Nice email in my inbox this am from the Silver Prices Newsletter. The comparision between Silver, Gold, USD and the Dow’s performance over the last couple of months in 2009 is revealing.

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I really like CTO. I think it is rather nicely positioned with a low market cap and over 10m ozs of JORC gold at 14gms/ton average grade.

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I have been a so called “gold bug” for almost 30 years. Over that time I have meet only a handful of people who have specialised in Gold investing. Over the last decade it became almost impossible to find a large stock broking firm with a good gold analyst… and I suspect that there still is a dearth of experienced gold analysts available through the major broking houses. True many have recently become “gold experts” , but these newly minted experts don’t seem to have much depth to their knowledge and seem mostly to be trend followers usually unwilling to do the hard research yards. There are notable exceptions: Lodge Partners recently did some excellent in depth gold company research… and if you can beg, borrow or … it you will become well informed quite quickly…. However as I understand it Lodge really only deal with high net wealth individuals and corporations.

WilsonHTM are pretty good and for those that really want good information the database is outstanding.

If you have someone that you know is good with the golds please post a comment or even just email me on [email protected] and I will eventually compile and publish a list.

Happy hunting

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This is pretty interesting multiply the resource by the average grades and then compare the market caps…. Across Australia’s top 20 producers there is one incredible BUY.
(I’ll talk about the caveats in tomorrows post)


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All gold and silver will be held by the Custodian at its London vault premises. Platinum and palladium will be held by the Custodian at its London vault premises or by Zurich Sub-Custodians at their Zurich vault premises.

Bullion may be held elsewhere by the Custodian or a Sub-Custodian on a temporary basis prior to Bullion being transported to such vault premises or as part of a creation or redemption process. The Custodian will be responsible for the transportation, handling and any costs associated with moving Bullion to or from its London vault premises and between any vaults of sub-custodians.

As at the date of this Prospectus the Sub-Custodians directly appointed by the Custodian are the Bank of England, The Bank of Nova Scotia (ScotiaMocatta), Deutsche Bank AG, JPMorgan Chase Bank, N.A., UBS AG, Barclays Bank PLC, Johnson Matthey plc, Brink’s Global Services Inc. and ViaMat International.

All Bullion for the Metal Securities will be held in allocated form pursuant to the terms of the Custodian Agreements except that some Bullion may be held in unallocated form on a short term basis when Bullion is in the process of being allocated or de-allocated in connection with creations and redemptions of Metal Securities or any residual portion that is too small to make up a whole Good Delivery bar.

Bullion held in allocated form is not a credit risk against the Custodian but represents direct ownership of the metal, whereas Bullion held in unallocated form is an unsecured credit risk against the Custodian.

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Four ETFs for precious metals will begin trading on Friday 30th/Jan 09.
ASX codes:
ETPMAG -Silver 1/110th Oz
ETPMAU -Gold 1/110th Oz
ETPMPT -Platinum 1/110th Oz
ETPMPD -Palladium 1/110th Oz
and ETPMPM -basket of Gold, Silver, Platinum and Palladium

There will be a separate Metal Entitlement for each class of Metal Security,

There will be a separate Metal Entitlement for each class of Metal Security,

These have been launched by ETF Securities… who also run the ETF ASX code: GOLD

I am having a look at where the physical metals will be held and will post soon. I think that the metal will be held in the London Vaults same as GOLD.

Read about ETF Securities here

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Australia’s gold bullion production has been in decline since 1997. I and many others think that Peter Costello the then Federal Treasurer started the Australian gold industry’s decline when he orchestrated  2/3 of Australia’s gold reserve in 1997. Following his action there was a massive decline in the gold producers confidence both here in Australia and overseas. To make it worse he sold the gold for around $330 and that has cost the Australian people around $5 billion dollars… an incredible act of economic vandalism that destroyed Australia’s wealth and set the skids under Australia’s third largest export earner….

P. Costello actions might have been precipitated or influenced by Gordon Brown who sold 400 tons of gold (67% of the UK’s reserves) for $275 in April 1997. Another act seen widely as fiscal folly. But whatever caused Mr. Costello to burn Australia’s gold industry he will be remembered by many in the mining industry as an idiot.

Read:  Gordon Brown’s sale Folly by the Daily Reckoning Australia and a recent article: Gold sell-off proves to be expensive misreading 10/1/09< in The West Australian that examines Costello’s role.

Australia = yellow

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I get a lot of email about gold and I have several Stockbroker friends with deep knowledge of Australian gold companies. I also own quite a few Australian ASX listed gold companies and some ASX:GOLD… so what you are going to read about on this blog is a day to day account of an Australian gold bug.

My first encounter with precious metal investing was in the late 1970’s. I was working in New Zealand and there was a lot of gossip about New Zealand devaluing its’ currency. I decided to invest my weekly wages in silver bullion and over a 6 month period accumulated quite a few kilograms of the silver metal. This proved to be a fortunate move as New Zealand did markedly devalue their currency and out of left field the Bunker Hunts also tried to effectively “corner” the silver market. Silver soared…. And I was hooked…

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