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


Recorded Interview

With Dr. Morgan Poliquin, CEO and Director
Almaden Minerals, Ltd ( AAU)
September 3, 2013

Toronto Stock Exchange
Symbol AMM

New York Stock Exchange
Symbol AAU

No Debt

$15.6 MM in Cash

1,597 ounces of Gold

Shares Issued 64.5 MM


Today is the 23rd of August and high class companies have all gone down and further even though predictions that gold would go down to $1,000 gold was up 25. Now, my first question and I won’t go into details … what’s happening in the gold and precious metal market?


Well there – it’s a long answer and I don’t think anyone knows all of every detail, but certainly you can see some traditional markets like India – India is trying to reduce its imports of gold and not being very effective at that. So gold is in the news. We know that gold is in backwardation which is a very peculiar thing and ultimately I think it is quite simple – I think that with the ETFs and various other relatively new mechanisms, I think there is more paper gold than there is physical supply. For example, I think China with India is on pace if I am not mistaken to purchase all of this year’s supply of newly mined gold alone so there are some very interesting things afoot. I think you’re quite right – days like today are going to continue to pass.


Looking at the table …. Gold’s almost $1,400 okay – 2% up today. Facebook which a month ago was $28 is over $40. I remember Cesar’s Palace that’s the largest casino in the United States – six weeks ago they were considered totally over-borrowed – however, the stock went from $14 to $20. But at the same time there is another company TESLA Electric Cars which is reflective of the whole market – two companies – Netflix up 8 points and Tesla which I think in 2 months or 3 months went from $80 to $160. Now they all represent one issue to me … that there are 7 ½ billion people in the world. When I left Hungary it was 2 ½ billion. And these 7 ½ billion are producers and consumers and therefore they all need some sort of a currency to conduct business. Have you ever seen a major write-up on this issue? 7 ½ billion – what do they need, etc.


Well we’re speaking about precious metals and I guess what my first remark would be is that in 1900 there was about 1 billion people in the world; and you’ve just quoted the figure of 7 ½ billion but what is interesting is that more than 50% of the gold ever produced in human history was produced after 1980. And, on the face of it, one would think that that is maybe a bad metric for gold but when you consider the amount of gold there is per capita in the world, there is actually less gold per human – about .8 ounces per human than there was in 1900 – 113 years ago which was about an ounce a human. Also one could make the argument that there is a greater proportion of people today than in 1900 that are interested in saving and capable of saving and aren’t just struggling to survive. So in addition to the fact that there is actually less gold per human in the world than there was in 1900, interestingly I think there is more demand. So – there’s a lot of things that bode well for what you point out quite correctly is the demand for stable currency. We’re seeing potentially very challenging currency wars underway which will affect the capacity of people to sustain their lifestyles worldwide and the people on the margins will in fact be …


Can I make your argument even further … let’s assume that somebody along the line, not particularly a small country, produces let’s say $500 million worth of goods. Now this $500 million is matched somewhere along the line with a currency because it was an honest trade. But at the same time, a greater and greater percentage is in gold because people as the whole volume of trading increases, people want to hold part of their money in gold or metals. Therefore there’s a tendency – the demand for gold is faster than the growth of business. Both with increase of exports and imports of goods economies are growing yet people still keep money in gold and a lot of it is not traded … put in the bank vaults. So there can be really a legitimate gold shortage. Have you ever thought about this?

Almaden Minerals – an exploration company generating new gold, silver and copper prospects in North America. Almaden currently has properties in its portfolio at various stages of exploration and development. The strong portfolio of its existing projects is the direct result of Almaden’s commitment to exploration.

Why Invest in Almaden?

  • Well financed with excellent risk management.
  • A history of discovering new projects with outstanding potential
  • 100% interest in the Ixtaxa Zone – a gold silver discovery in Mexico


You know I think that’s absolutely correct. I think that – we have the suspicion that Mr. Larry Summers will be the Fed Chairman when Mr. Bernanke retires, Larry Summers – he wrote a paper in which he basically outlined that the problem with monetarism – the problem with printing money is that people tend to buy gold because they want to protect themselves from inflation so basically gold presents a problem to the people who would like to print money and there is a plan afoot – I think Jim Rickards is probably one of the smartest people to follow to be able to predict what may happen - ultimately Central Bankers want to print money to help exports and to cause inflation in their respective own countries to stimulate spending. The problem for Central Bankers is the velocity of money in the United States is very low. Personally I don’t view that as a problem; it is a good thing – it’s a way for people to save to recuperate the economy but the Federal Reserve doesn’t see it that way. They want people to spend money and so they need prices to go up – so they want the prices of imports to cause inflation in the United States but the problem for this plan is that the more the US prints, the more other currencies print to fight back – so gold is the only currency that does not fight back. I think that as a result we should expect maybe 10 years from now, maybe 5 years from now – I don’t know – but I think we should expect that in that short a period of time gold will become a reserve currency again but in the meantime if I am right in this we should expect very big moves for gold.

ALMADEN’S EXPLORATION TEAM has worldwide geological experience, cutting edge technology, and a proven record of generating new and significant mineral prospects.

Using satellite imagery, geochemical sampling, geophysical surveys and induced polarization, surface trenching and drilling, we have developed a highly effective and efficient system for identifying potential high-grade mineral deposits.

We conduct exploration programs in Mexico, Canada, and the United States. Only our recent active projects are listed here. Please visit our website for information on all our projects.

Ixtaca Gold-Silver Project, Mexico

  • Almaden discovery 100% owned through staking
  • Puebla State, Mexico, excellent infrastructure, 2 hour drive from VW plant
  • Maiden Resource Reported January 2013:
    • Indicated Resource of 2,019,000 AuEq ounces using the base case 0.5 grams per tonne (g/t) AuEq cutoff comprised of 56.99 million tonnes grading 1.10 g/t AuEq (0.52 g/t Au and 29.91 g/t Ag)
    •  Inferred Resource of 1,552,000 AuEq ounces using the base case 0.5 g/t AuEq cutoff) comprised of 41.53 million tonnes grading 1.16 g/t AuEq (0.56 g/t Au and 31.41 g/t Ag)
  • Excellent overall Au and Ag recoveries from a combination of flotation, gravity concentration and intensive leaching averaging 88% for Au and 82% for Ag across all geologic domains: In basement rocks average recoveries are 93% for Au and 82% for Ag (ranging from 88.6 to 96.8% for Au, and 81.8 to 87.0% for Ag); in volcanics 54.1% Au, and 61.9% Ag.High gravity recoveries of Au in basement rocks averaging 55% (ranging from 48% to 59%); 15% for volcanic rocks.
  • Drilling Program ongoing in 2013 towards the completion of a Preliminary Economic Assessment in 2014.


Let’s go back to a particular event in history which when World War II ended there was a total dollar shortage in the world. Only America was liquid. And this situation lasted until the year 1971. In fact, gold price remained at $35 through this time. President Nixon made a statement which eliminated the ties between US gold and foreign currency – do you remember?


Yes. Yes.


Do you recall the name of the Secretary of the Treasury at that time?


No, I don’t.


Well, I worked for him for 10 years. His name was John Connolly, Texas Governor John Connolly who was very close to Nixon, Nixon admired him, and Connolly had to go around part of the world to explain America’s new policy and in Europe, I think it was Germany, he made a statement which people understood. He said, the dollar which was the almighty dollar in ’71 – the dollar, gentlemen, is our currency, but your headache. And that was the beginning of the price of gold going up. He said it’s our currency but your headache and if the dollar is a headache, something else is going to be stronger. Connolly also recommended gold currency and gold backed bonds as a way to actually bankrupt the Soviet Union – but anyway he was the first person who said that things are going to change and will never be the same again. Almaden was formed by your father and you in 1981.


You are right.


What is it that your father had foreseen and decided to pursue back in 30 years ago?


Well I guess I would tell a story that he tells that – he in the 1960’s was working in Greece for Placer Development – the big Canadian company exploring in that country and they were hiring people in the mountains of Greece that had just been through a terrible civil war and of course World War II and these were people who did not have store bought clothing and no potential for regular employment until the exploration company came along – I think they hired up to 80 local people and these people had a salary for the first time in their lives and the first thing they’d buy was manufactured clothing for the family so they didn’t have to wear home spun woven clothing and then they would buy a watch at which point all spending would seem to stop. And my father had learned Greek – he had been working there for 4 years and he asked them finally, what are you doing with your money? And they took him to show him. They trusted him and at that time it was illegal to own gold in Greece and they were buying on the Black Market, British Gold Sovereigns with their earnings and my father did not understand that. He was unfamiliar with the nature of gold. He was a young man in his 20’s at the time and they showed him great piles of defunct Greek paper currency and they said we don't trust the stuff, we trust gold. And that opened my Dad’s eyes to gold and he then started out as a prospector and an entrepreneur forming his first company in 1972 which he sold out in 1980 and he found a gold mine in Nevada. He founded his own public company to explore for gold and found a gold deposit in Nevada. The first company was called Wesley Mines and ….


Have you mined in South Africa?


  • Drill focused grassroots exploration
    • Project Generators with proven discover record
    • 30+ projects acquired by staking
    • Unique capacity to drill faster and more often
  • Development of Ixtaca Discovery
    • 2013 Drill program and exploration underway, PEA
    • Planned
    • Drilling on other targets for additional zones
  • Well Financed for Exploration
  • Dynamic Risk Management
    • 2% NSR in Elk Gold Deposit (GUM.TSX-V) – 1.5% NSR in Caballo Blanco (GGA.TSX)


No, Wesley Mines was a Canadian company on the Canadian stock exchange and he found the Santa Fe Deposit in Nevada which Home Stake eventually bought out. The IPO was at 40¢ and the stock went to $7. That was his first experience in gold and then he formed Almaden Minerals after his Westley Mines was bought out. And, the story of Almaden is basically a continuation of that theme. In the 70’s we recognized – he recognized rather – that Mexico is an excellent place geologically but at that time it was a difficult place to work in because of you had to have a 51% Mexican partner and other things. So ultimately when the Mexican legislation changed in 1992 for 100% foreign ownership of mineral title we started to invest and explore heavily in Mexico and of course I was working with him by that time and we explored a whole new area in Eastern Mexico and made two brand new discoveies. So our business is about looking for brand new deposits through prospecting and we’re particularly focused on precious metals – gold and silver.


So eventually his operations moved to Mexico and the basic business is prospecting for gold.

Contact Us:
Morgan Poliquin, CEO
Suite 1103-750 West Pender Street, Vancouver, BC, Canada V6C 2T8

Duane Poliquin, P.Eng.

  • Founder & Chairman
  • Geological Engineer
  • 50 years worldwide exploration experience
  • Discoveries include the Santa Fe Gold Property in Nevada and the Trinidad Gold Deposit in Mexico
  • Founded and sold Westley Mines - $0.25 - $7.00 on discovery

Morgan Poliquin, Ph.D., P. Eng

  • President and CEO
  • Geological Engineer, UBC
  • M.Sc. Geology (U of Auckland) and Ph.D. Geology (U of Exeter – Camborne School of Mines)
  • Discoveries include the Caballa Blanca Gold Property & the Ixtaca Gold-Silver Zone in Mexico


Correct. We believe that exploring around old mines for new deposits is a very good thing to do but it’s expensive and usually if there is an old mine there is a reason why it’s an old mine. So we feel that if you are good at prospecting, there are great opportunities in finding brand new deposits. So that’s our focus – I am a geological engineer with a Ph.D. in Geology so we feel like we know very well how to prospect and we have a good track record for making discoveries and we have found a few mines so our process is looking for something brand new and in Mexico I have spent more than a decade sitting in a helicopter flying around looking for new deposits. And, we’ve had a lot of success doing that.


Now you are getting subcontractors for your research?


No, I am the subcontractor. The research is all done by myself. I sit in the helicopter and fly around and do the prospecting. I am the pointy end of the stick.


And to whom are you selling the results to?


For example, we sold our gold deposit in British Columbia Canada to a group of mining people from Copper Mountain led by Jim O’Rourke. Gold Mountain, the company that bought Elk – we sold to them Elk for about 50% of that company at the time. We sold our Caballo Blanco deposit in Mexico to Goldgroup Mining also a TSX-V listed Company.


So basically the company operates on two levels – the prospecting and I am sure you have improved the system – because prospecting is a changing process; then you package it together and you find a buyer who could be any mining company or a developing group of people; a buyer who develops the gold and probably mines it. That’s the process?


Typically that’s our process. Right now we made a discovery in Mexico called Ixtaca in 2010 – we drilled ourselves there and we came up with a discovery so we decided to see how big that is so right now where we are is that we drilled over 300 holes and we produced a resource and we anticipate producing an engineering study that will enable us to either sell the project or develop it ourselves into a mine. But we found something very significant that we’re exploring.


You have to know how money capability of finding new deposits – correct?


That’s our expertise – correct.


But this is what … for somebody in your business, you need strength, contacts, capability, electronics … in other words, this is not a simple business.


No, that’s absolutely correct. It requires a lot of expertise. The odds of making a discovery are very very long. Some people say 1 in 1000 projects become a mine. We like to think that our expertise allows us to do a lot better than that, but the fact is that there is some luck involved, but you don’t find anything unless you drill. So you have to have the expertise of doing the prospecting….


Now monetary strengths of the company is very important.


I’m sorry….


Monetary strength – cash reserve are important. I mean if you use helicopters flying research you need money to carry out this activity.


Well that’s quite right.


It’s not so easy to enter this business because you need capital, it’s not so easy – it is not a business for shoe manufacturers.


Well obviously there is lots of capital. Drilling is the most expensive part of this business, so you are quite right – there is lots of capital involved…


Coming to the other end – in marketing – what you find – okay. Years of experience, contacts and knowhow. Again, you can’t just make a picture and move in Hollywood – you have to have the contacts to market it. And that’s very important in your business.


I think – there’s over 2,000 junior companies and you know, many of them are quite promotional I would say and have very good marketing skills so you’re quite right. Even if you are technically very good you have to be able to explain to people your story and insure that people understand what you are doing.


Now, let’s – may I ask you at the moment, approximately how much cash is in your company?


About $16 million.


And this $16 million is fluid so that’s what you use to prospects, to sell, etc. It’s like an internal reward being credit. Correct?


Well yes – it is cash – we use it for operations. That’s correct.


You have a market cap of roughly $200 million.


A little over $100 million right now. We’re trading at about $1.90 with about 64 million share outstanding.


My observation is that in the period we are living in – and that’s where gold also comes in – there are big international assets like Apple Computer, then we have the rise of Netflix and on a smaller scale the tech innovations like Tesla Motors – these are big companies; each $20/$30/$40 billion and there are many others that actually go up in value on a yearly basis. Tesla was around $60 per share a year ago and today it is $160. So in other words the capital which is tied up in owning 1,000 shares of Tesla if Tesla goes to $300- which is a possibility, will increase – if the value goes up by tens of billions of dollars and that all ties dollars and ordinary currencies. These currencies as they grow and really syphon off from the circulation because people don’t have to sell, is an effect on the monetary need for gold. Experience has shown that when ordinary values – I mean normal values go up very sharply, the need for gold increases by definition and not by coordination. This is a new era because the numbers like the price of Apple Computer multiplied by shares have never entered ordinary life and therefore the demand for a hard currency also increases and maybe increases faster than the value of assets. In other words we are entering a new era. It’s called the digital age and the result is that in 2013 or certainly by 2015, 16 this relative valuation of gold to currency may be up 30% which means that the price of gold will go to $2,000 and even then would be potentially cheap because the world is going to is to change from 2013 to 15/16 – the change is going to be very positive for gold unless we decide to invade Afghanistan again –the demand will go up . The world will be in a totally different monetary field and that is where your company comes into the picture because anybody with a little bit of mathematics can calculate that if you have sufficient capital which you mentioned $16 million – maybe it will be $20/$25 million – you go out prospecting on a much larger scale and find more deposits or resources –your salese will increase and as a result the valuation of Almaden Minerals, could increase 50 to 100%. Now, am I right?


Well, obviously when we made our discovery in 2010 our stock was about $1 beforehand and during the discovery process, we went to about $5. With the recent retraction in the price of gold and silver and the general disappointment with the gold producing companies over last year, I think the sector is being very challenged and you know – our price went down to a low of $1.17. So yes, we’re back to almost $2 and you know, we think the quality of our discovery and the quality of our group will become better appreciated.


Because during the last 6/8 years, the world has never been in a worse shape – leadership and politics and banking has never been more ineffective and so during that time, people neglected a company like yours. Now we may go into a different era and people realize that invading Afghanistan is not the most important issue in the world and other countries, particularly the Far East are developing very rapidly and therefore the value of the Apple Computer shares or the emergence of a company like Tesla brings around a tremendous demand and takes out a lot of cash from circulation and therefore, an exploration and marketing companies which are as I see it, is going to increase very substantially because that is the real world. I’ll finish with the thought that companies like Almaden Minerals which are the real world and not political goings on in Libya. Why was Libya rich … because in the 1970s they kicked out the Hunt family and Occidental Petroleum and took the money and oil. Now their production has fallen 70% because it’s really not important to the world. It’s important to the world that people are buying Apple Computer stocks, Apple Computer products … as a result the value of gold increases and Almaden Minerals can succeed and people will talk about Almaden Minerals instead of Kadafi


Well I think – as you say – physical gold is going to be very important and that’s what we find and develop. So we do it prudently and cautiously and we’ve been doing it a long time. You know…


Listen – as far as your company, I wish you all the best. I can see the logic and see the future. Because of gold, I would like to tell you very briefly a story about President Nixon and gold. The conversation took place in 1982 in New York and I mentioned to the President, if America floated bonds against all its gold, the money would enable them to buy up the deposits of Russia in various banks – Westminster Bank, Duetsche Bank – wherever the Russians have 3 months deposits. He said, what am I supposed to do? Well I told him you have money – you buy out the deposits and now the Russians will owe money to you. He said, I like it – what’s the next step? The next step – come the 3rd month – they go to Westminster Bank, the says I’m very sorry it’s Mr. Nixon whom you owe the money to. When they go to a sufficient number of banks and realize the money is yours, you tell them … well hello fellows, how about disarmament? How about you know …. Behave in a little bit more civilized fashion. And, he said, what would the Russians do? I told him Breshnev would stand up hit the table yell! Then I said what would you do; His statement was memorable , he said I would ask for another cup of coffee. And that’s when I frankly realized and this was 1982 – that this world can provide a very decent good living for everybody and if it is American gold which could create it – as Nixon said, it is easier to fight against gold than the South. That’s it – okay.


I think that is very true. We are in those kinds of times right now. Nothing much has changed since 1971.


Nixon liked gold – he believed in gold.





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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"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.