Nobody knows whether the current Washington bailout plans will work quickly, at all or at what cost to the U.S. currency.
The future is always a matter of opinion, as is political competency, which is why it’s a good idea to own a little gold.
That may be a leap to most people, but the facts are that protecting yourself against the vagaries of markets, leaders and capitalist running dogs has never been more important or perilous. Best advice I’ve come across is to divide your asset mix into four classes: real estate, stocks, bonds and gold (probably bullion or coins not stocks).
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I have been agitating for a “flow through share relief scheme” for Australia’s junior explorers for a couple of years…. Our Federal govt. is dragging its feet thus allowing our exploration juniors to go broke, suspend operations or be bought out. Surely Martin Ferguson can and should do better…. he seems so switched on…. got to wonder why he isn’t pushing harder.
July 1 start date for Trevor Manuel’s new junior mining incentives
By: Martin Creamer
19th March 2009
Updated 2 hours 37 minutes ago
JOHANNESBURG (miningweekly.com) – South African Finance Minister Trevor Manuel’s new incentives for investors in junior mining will be implemented from July 1.
A Government Gazette notice outlines the proposed new legislation that will see a payback on investments in junior mining exploration companies.
Rejected is the previously discussed possible copying of the flow-through share system that is in force in Canada, which has led to a culture of investment in mining exploration that is largely absent in South Africa.
The gazette defines a junior-mining company as any unlisted company or a JSE-listed AltX company, resident in South Africa and engaged solely in mining exploration or in mining production.
The company may not be part of a group and must have its tax affairs in order.
Keaton Energy CEO Paul Miller told Mining Weekly Online that he needed time to study the gazette notice before he could comment.
The same sentiment was expressed to Mining Weekly Online by TWP finance CEO Dean Cunningham.
Several other mining companies that Mining Weekly Online approached for comment were unaware of the gazetting.
The deduction to be allowed during a year may not exceed R2,25-million.
Manuel, in his 2008 Budget speech, called the incentive a “50% deduction”, and Treasury officials told Mining Weekly Online at the time that this meant that government would effectively reimburse investors in local junior mining exploration firms one-half of their investment.
In 2006, government said that it was looking at the potential benefits of introducing the Canadian model of flow-through shares to South Africa, in a bid to increase the availability of financing to strengthen the local exploration sector.
It later formed a National Treasury-chaired working group, including the Department of Minerals and Energy, to examine the possible benefits of such a move.
However, a National Treasury official said thereafter that the group found that launching flow-though shares would be “an administrative nightmare”.
This was because the South African Revenue Service would end up with an excessive amount of paperwork.
Flow-through shares were pioneered successfully in the Canadian exploration sector, where an exploration company’s costs flow through to the shareholders’ books so that they can claim tax benefits.
A Treasury official said that, while the scheme could cost government a significant amount of money in the short-term, the long-term rewards would outweigh the short-term expense.
Junior mining firms in South Africa have repeatedly decried the problems they encounter in obtaining mining finance, as local investors have little appetite for exploration risk.
Access to equity finance by small and medium-sized businesses has been cited as one of the main challenges to the growth of the junior mining sector.
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Few of today’s headlines
Good Chance That Silver and Gold Prices Bottomed Today
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Cramer: Silver: A Fresh Look at a Shining Commodity
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By Jim Cramer Okay, I need to brush up on my Hemingway—maybe a trip to Key West to get away from the snow would do the trick—but you get the picture. …
‘World has 5 times more gold than silver’
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In a world where everyone is going crazy over gold, at least one man wants us to buy silver instead. World gold inventories, including jewellery, …
It’s Not Too Late to Buy Gold
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It’sa recession but Byron King tells us that it is not too late for gold investing. He has been encouraging gold bugs for over ten years now. …
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Demand for gold at an all-time high
Demand for gold reached a record high in the third quarter as investors sought refuge from the financial crisis and volatile stock markets, according to the World Gold Council.
By Paul Farrow
Last Updated: 4:25PM GMT 26 Feb 2009
The WGC said demand for gold reached an all-time quarterly record of $32bn between July and September as investors around the world sought refuge from the global financial meltdown. This was 45pc higher than the previous record in the second quarter of 2008.
Demand for gold via exchange traded funds (ETFs) and bars and coins was the biggest contributor to overall demand during the quarter.
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