As 2020 evolves we have seen precious metals and mining shares rally to multi-year highs, and in some cases, all-time highs. I had the opportunity to catch up with 321gold founder Bob Moriarty over the weekend to get his thoughts on where we might be in the precious metals bull market. We discussed a wide array of topics including why the fans are just entering the ballpark in precious metals and natural resources, and why these markets are not anywhere near major tops. Bob also explains why he’s been buying “cheap” stocks with share prices below $.10. Without further ado here is Energy & Gold’s May 2020 conversation with Bob Moriarty….
Goldfinger: I think a good place to start is your May 4th blog post, titled “Gold $6,600 or $22,000”. It’s interesting that you throw out that $6600 number because Paul Tudor Jones published, or he wrote his monthly letter to investors, and he mentioned $6700 as an upside target, if gold reached similar extremes to early 1980. You also wrote that the depression that started just a short time ago will last for 10 years if these fools have their way, talking about the government. They will keep trying to throw darts in a room with no light, and the board is in the next room and they don’t know it. They will totally screw it up, put most Americans into poverty, and continue to fail until some bright spark says, “Why don’t we just write off the debt and go to a gold standard?” Then, we get another chance to screw it up all over again.
Basically, you’re not with a very favorable opinion of the government response. We heard Stan Druckenmiller, a very famous hedge fund manager, also say that the government response is literally the perfect thing to create deflation. So, what is the stock market doing, if the government response is so bad?
Bob Moriarty: One, we are in a depression. People have confused the coronavirus with the economic situation. The coronavirus did not cause the economic situation. It was going to happen anyway. They said that, “Hey. We are in a depression.” It’s going to … Well, it took from 1929 until 1955 for the stock market to regain where it was. It took from 1966 until 1994 for the stock market to regain where it was in 1966. The world changed. It left its compass in February and March and it will never be the same again. For people looking at the stock market thinking that it’s an opportunity, it is the biggest trash heap in history, and nobody can invest in the stock market for the next 15 or 20 years and actually make money.
That said, Druckenmiller is absolutely correct. We are going to have deflation, and we’re also going to have hyperinflation at the same time. Okay. Every bubble got popped in February, real estate, diamonds, art, the bond market, the stock market. Everything popped. We had a big decline into March, including silver and gold shares. We have a recovery and a dead cat bounce and then we really are in a transition right now and are about to head south again. People are waking up to the fact, “Hey, by the way, 30-40 million Americans no longer have jobs.”
Now, there has to be some connection between the stock market and the economy, and quite bluntly, the economy is a total disaster. So let me talk about how insane the government’s reaction is. What is the very latest thing Congress has voted on?
Goldfinger: I don’t know, I try to tune it out, but I saw the Democrats proposed a three trillion dollar second stimulus program.
Bob Moriarty: They’re voting on that now, okay. Now we’re no longer talking about two hundred billion or three hundred billion or six hundred billion or even a trillion, now another program is three trillion. And the Lawrence Lepard article which was absolutely brilliant that I stole from John Rubino at Dollar Collapse, makes a very convincing argument for hyperinflation. Now, how can you have deflation and hyperinflation at the same time? And that’s very simple. That’s exactly what happened in Germany 1922, 1923, and what happened in Zimbabwe. When you pump three trillion dollars into your financial system, you are guaranteed hyperinflation. I don’t even know what the number is, I don’t know if it’s five trillion or six trillion or I don’t even know, they’re going to see something by the end of the system, the government is doing the last … they’re stealing the last bit of money from the treasury before we have total economic failure.
Goldfinger: So let’s unpack this a little bit, because I believe that this is a really important topic to delve into and it could hold some of the keys to figuring out how to invest. So how can you have deflation and hyperinflation? The two are contradictory. I get what you’re saying, that you can have a deflation in asset prices and an inflation in food or other consumer items, but don’t you think that one would overpower and take over the other and there would be … if people are getting poorer, and their stock portfolios are worth less, their houses are worth less, they’re not going to buy as many bottles of milk or packs of meat, right? So the prices will go down.
Bob Moriarty: Well, I’m not sure that’s a good analogy. Did Zimbabwe have hyperinflation?
Goldfinger: Yeah, they had hyperinflation because the world lost all confidence in their government and their currency.
Bob Moriarty: Yeah, hang on right there, because you’re on to something. Did the stock market in Zimbabwe go up?
Goldfinger: Yeah, in nominal terms of a currency that was worthless, yes.
Bob Moriarty: Thank you. You just made my point. The stock market could double. The price of housing could double. And gold could go up thirty-fold. So how can the stock market and how can things will increase in value, and the answer is absolutely not. Not in real terms. So we are going to have deflation in real terms and hyperinflation in nominal terms. I’m not talking about inflation, I’m talking about hyperinflation. Do you know how you go from inflation to hyperinflation?
Goldfinger: You flood the system with currency?
Bob Moriarty: No. The Japanese did that and they don’t have hyperinflation.
Goldfinger: This is a complicated economic subject, because the Japanese situation is a little nuanced, and I’m not an expert on it, but I do know the Japanese had a solvency issue with all of their businesses, and the government and the elites lied and faked up financial statements to cover up the truth. So the central bank has been making up for fraudulent financial accounting for 30 years to cover up a solvency issue. Japan had a major stock market bubble in the 1980s, probably one of the biggest stock market bubbles in the history of the world, and when that popped there was deflation, and they lied about the extent of the economic fallout, they tried to cover it up, and they’ve been trying to cover it up for 30 years. And actually, this is perfect to your point that systems must be allowed to fail and be reborn, and when that is avoided the economic cost is much greater for a much longer period of time. So that might be actually what we’re exactly facing right now, a very similar situation to the Japanese situation of the last 30 years.
Bob Moriarty: Yes, that’s a very good way of putting it. But let me add something to it. The Japanese never lost faith in their currency. When a country loses faith in the currency, you go into hyperinflation. With Japan you are absolutely correct, they’ve been lying for years because they refused to admit that they were bankrupt. Well, just look around you and I’d say there are things on a daily basis that I would never have dreamed of predicting because I would have found it too insane. Look at the Mike Flynn thing, after years of covering up the Department of Justice and the FBI finally came out and said “Yeah, well, the FBI set him up, there was no case whatsoever and we knew all along that he didn’t lie to the FBI.” Well, that’s pretty weird. But that’s not nearly as weird as the DOJ saying “Okay, it’s a totally bogus conviction, they have no case whatsoever in the first place, they set you up, they bankrupted you, they threatened your son with imprisonment so you plead guilty, so your conviction is overturned.”
Here’s where it gets weird. What does the judge do?
Judge Sullivan said “Well, gee, he pled guilty so I’m thinking of sentencing him anyway even if the conviction was bogus. And if I overturn the conviction, maybe I’ll charge him with perjury and find him guilty of that.” And I’m just feeling, “Holy shit.” Okay. This just got crazy. When the FBI, supposedly the greatest police force in the world, is totally corrupt and they’ve been lying for years and they convict a guy on bogus charges and they finally admit it and the judge says, “That’s okay, we got a conviction.” That’s batshit crazy.
Hell, we have gotten so political in these United States, and I don’t like Trump. But to listen to the media attack him 96% of the time on some of the most bogus charges in the world, I just go, “My god.” It’s the end of empire. It is the end of empire. Okay? These three trillion dollars that they wrote off, that is not the last of the program, they are going to keep pumping money into the system, they are going to keep trying to convince people “You’re not really insolvent, okay, it’s a liquidity issue, and if we pump enough liquidity into the system you won’t realize that you’re bankrupt.” And I hate to say it, but that’s the wrong assumption and one day people are going to wake up and they’re going to say “The stimulus checks, they smell a lot like used toilet paper.” And the day that happens, you go into hyperinflation.
Goldfinger: And that brings me to my next point. This is a major election year in the US. This is probably the biggest election in my lifetime in terms of its implications, and how close it could potentially be in all the races. The Senate is completely up for grabs, the Democrats seem to actually have an edge now, Democrats have the edge in the House as we know, and the Presidential race looks like a dead heat between the two worst, weakest and most incompetent candidates I’ve ever seen in my lifetime, and maybe in your lifetime too. Has there ever been a Presidential election with two worse, weaker, more incompetent candidates than Joe Biden and Donald Trump?
Bob Moriarty: Everybody has forgotten that Donald Trump did not win the election. Everybody thinks Donald Trump won in 2016, Donald Trump did not win the election in 2016. What actually happened was a majority of the voters voted against Hillary Clinton, and there is the difference, okay, between Trump winning and her losing. Everybody looked at Hillary and said “This is the dirtiest, most corrupt political gang in history and we definitely do not want her as President.” So Donald Trump won what was essentially a rigged election by the Democrats.
Now, here’s what’s scary. There are absolutely credible reports from multiple sources that Joe Biden is a serial sex offender and the Democrats totally ignore that. I’ll be real blunt, the guy is senile. Now, how the hell can you be senile and running for President? He goes out and speaks in front of groups and says “Okay, my name is Joe Biden and I’m running for the Senate.” Are they kidding?
Goldfinger: He’s already cognitively challenged, it’s clearly evident, and I don’t know about the sex charges but certainly he’s a little bit of a weird cat in terms of his hair smelling stuff and touching strangers. Forget about all the fake news that’s out there, I look at Donald Trump based upon his own speeches, his own statements, I look at Joe Biden based upon his own appearances, his own speeches, his own interviews. I believe both men are incompetent, they are not of the quality to run a country like the US, and they are probably both sex offenders, to be completely honest, and it is sad to me that this is what we are left with as a choice in this country. Just because one guy is a billionaire who was on a reality TV show for 10 years and became very popular, and the other guy was entrenched in a small state like Delaware as their senator for 40 years, became a part of the Democratic establishment and then was Vice President, so he has the history in Washington and he’s become the entrenched Democratic candidate right now. But he’s not the best candidate.
I would say that Andrew Cuomo, the governor of New York, would be a better Presidential candidate. He doesn’t want to be president right now, I don’t blame him. But it’s sad that these are the two guys that we are essentially going to have a civil war over for the next six months, because the passions are so strong on both sides. And this is one of my points about the market right now. How can you be certain of anything right now when between the COVID stuff, between the government interventions, the fed interventions, the election cycle, the US-China war that’s heated up again big time, the prospect of the flu season and COVID coming back in the fall, a lot of smart guys are saying that the fall could be worse than what we just experienced in terms of the combination of the ordinary flu plus COVID. I don’t feel certain in anything right now.
Bob Moriarty: Well, you’re missing the main point. And it’s very important. When a system of any kind is broken, it has to be catastrophically broken for you to do anything about fixing it. We have the two biggest idiots in history running for President, and the beauty of it that anybody supporting Biden will be very angry about Trump and anybody supporting Trump will be very angry because of Biden. The beauty is the more angry Americans are, the greater chance somebody is going to say “Hey, wait a minute, we need to reset. We need to start all over again. We’ve got to do something that makes sense rather than keep doing this stupidity.”
I mean, I’m just astonished that five months after the first cases of the virus, we still don’t know how it kills. We don’t have any idea of how to cure it. They’re talking about a vaccine for something that has RNA instead of DNA, you can’t have a vaccine for something with RNA. There’s no vaccine for HIV and that’s been around for 50 years. We have been sold a story, Americans have had their life taken away from them by the idiots, and strange enough, I mean, you can watch the Governor of California or the Governor of Michigan, these people are absolute Nazis. It’s time for a change. I don’t think it’ll be a civil war, I think it’ll be a revolution.
Goldfinger: So I want to talk about one more thing before we get into the mining sector. I don’t know if you read my article, “The Next Big Bubble.” I basically said, and we’ve talked about this, where you think that natural resources are the place to be, they’re going to have a resurgence, and I basically said “Man, based on everything I see and understand right now, I like the idea of having some farmland in Colorado or Wyoming with a basement vault with gold and silver bars in it and a stack of weapons and a lot of food supply,” because frankly living in a big city right now seems like the worst place to be and you don’t have any freedom. So not only are you more likely to get a virus or whatever else, but you don’t have any freedom because the mayor or the governor can make a shelter in place order and arrest you if you leave your apartment.
And you want to be able to be self-sufficient, so you can grow your own food, which you can’t do in a city as easily. I don’t know what your thoughts on that are, but with 7.7 billion people in the world, not everybody can own a farm and grow their own food, that’s just the fact of the matter. But in my mind, I’m looking to buy farmland right now, I’ve already got gold and silver, it would always be nice to have more, but I think that farmland and moving to somewhere where there’s not a whole lot of people around you is the way to go.
Bob Moriarty: Well, let me put it this way. I own a farm with 55 acres, some of the greatest ground in the entire world. It never gets more than two or three degrees below freezing and it never gets very hot. I live in a farming community where the people are extremely friendly, so while it is absolutely true that 7.7 billion people cannot own a farm, I can.
Goldfinger: So you agree with my assessment that owning some land and having some space in a less dense population are is a smart move if you’re able to do it?
Bob Moriarty: 100%. We are in the most dangerous environment that I have ever seen, it’s very rational to talk about, well, maybe we could have a revolution. It’s very rational to say, well, maybe we could have civil war. It’s very rational to say, well, we might have a nuclear war with China. We’re in an extremely dangerous environment. Tens of millions of Americans have lost their jobs, they have no future, the government can come up with all the goddamn giveaway programs in the world and those people have still lost their jobs.
We need to start all over again. And there are two things that we have to do, and when I say have to, I do not mean should, I mean have to. We have to have a debt jubilee and we have to go to honest money. They did that in 1923, it worked in Germany, they did that in France in 1937 and 1793, it worked. Those are absolutely mandatory, the sooner we do that the sooner the economy will come back and people will have real jobs again.
Goldfinger: So I think that leads us to our next point. So let’s talk about the mining sector. So we’ve had a big move in the last week, a really big move on Friday. Silver broke out, and I know you’ve been pounding the table on silver for a long time, we’re finally starting to get that gold-silver ratio back down near 100.
But who cares about the ratio? Gold and silver are going up, mining stocks are going up, people are making money, my portfolio ended Friday at an all-time high. Whenever that happens, I question “Hmm. Is this a little overheated, am I too bullish?” But honestly the tailwinds seem so strong here that even if we do get a pull back I think to sell more than a little bit is a bad move because the longer term trend is likely to go a lot higher. So I think people that are going to try to be too cute on the trading side are probably going to end up actually costing them profits over the long run.
But let’s talk about some of the companies that we both follow. Obviously Great Bear (TSX-V:GBR) has been one of the biggest success stories of the last couple of years in the sector. Great results out in the last few weeks, stock made new all-time high as well, and there’s increased focused on this Red Lake region of Ontario, which is where Great Bear is focused, and Pure Gold Mining (TSX:PGM) is also another Red Lake play in there about to start operations at their Madsen project. So there’s a lot of attention on this Red Lake region.
One of the companies I follow is called GoldON Resources (TSX-V:GLD), and they actually have the West Madsen project, which is under option from Great Bear. GoldON is a gold focused project generator with five highly prospective early-stage project in and around the Red Lake Region of Ontario, Canada. They’ll be drilling very soon at West Madsen, and the company has a relatively small market cap, about C$10 million. That’s one that I own, and they’re a sponsor of Energy and Gold, I think it’s a great time to take a look at GoldON right now both for fundamental and technical reasons.
GLD.V (Daily – One Year)
Bob Moriarty: Okay, let me go back because you made a very good point. You were talking about gold, silver and mining, are they getting a little frothy? And the answer is yes, they are. Gold has a DSI of 91, silver has a DSI of 88, I’m a big fan of DSI, I predicted half of them from top to bottom, very accurate sometimes to the day with the DSI. But let me point something out to you. Would you agree that 90% of the move takes place in the last 10% of time?
Bob Moriarty: Okay, very important point. So you could see a target’s coming or a correction that’s coming, and you could bail out too early when stock starts doubling or tripling. But let’s go back to the Lawrence Lepard thing. If we have a $6600 gold price, do you want to buy the best stocks out there or do you want to buy the worst stocks?
Goldfinger: Well, you want to buy the ones that have the most potential to move up, the ones that aren’t owned by a lot of people, and so those are probably the worst ones.
Bob Moriarty: Exactly. You actually want to buy the worst ones.
I picked up about ten stocks that are lower than $.10 per share, and I expect them to go up 20, 30, 40, 50, 100-fold. When you have big moves in any commodity whether it be with gold, corn, oil, anything else, you want to buy the most leveraged positions. If somebody came out and said “gold project” and it requires $2000 gold for it to break even, and gold is $1750, if you think gold is going to go up you’re far better off to buy that than somebody who’s got a gold project that needs $600 gold to be profitable. You want the leverage.
But I would say absolutely categorically we have the greatest opportunity in history. There is going to be an enormous shift of wealth from people who are holding paper assets to people who are holding real assets. That very last refuge, the very last safe place is going to be in resources. Strangely enough, it’s not gold and silver, resources in general are the cheapest they’ve been in 55 years compared to the stock market. So you could invest in anything. You could invest in silver or zinc or whatever, damn near anything and make money. The movement in that cycle, whether it’s a year or two or five, I don’t know, are going to be enormous, and you’re going to see stocks go from 10 cents to 10 dollars. And there will be a lot of them.
Goldfinger: So that’s brought up another point to me. You started by saying the Daily Sentiment Index for gold is 91 as of Friday close, so it’s up there, maybe it can get to 94 or 95 but then we’re almost sure to have some sort of a pull back. But it made me think, as a mining share investor, as an investor in the junior mining sector, what are the sorts of things that we see at major tops? Like financing deals or media coverage of the sector or takeovers at ridiculous premiums, if we think back to May 2006, which I know that you know, because you traded through it, was a major peak for the junior mining sector. If we think back to May 2006 or February 2011 or summer 2016 when there were major trading tops in the sector, what were some of the things that we saw that you recall from those moments in time that you look back on now, “Yeah, that was a sign that things were getting a little frothy?”
Bob Moriarty: When they put Bill Murphy on the cover of Forbes it will be time to sell.
Goldfinger: (laughs) That’s a pretty extreme event, I’m not sure that’s going to happen any time soon. But what are some of the other events that may have marked major tops? I can think back to February 2011, where Barrick was getting into copper when copper was $4.50 a pound, and Barrick is a gold miner, and that was probably a very good sign that copper was peaking. So-
Bob Moriarty: Absolutely. If you go back to 1980, you had oil companies staking half of Nevada so they could go into the gold business.
Goldfinger: So are we seeing anything like that now? Is there anything out there that you see right now and you say “Hm, that could be a sign of a bell being rung at the top.”
Bob Moriarty: Absolutely not. Let me give you some numbers. In 1929 the value of mining stocks in the Dow Jones was 29%. In January of 1980 at the top was when we had $875 dollar gold and fifty dollar silver, the value of all the mining stocks was 8% of all stocks total. The value of the entire mining industry today is under one half of one percent. We not only have not started the first inning, people are just starting to show up at the ballpark. There are no signs now of a top.
Now, could it be that the DSI is very high? Yeah, could there be a correction soon? Yeah, absolutely. Do I worry about corrections? No. Would I change anything in what I own in terms of gold and silver shares? Not particularly, I don’t see any reason to do that. I’m pretty good at picking good entry points, I got into platinum at $600, I got into silver when it got down to 12 bucks an ounce. And I’m quite comfortable with those positions. Gold, silver and mining stocks are the safest place to be today, and if you’ve got a farm and you’ve got gold and you’ve got silver and you’ve got mining stocks, you’ve got everything except a woman.
Goldfinger: Yeah. And to just add on to that about sentiment and things that I see in my sphere of influence, like my friends. I have a lot of friends in their thirties, and they’re the generation that’s coming up now, they are just starting to save and invest, and three of them bought Bitcoin in January 2018 at $16,000+ after it had already peaked. They all lost a lot of money in crypto, and these same three people all have opened stock brokerage accounts this year, and in March all three of them were asking me about the stock market.
And I said “Look, I think you can buy the GDX, down 40% (it was around $20 at the time), I think that’s a good place to buy, you could buy Great Bear, and I explained a little bit about what Great Bear was, and that was also down to around C$5 per share at the time.” None of them took my advice, none of them bought any gold stocks. They instead bought airlines and Boeing and Tesla and whatever company they liked. And I bring that up because I think that’s a very important sign of sentiment, that mainstream retail investors have no exposure to gold, they don’t understand the sector, they don’t like the sector, they would rather buy Amazon or Tesla, or Netflix, Apple etc. than invest in gold or gold miners.
And I even told a few of them in the last couple of weeks, I said, “Look, I told you to buy this, and look at what it’s done.” And they were like “Ah well, whatever, I don’t understand it, so I don’t want to own it.” Which I guess is a good reason not to invest in something, but they don’t even want to try to understand why they should be invested in precious metals. And I don’t think that’s characteristic of a top. In fact, if all three of them told me “I’m all in gold miners” next week I would say “Oh, shit, that’s a short term peak.” But none of them are invested, and I think that that’s true for a broad swathe of the sector. I don’t think people under 50 own gold or mining shares in any appreciable quantity.
Bob Moriarty: You are absolutely 100% correct. And of course I’ve written two different books essentially saying the same thing, you need to look at what the mob is doing and then do the opposite. And everybody makes investing way too complicated. I know you live in South Florida, you go to Publix supermarket and you’re sitting there waiting to check out and the two people in front of you start talking about the gold stocks that they’re buying. You need to sell. Everybody talks about “Well, gee, what do you think about Great Bear? What do you think about Novo, when are they going to actually get it to production?” That’s all bullshit, okay? We make money by doing the opposite of what the mob is doing. If you can figure out what the mob is doing, you’re okay.
We could, and I use the word “could” in big quotation marks, we could have a correction in gold and silver soon, but I wouldn’t spend any time worrying about it whatsoever. The only safe haven today, and this is period, not the stock market, not Bitcon, not the bond market, not real estate, not diamonds, not art. Those are all bubbles, the bubbles have blown up. There is no value to them and sooner or later people will figure it out. You and I talked about Bitcon many times, and I called Bitcon the top within a few days, and it was very accurate. There were 1300 variations of Bitcoin in December of 2017, and there’s 2900 today. Okay? It’s done nothing but go down, yes it goes up and it goes down, but Bitcon is a damn electronic Beanie Baby. Sooner or later people are going to realize that’s where money goes to die.
Goldfinger: So I’ve got to ask you, did you see Paul Tudor Jones and what he said about Bitcoin and gold? He actually owns, I don’t know, a few hundred million or several hundred millions of bitcoin, he owns a billion dollars of gold in his flagship fund, and he basically said that Bitcoin and gold are both going to be winners from this government stimulus and fed balance sheet expansion, and he basically said “I’m not smart enough to know which one is going to do better so I bought both”. What’s your thoughts on that?
Bob Moriarty: He’s doesn’t know which one will be the winner so he’s bet on both, that’s always the wise thing to do, because he doesn’t know which one. However, because I’ve been around a lot longer than he has I know which one, you couldn’t change my mind in a hundred years, okay?
If in your little town, there were 2900 ice cream stores, I would tell you, every one of those ice cream stores is going to lose money, there is no possible way they could make money, and the same thing is true of 2900 Bitcons. Paul Tudor Jones is certainly one of the most brilliant investors around, but who is the most successful investor in the world today?
Goldfinger: The standard answer is Warren Buffett
Bob Moriarty: Okay. What does he think about gold?
Goldfinger: He doesn’t like gold or Bitcoin.
Bob Moriarty: Exactly. It’s very funny. A guy can be good at one thing and that doesn’t mean he’s good at everything. And I’ll give Warren Buffett credit, he’s a tremendous investor. He’s made fortunes for people. His returns consistently have been excellent, however he hates gold. But that doesn’t mean that he’s right, it just means that he hates gold. And Paul Tudor Jones, I mean, I could prepare a chat with him and he would agree that I’ve got a point of view and I would agree that he’s got a point of view. He’s hedging, and one of those two things is bound to make some money, but if people don’t like paper dollars or don’t like paper Euros or paper pounds, why would they like electronic bits and bytes? I don’t see how anybody could see any value to cryptocurrency. It’s an accounting system, there is no value there.
When I was a kid, I could reach in my pocket and I could pull out a half dollar, and it’d be silver, and you knew you had something of value. And I reach in my pocket now and pull out a handful of slugs, and my temptation is just to throw them away, because I understand that at heart they have no value whatever. And I would do it, except everybody would think I’m crazy.
Goldfinger: I think we talked about moving to farms and getting away from cities, what about all the commercial real estate out there? These office buildings and medical buildings etc. where people have been shown the light. They can work from home most of the time and if they really need to go to a central location, they can do it one day a week. So why are these businesses going to pay these huge rents and everything? And I think that it is this reckoning that’s coming, it hasn’t happened yet because it’s been covered up by the feds so far and the government, but it’s coming, and that just makes the case for gold and silver that much stronger because we know the powers that be want to continue to prop up this illusion of solvency or of not being insolvent, at least, and …
Bob Moriarty: Okay, well let me give you my short technical description of what’s going to happen with commercial real estate.
Bob Moriarty: They’re fucked. They are absolutely catastrophically unequivocally fucked.
Goldfinger: (laughs) That pretty much sums it up Bob. This is going to be a very interesting rest of the year and I think you’ve called it very well so far, we will reconvene again in June and I thank you for your time, Bob.
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This article contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively “forward-looking statements”). Certain information contained herein constitutes “forward-looking information” under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “expects”, “believes”, “aims to”, “plans to” or “intends to” or variations of such words and phrases or statements that certain actions, events or results “will” occur. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed by such forward-looking statements or forward-looking information, standard transaction risks; impact of the transaction on the parties; and risks relating to financings; regulatory approvals; foreign country operations and volatile share prices. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Actual results may differ materially from those currently anticipated in such statements. The views expressed in this publication and on the EnergyandGold website do not necessarily reflect the views of Energy and Gold Publishing LTD, publisher of EnergyandGold.com. Accordingly, readers should not place undue reliance on forward-looking statements and forward looking information. The Company does not undertake to update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws. Always thoroughly do your own due diligence and talk to a licensed investment adviser prior to making any investment decisions. Junior resource companies can easily lose 100% of their value so read company profiles on www.SEDAR.com for important risk disclosures. It’s your money and your responsibility.