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Gold Summary for Dec. 9, 2013

2013-12-09 21:05 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold closed up $10.20 to $1,240.90 Monday, despite comments from one Federal Reserve president, James Bullard of St. Louis. Mr. Bullard says he thinks the Fed should reduce its rate of money printing by at least a small amount this month. The Fed will hold a two-day meeting next week. Here in Canada, the TSX Venture Exchange dropped 14.58 points to 902.07, while the TSX Gold Index rose 3.15 points to 154.11.

Major Canadian gold miners ended the day mostly up. Yamana Gold Inc. (YRI) gained 27 cents to $9.34, Iamgold Corp. (IMG) rose four cents to $4.15 and Barrick Gold Corp. (ABX) rose 63 cents to $17.01, while Goldcorp Inc. (G) slipped four cents to $22.40.

Kitco Metals Inc. is defending itself from allegations made by the Quebec Revenue Agency, which is seeking jail time and up to $750-million in fines for participants in an alleged gold tax-fraud scheme. The agency claims that Kitco and 11 other companies avoided paying $350-million in taxes from 2008 to 2010. Kitco has a scrap metals purchasing business, but president Bart Kitner says it never made false statements in a return, nor has it attempted to obtain a rebate to which it was not entitled. It pays sales taxes on the scrap metal it purchases and then receives tax credits for the corresponding amounts. Kitco says it is then the vendor's responsibility to remit the taxes to the Quebec Revenue Agency. Kitco says the revenue agency is unjustly holding it responsible for the unremitted taxes. The revenue agency's pursuit, Kitco says, is an abuse of authority. Kitco sued the Quebec Revenue Agency in June, 2012. It is seeking $122-million in damages.

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I love this stuff, keep it up!

Posted by SR at 2013-12-10 05:21

As regards your reporting on Globex Mining Enterprises Inc.(GMX-TSX) You state that we will be only surveying on the new property which may be an extension of the strike of the Tomagold/Iamgold JV property. In our press release we say we will be drilling also on anomalies outlined last winter. You also say that we recently diversified away from gold. We have always been diversified (for over 25 years). In fact our largest and most advanced project is a large talc/magnesia project just south of Timmins.We also have iron, rare earths, lithium, mica, vanadium,titanium dioxide, molybdenum, uranium, copper, zinc, nickel, platinum, palladium, etc., etc. Lastly you say that most of our over 100 properties are under option to joint ventures. Globex only has 2 joint ventures both on advanced gold properties with resources. We have a lot of royalties and in good times maybe 20% of our land packages are optioned out. Options are not joint ventures as we do not have to put money up. The option partners cover all exploration expenditures and pay us cash and shares on top of that. Some of our options are being terminated due to the inability of option partners to raise fund. This is truely tragic as most of the expenditures and effort by our option partners has been well invested. We benifit from the return of 100% interest in the projects and await better times to engage new option partners.

Posted by Jack Stoch at 2013-12-10 10:31

Just as well that Stockwatch didn’t mention that behind that decorated door (shared with LG and GCC) BGM’s CEO, James Francis Callaghan, also gets $120,000 per year from Lions Gate Energy Inc (LG) and another $60,000 per year from Golden Cariboo Resources Ltd (GCC).

There is the 20-per-cent interest on the J F Callaghan $2-million-odd loan to BGM, but we’ll leave that out of the salary recapitulation.

No wonder that snowman is wearing a Gucci belt, as in these perilous times for juniors, $400,000 per year is indeed a princely sum. With GCC trading at 5.5 cents, that works out to 7,272,727 GCC shares; with LG trading at 2 ½ cents, that’s 16,000,000 LG shares; and, with BGM at 46 cents, that works out to 869,565 BGM shares.

Posted by Harpinder at 2013-12-10 16:33

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