Posted September 1, 2005
"Orko Gold"
Posted August 18, 2005

 "Near Hit"
Posted August 16, 2005

"An African Queen"
Posted August 11, 2005

"1848 and Beyond"
Posted August 4, 2005



Andrew Racz. 300 East 54 Street, Suite 26C, New York, NY 10022
Phone: (212) 319-6949 Fax: (212) 753-1944. E-mail:

Copyright © 2011 Andrew Racz. All Rights Reserved.