BERAL, INC.
Andrew Racz
Director of Research
300 East 54 Street, Suite 26C
New York, NY 10022
Phone: (212) 319-6949
Fax: (212) 753-1944
E-mail: mlikar@aol.com

The Silver Spirit

November 25, 2009

INTERVIEW

WITH

DAVID MORGAN

"Silver is not only a basic metal

Silver has always created history."

Bunker Hunt

Dr. Henry Jerecky,
the chairman of Mocatta Metals and President of Comex.

There was the memorable movie,
"The One Billion Dollar Sure Thing"
made it a classic by Michael Cain.

The spirit of silver, and Bunker Hunt's tragic but
accurate prediction is carried to the 21st century
.

Gold and the
Chinese Millennium

During these 2000 years of history, the Chinese never had money.

After registering its first 1.0 trillion savings in the year 2001,
a long list of troubled foreign investment followed.

Turning to the student of world monetary history,
they began to put their hard earned

money to

GOLD, including gold bullion and gold coins

THE WORLD ACCORDING TO METAL TRADERS

Chinese Gold and Pearl Harbor

Today the price of silver hit $20! On December 8, 2009 President Obama addressed the nation.

Yesterday, a consortium of Chinese banks purchased 450,000 ounces of gold from the IMF and tendered for $100 per share of Newmont Mining on the New York Stock Exchange. NEM has 850M ounces of gold reserves, ten times the total Chinese gold production.

Gold opened at $1,350 per ounce on the Comex and silver hit $25.

China has 2 trillion dollars in foreign exchange.

Whatever happens to gold, the United States will participate in open market transactions.

I have instructed the Federal Reserve and the Treasury to chart our future course in the precious metals market.

I have instructed George Soros and former President Bill Clinton to visit Shanghai and work on friendly relations with the Chinese authorities.

Let me, however, remind the world that the 'United States will never forget December 7, 2009'. Let me state with all conviction that the United States did not suffer from the Chinese Pearl Harbor of Gold." On the contrary, December 7, 2009 was a victory for our asset base, victory for our 8,500 tons of gold reserves, the largest in the world.

We will retain our large gold reserve. We are staying in Afghanistan!

INTERVIEW
WITH
DAVID MORGAN

ANDREW RACZ:  The atmosphere is good in New York because gold almost hit $1,100.

DAVID MORGAN:  I know.

Q:  What was the high for silver?

A:  Well, it was $17.44 today as we do the interview but it has been over $21.00 during this bull market.

Q:  What happens if the Chinese buy Newmont at $70? It closed at $50.

A:  It would have a huge impact on the markets—almost all mining companies would then be valued higher almost immediately.

Q:  This is an interview with David Morgan who probably can be called the "Shakespeare of the Silver Industry", which means that his books will survive, but not him. David, gold almost hit $1,100. Now people are thinking of $1,200 and this is a political issue. What does it mean for silver? 

Weekly Average Silver Prices

2000

$5.00/oz.

2005

$8.00

2007

$13.00

2009

$14.00

In the "Age of Gold",
the price for silver hit $185.0 in November, 2009,
and could reach $25 or even $30 in 2011.

A:  In the long term, it means a great deal for silver because silver is the underdog metal. Gold is the metal of nation states and wealthy people, but silver is the money of the people, and it's been that way for centuries. So as the gold market continues to increase, you'll see more and more interest in the silver market.

Q:  Regardless of what people said in the past, the gold-silver ratio, all this, what did happen in the last ten days is that gold has entered a totally new role in monetary and ordinary history. People have never considered gold owned by central banks, various coins, ETF's. Suddenly gold became a legitimate piece of merchandise. It's no longer what is called the lunatic fringe. It is real. Now, you feel the same way about metals yourself?

A:  I do. I think you're very accurate, and not to disparage anything that you're saying, I would say it slightly differently. That is that gold is reasserting itself as a primary monetary asset in the view of the world, because it's been that way on and off throughout monetary history. When we have a gold standard, we have stability, then we go onto a floating currency standard and we have a disaster, and then we go back on a gold standard and things stabilize and calm down again. And that repeats over and over. However, silver has been used as money in more places for longer periods of time than gold ever has. That's the true monetary history. Now, that doesn't mean that any central banks are going to be able to buy silver. The market is too small for silver, you might see Sovereign Wealth Funds, Hedge Funds, but I do not expect to see India for example to take a large position in the silver market. But as gold continues to increase in price, more and more people wake up that fact, and what they'll do is look at what's the next best thing, which is silver.

However, I don't see any large central bank ever buying silver.

PAULSON MAKES BIG BET ON GOLD

One of the biggest investors is placing a big new bet on gold. John Paulson, who scored about $20 billion in profit for his hedge fund between 2007 and early 2009 wagering against the housing market and financial companies, is launching a fund dedicated to buying shares of gold mines and other bullion-related investments, according to three investors. Mr. Paulson spoke about the new fund, which will begin January 1.

Mr. Paulson argued that the bull run was only beginning for gold; he said he was starting the new fund in part to give himself more personal exposure to gold. Mr. Paulson, who is estimated to be worth about $6 billion, said he would himself invest as much as $250 million in the new fund, according to an investor at the meeting.

But you've got to remember, even though silver is called the poor man's gold, it seems interesting to me that billionaires are the ones that were interested in silver at the right times. Warren Buffet, arguably the second richest man on the planet, has or did purchase silver in 1999. In fact, he purchased 20 percent of the world's silver supply. Bill Gates purchased a large amount, not for him on his net worth basis, but relative to the float, of Pan American Silver when it was the right time to purchase. Then George Soros, no matter what you think of him good or bad, the man was very instrumental in starting Apex Silver. So you have these billionaires that are running around buying silver. That's all public domain information.

Q:  What is the common denominator of all the billionaires?  There is one.

A:  Not sure? My guess might be that they're on the inside track perhaps.

Q:  They always look for a bargain.

A:  Very good. Thank you.

Silver prices (basis the nearby active Comex futures contract settlement price) rose 15% from the end of 2006 to the end of 2007. On 31 December silver prices had settled at $14.92. The average silver price during 2007 was $13.45, up 16% over the 2006 average. The high of $15.54 for 2007, on a settlement basis, was touched on 9 November. The intraday high of $16.27 was touched on 7 November and the year's low of $11.49 was touched on 16 August. The middle of August 2007 was generally a weak period for commodity prices. The lowest level for silver prices on an intraday basis during 2007 also was reached on 16 August when prices touched $11.06. The range for silver prices in 2007 was $5.21, slightly lower than the $6.06 range of 2006. Strong investment and fabrication demand largely was responsible for higher silver prices.

The gold to silver price ratio, which has been largely in a declining trend since 2003, reversed direction in January 2007. During January 2007 the ratio stood at 48:8:1. By December 2007, this ratio stood at 44:3:1. This reflects the fact that gold prices rose at a faster pace than silver prices. During 2007, the price of gold rose by 31%, while the price of silver was up approximately 15%. After rising through 2007, the ratio weakened slightly during the first two months of 2008. The ratio stood at 52:1:1 by February 2008, as silver rose at a greater pace than gold. Silver, just like gold, is often used as a hedge against poor economic and political conditions. At relatively lower prices, silver could seem more attractive to investors. Going forward, this could result in a decline of the gold/silver ratio to lower levels.

The price of silver started 2007 on a strong footing, rising from a settlement price of $12.67 on 3 January to $14.69 on 26 February. This was an increase of approximately 16%. Prices hit resistance at this level, declining precipitously to $12.75 by 5 March. Prices moved in a sideways to lower fashion between early March and the middle of August. Prices consolidated from the middle of August through the end of August, after which they made a strong comeback. Silver prices rose from $12.06 on 31 August to $14.92 on 31 December. This was an increase of 24%. Similar increases were seen in gold and platinum markets.

Silver prices made some extremely sharp moves in 2008, especially toward the end of February and in March. The rally in silver prices had gained significant momentum during the first two months of 2008. Prices rose 30%, on a settlement basis, from the beginning of January to the end of February. Bullish market fundamentals coupled with support from a broader-based commodity rally, with investors literally throwing billions of dollars at the commodity markets, helped push silver prices higher during this period. On 26 February prices settled at $18.72, up 63 cents from the previous day's close. On 3 March, prices touched an intraday high of $20.74 and settled at $20.18. A settlement above $20 spurred a brief rally with prices touching an intraday high of $21.44 on 17 March. Profit-taking was seen at these levels and prices declined sharply. Prices fell back to settle at $17.80 on 25 March.

Q:  That's how they start. Okay, we're in the world of metals. Silver is cheaper, I look for a bargain. That's their personality. It doesn't mean that they think that they're buying the second best. They are buying metals, monetary metals, and they buy the bargains.

A:  I want to elaborate on that point, and you're so correct. I do a lot of lectures around the world, as you know, and one of the charts that I show in almost every lecture that I give has a chart of silver adjusted for inflation from about the twelfth century to the time Warren Buffet purchased silver. On an inflation-adjusted basis, Buffet bought silver at the lowest point it has ever been on an inflation adjusted basis or in real terms however you wish to think about it.

Q:  Six dollars?

A:  He bought under $5.00 at the time, he bought a bargain. In fact, he bought the all-time low from the twelfth century to present day. That is what kind of a bargain Buffet received. He's a value investor, he's buying value. And thank you for making it so simple, because it is that simple.

Q:  Let me insert something which I lived through. My father who was a very active businessman, in the last year of the war, 1943 I presume, he liquidated everything for the whole family and he bought gold. At that time, smart people who had money in Hungary were buying Swiss francs, British pounds and dollars and gold. He didn't look for a bargain. He bought the best and the safest. Now, four blocks away from us were the Soroses. And Soros explained in many of his books that his idol was his father because he didn't give up surrendering to the Germans. He went into hiding. They survived the war, and after the war when Soros went first to England and America, he had to look for bargains because he had no cash, he had no money. But it shows that people who have been in danger, like my family, Soros's family, and people like Warren Buffet and Bill Gates who each started with nothing -- that's absolutely the common denominator -- they all consider either gold or silver where their money can be safe or appreciate compared to all the other assets and paper. What is happening in my opinion, and that's what I really want you to take over, is that the world after the war when I immigrated to America, was very small. Today five billion people are working, countries, corporations, banks overseas had money, and you read here and there that this bank, this country, they all buy gold and silver. But there are five billion working people. There was only one and a half billion after the war. This is the world we live in, and where do we go from here?

A: Well, one that you could look at very clearly is China. China as 1.4 billion people, and on a per capita basis the amount of silver used in North America is about a tenth of an ounce of silver per person. The people that are in North America never really think about it because it's in their cell phones, their flat screen TV, their laptop computer, the electrical grid or refrigerator switches and on and on. So they never think of themselves as being silver investors, and really they're not, but they are using silver because it's so important to their way of life. Now, let's go back to China. China uses 1/70th the amount of silver per person that's used in North America. So as China continues their build-out of infrastructure and continues to modernize, they're going to be using more and more silver on a per capita basis, and that is going to put a huge demand on the silver market regardless of what it does as a monetary asset. Just as an industrial commodity, it's going to put huge price pressure on the silver market because the silver market is so extremely small, small relative even to the gold market.

It was evaluated that the total value of gold China had amounted to 1,100 tons. It could go up 300 billion a year by the year 2015. There is a chance that the value of the Chinese gold reserves above the ground would be 2,500 tons, perhaps more.

Let's face it, 50 years -- the whole world will ask:

"Where is the Chinese Prime Minister?"

Then in 1972 Nixon visited China and for the first time even the communist Chinese leaders admitted that they were painfully amateur in handling Chinese money, 25 years after the revolution.

Zhou En-lai plainly admitted to himself that China was living in the Middle Ages.

Q:  Are you telling the following, that we should throw out all the books which prepare statistics every year in silver and look at silver and gold futuristically if we want to be realistic?

A:  I think you have to look at what the amount of gold is relative to silver in investment form. Now, we're looking at a very specific category, and what I do in most of my analysis, you have to look at what is the investment grade gold? That's 0.999 fine gold, either in 400-ounce bars, 100-ounce bars, or one-ounce coins, for the most part. Gold jewelry you could argue is somewhat of an investment in the East in the Asian countries, but not in the West. If we look at the amount of gold bullion available, you have roughly two billion ounces of gold. And if you look at the amount of silver bullion available for investment, I'm talking 0.999 fine bullion, thousand-ounce bars deliverable against either the LBMA or Comex, you've only have about 500 to 600 million ounces. So there's actually about four times as much investment grade gold as there is investment grade silver. Well, you say wait a minute, what about coin silver? Okay, coin silver is about 500 million ounces. So if you add them together, it is around a billion ounces of silver in investment form and you have maybe two billion ounces of gold in investment form. So you still have half as much silver available for investment as you do gold. People will argue, well, what about all the other silver? I don't ignore the question, but most of that other silver is silver plate, it's silver artwork, it's silver jewelry. Even sterling silverware, won’t be coming back to the market as much as some forecast, first the melt value would need to be considerably higher and secondly most people that own it will be in good financial shape and not need to sell it. But what you really want to focus on is what is traded in the commodity pits, what's traded over the counter, and that is investment grade (commercial grade) silver and it is actually a smaller amount than gold, believe it or not.

Q:  In this decade, and in the next decade as well, who is going to buy silver?

A:  Well, in the next decade it's going to be anybody on the planet that's moving toward a higher technology society. In other words, the higher tech society that you have, the more silver is used per person. So the more cell phones, anything electronic or electrical demands silver somewhere in the equation. You can't have electricity without silver, you can't have an electronic item like a DVD player or a CD player or a laptop or any electronic gizmo that doesn't have silver in it at some point. So as we see more modernization anywhere in the world, that's where you're going to see more and more silver usage on the industrial side.

Q:  In the investment world, who is going to buy silver?

A:  I think the investment world is going to be the smaller investor primarily. You'll see some hedge fund managers who buy it, you'll see other people that will come up, perhaps some Sovereign Wealth Funds, maybe even some brokerage houses. You've got several gold-only funds now. You're starting to see a few silver-only funds as well. The SLV, of course, but you also have Silver Trust, and Bullion Management Inc. both of Canada. You will see more silver based funds as we move later on in the commodity cycle. You'll see silver mutual funds that specialize in silver bullion and silver stocks and silver junior mining stocks. You'll see that type of thing. By the time we hit the top of the market, there'll probably be two or three of those types of funds. So you'll see some institutional money come in. I doubt you'll see India buy silver, but you'll see managed money, smart money, some relatively big money but not on the order of what Warren Buffett did. Primarily you'll also see the little guy come into the market because they'll start to understand what's happening on the global financial scene, the global monetary picture, they'll say, hey, what can I do that will help me? What can I do to protect myself? What kind of insurance can I have? What's a good deal? What doesn't fail? What's up during a crisis? And the answer to that is both gold and silver, but primarily silver for the small investor because at some point the smaller investor thinks he is priced out of the gold market.

Q:  That means that brokerage firms like Merrill Lynch or Morgan Stanley are going to involve one form of silver into their recommended portfolio and commission business, which wasn't the case twenty years ago.

A:  That's correct, it could happen but again the silver market is very small so there will not be a lot of room for many brokerage firms to get into silver in a significant way. During the last precious metals bull market cycle you had two silver mutual funds. One was the Lexington Fund Strategic Silver Fund and then you had the Pilgrim Group of Funds Silver Fund. Both those are gone now, but you will see at least two and probably more like three silver funds, and you're right again that you'll probably see that some of the brokerage houses will start these types of mutual funds that focus on the silver market.

Q:  In other words, we have the industry, we have the private individuals, and there are, I hate to use this expression but I have to, there are smaller Hunts in the silver market, like the Indian government which buys big quantities for investment because they consider that gold or silver is the right merchandise. So there will be little billionaires. So you have three different forces. Now the question comes up, who are the sellers?

A:  The sellers, of course, are twofold. You have the physical sellers which usually go to the mining companies, and then you have the paper sellers which are the bullion banks primarily. They're the ones that usually are in the middle between the mining companies and the investment world. So a lot of paper silver and a lot of paper gold is "moved" through the system. If you study it carefully, and I have for years, what you'll find is roughly one hundred sales on silver and gold, roughly a 100 to 1 cover ratio for every physical ounce that exists. So there's a lot of paper flying back and forth at the LBMA and the COMEX that's nothing more than a bet on the price movement of silver or gold, and those are never settled in physical metal.

Q:  It's like a glamour stock. There are traders, people hold it and then sell it, but if the glamour stock goes up...Apple Computer has gone up, Microsoft has gone up.

A:  Of course.

Q:  It's the same thing. They are trading in silver or gold or platinum or anything, even eggs, but that doesn't mean that it's a heavy burden on the market.

A:  It means that there's more available “investment product” than exists in the physical universe. Any market moves by buying and selling pressures. So regardless of how much is out there, if there are more people wanting to buy a commodity or a stock or Microsoft or whatever, the price will go up. On the other hand, if there are more people that decide one day they want to sell Microsoft than there are buyers, then the price will go down.

Q:  Microsoft was a very good stock. Many years ago General Electric was a great stock. Just because there was trading and selling, there was a little bit more buying and on balance they have gone up. The volume of trading is not going to have an influence on the price. It is the basic fundamentals which carry the price, and frankly, more trading is more people see it. In other words, I remember the morning when Warren Buffet bought silver and you can see silver in the newspapers, so much volume. It's okay, it's interest, and the bigger the interest in everything the better.

Silver is at $17.50. Where would it be according to your calculation compared to not only $1,100 gold price, but the "Post-Chinese gold attack". The Newmont tender offer, or more appropriately, Shanghai's Pearl Harbor, is November, 2009.

Chinese U.S. Treasury Bonds

$800,000,000,000

Price of gold

$1,200/oz.

Potential gold ownership in ounces

66,000,000

Market cap of Newmont Mining

 

Current price
Shares outstanding
Value at $70/share

$52
480M

Percentage in Chinese dollars

5%

A:  What do you mean? What should it be theoretically right now? Right now, for me to say that we're really going to continue to move up right away, I'd want to see silver at least at the $18 to $20 level right now, and it's not. So that does give me some pause or some hesitation that maybe gold is getting a little bit ahead of itself.

Q:  Listen, today is the first time gold stocks started to move again strongly. So in other words, there is a lag effect which can... Newmont Mining is up $1.80 and gold has been moving. It was $44 ten days ago. So in other words, any one day you could see silver catching up to the $20 price.

A:  That's right. I won't argue that. If this continues, silver is far more volatile than gold is, and it can move much more percentage wise, up and down. If the gold stocks are starting to confirm this move, and it sounds like they are, you would definitely expect silver to move up to $20 fairly quickly.

Q:  Suppose gold goes to $1,200. Because now the world is taking gold seriously. Suppose it goes to $1,200. Where would silver be?

A:  Probably between $20 and $25. I think the ratio would stay at 60 or slightly below 60. So I'd expect at this point in the cycle a $20 price at least with $1200 gold. So even though I think it's going to get to about a 15 to 1 ratio or maybe even a 10 to 1 at the top, we're not there yet and in fact have years left to go in this bull market. But at this point I'd say $20 to $25.

Q:  When will the day come when corporations or governments start to use either gold or silver for financing?

A:  That's a tough one. You probably have more thoughts on that than I do. I don't know if you'll see it pervasive throughout the corporation structure, but you will see it in small pockets. You might see a gold clause with a mining company to a bank, which you actually see already. But as far as like an IBM or a Microsoft or an Apple Computer using a gold clause, I'm not sure we'll see that. I certainly won't rule it out. I'll defer back to you. You might have some more thinking on that than I do.

Q:  But you said it's a possibility but you don't see the practical conversion to that level?

A:  I don't think it's not practical. I think it would be practical. What I'm trying to say is I don't think too many at the corporate level have what I'll call the guts to step out and be the first one to do it.

Q:  We live now in a world which we haven't lived in before. The amount of money circulating, we never heard of. Nobody ever heard of a one trillion-dollar deficit. Nobody ever heard of this. Franklin Roosevelt spent $350 million on the Second World War. Now we discovered that Bush spent one trillion dollars on Iraq for nothing. In fact, Exxon is making an oil deal with them. So we are in a new world and if you are a great authority on silver, I make you a bet that you will figure out something about how to take creative, historical steps as we go ahead.

A:  I think that's well thought out and I certainly wouldn't rule it out.

Disclaimer

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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"JNR Resources, Inc."
Posted September 30, 2008

"Three Immigrants In Front Of The Court"
Posted September 24, 2008 

"Governor
Walter J. Hickel Interview"

Posted September 11, 2008

"The Alaskan Queen"
Posted September 9, 2008 

"Evercore Partners, Inc."
Posted September 3, 2008 

"Stalin In The
White House"

Posted September 2, 2008 

"Cal-Maine Foods Inc."
Posted August 4, 2008 

"The Mongolian Revolution"
Posted July 10, 2008 

"Mongolian Newsletter, First Edition"
Posted July 2, 2008 

"Goldsource Mines, Inc."
Posted July 1, 2008

"The Douglas Lake Story In The Age Of Fear"
Posted June 25, 2008 

"Mongolia: The 10th Richest Country in the World"
Posted June 10, 2008 

"North American Gem, Inc."
Posted June 5, 2008 

"The Emergence of Tanzania"
Posted June 4, 2008

"Tanzania - An Up & Coming Mineral & Agricultural Producer In Africa"
Posted June 2, 2008

"Western Potash Corp.
(WPX-VSE) "

Posted May 12, 2008 

"Judy Garland &
The Subprime Crisis"

Posted April 29, 2008 

"Altek Power Corp."
Posted April 27, 2008 

"Letter to Prime Minister of Mongolia"
Posted April 24, 2008 

"The Mongolian Manifesto"
Posted April 4, 2008 

"Prime Minister Sanj Bayar of Mongolia Receives The Nobel Peace Prize"
Posted March 17, 2008 

"Olympus Pacific Minerals, Inc."
Posted February 28, 2008 

"Tanzania Gold - Douglas Lake Minerals - Harp Sangha"
Posted February 21, 2008

"Warren Buffett Receives A Call From Franklin Roosevelt"
Posted February 19, 2008

"Gold At 2000!!"
Posted February 14, 2008

"Entrée Gold, Inc"
Posted February 11, 2008

"The Unexpected
Mongolian Dilemma"

Posted February 2, 2008 

"Mongolian Gold"
Posted January 8, 2008

"Sir, Do Not Abdicate"
Posted December 27, 2007

"No More Munich -
The Mongolian Version of 1938"

Posted December 11, 2007

"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
Miracles"

Posted April 8, 2006 

"Midway Gold
Corporation
"
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

"Orezone"
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: mlikar@aol.com

Copyright © 2011 Andrew Racz. All Rights Reserved.

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