Eldorado down on Q4 loss

By analyst

By Valentina Ruiz Leotaud

Shares in Eldorado Gold (TSX:ELD)(NYSE:EGO) were down on Thursday after the company reported a Q4 loss and technical studies for its Kişladağ, Lamaque and Skouries mines.

In a press release, the Vancouver-based miner stated that, due to a 20 per cent y-o-y fall in sales volumes, its adjusted Q4 loss came in at $400,000 compared to $2.9 million in earnings in the year-ago quarter. In detail, sales moved down to 67.3K from 84.6K ounces.

In terms of production, Eldorado revealed that the last quarter of 2017 totaled 83.9K oz., up slightly from 82.8K in the same period of 2016. Full year gold production was of 292,971 ounces, including Olympias pre-commercial production and 7,061 ounces of gold produced from a bulk sample at the company’s newly acquired Lamaque project in Quebec.

In a conference call held today, CEO George Burns recognized that 2017 was a challenging year. “Looking back, despite acquiring Lamaque project from Integra Gold in July, technical challenges at play today seem to overshadow Eldorado’s value proposition. Compounding this, permitting and arbitration headwinds in Greece were front and center for a good portion of the year. This was extremely frustrating for us and highly disappointing for our shareholders,” he said.

In Greece, despite the fact that the Olympias Phase II project achieved commercial production by the end of last year, Eldorado had to deal with a legal arbitration started in September by the Greek Ministry of Finance and the Ministry of the Environment and Energy. Both government departments allege that the technical study for the Madem Lakkos Metallurgical Plant for treating concentrates from the Olympias and Skouries mines was deficient and therefore in violation of the Transfer Contract and the environmental terms of the project.

“The operational challenges that we often [face] require innovative solutions, patience and a whole lot of tenacity to work through,” the executive said.

Among those out-of-the-box proposals, the company has been converting its flagship gold mine in Turkey, Kişladağ, from a heap-leach asset to a mill-processing option, with resulting higher processing costs and higher recoveries. But while this is taking place, the miner saw a 10 per cent overall reduction in reserve oz. Thus, 2017 ended with proven and probable gold reserves of 392M metric tons at 1.37 grams/ton gold containing 17.3M oz.

Despite these results, George Burns said that by constructing a mill at Kişladağ and moving the Lamaque project into operation, he expects to restore Eldorado Gold’s production to over 600,000 ounces per year. “And this is before factoring in any production from the Skouries project in Greece,” he added.

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Source:: Infomine

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Scientists create “kagome metal”

By analyst

By Valentina Ruiz Leotaud

Physicists from MIT, Harvard University, and Lawrence Berkeley National Laboratory have produced what the call “a kagome metal” — an electrically conducting crystal, made from layers of iron and tin atoms, with each atomic layer arranged in the repeating pattern of a kagome lattice.

In a paper published in Nature, the scientists explain that their creation was inspired by Japanese kagome baskets, which are typically made from strips of bamboo woven into a highly symmetrical pattern of interlaced, corner-sharing triangles.

“If a metal or other conductive material could be made to resemble such a kagome pattern at the atomic scale, with individual atoms arranged in similar triangular patterns, it should in theory exhibit exotic electronic properties,” the researchers explain in a press release issued by the MIT.

In their experiment, the scientists flowed a current across the kagome layers within the crystal. After they did this, they observed that the triangular arrangement of atoms induced strange, quantum-like behaviors in the passing current. Instead of flowing straight through the lattice, electrons veered or bent back within the lattice.

“This behavior is a three-dimensional cousin of the so-called Quantum Hall effect, in which electrons flowing through a two-dimensional material will exhibit a ‘chiral, topological state,’ in which they bend into tight, circular paths and flow along edges without losing energy,” the statement reads.

According to Joseph Checkelsky, assistant professor of physics at MIT, by constructing the kagome network of iron, which is inherently magnetic, the exotic behavior persists to room temperature and higher. This means that the charges in the crystal feel not only the magnetic fields from these atoms but also a purely quantum-mechanical magnetic force from the lattice. “This could lead to perfect conduction, akin to superconductivity, in future generations of materials,” Checkelsky said.

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Source:: Infomine

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Chris Temple from The National Investor – Thu 22 Mar, 2018

By Cory Extended Market Wrap – US Markets, L-T Yields, Trade Wars, The Yen, and Chinese Rate Hikes

Chris Temple joins me to wrap up another interesting day in the markets. The markets closed at their lows for the day with the Dow down over 700 points. Long term yields were also hit with the 10 year touching 2.80% but not breaking lower. Volatility spiked again tuning this quarter into the most volatile in history. We also also look internationally at the move up in the Yen and Chinese rate hikes. So much to consider which is why this is one of our longer market wraps.

Download audio file (2018_03_22-Chris-Temple.mp3)

Click here to visit Chris’s site for more valuable market and economic commentary.

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Source:: The Korelin Economics Report

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KER Politics – Thu 22 Mar, 2018

By Big Al

Jeff Ferry, CPA and Director of Research for a Coalition for a Prosperous American opines on Trump’s action towards China

Jeff Ferry, Director of Research for the Coalition for a Prospersous America, has interesting thoughts on the President’s action today toward China and Big Al agrees with him.

Download audio file (Genesis-Segment-8-April-24-Jeff-Ferry-the-Director-of-Research-for-Coalition-for-a-Prospersous-America-disscusses-the-Administrtions-recent-actions-towards-China-1.mp3)

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Source:: The Korelin Economics Report

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Trump Will Use the “Nuclear Option” on Trade

Jim Rickards

By James Rickards

This post Trump Will Use the “Nuclear Option” on Trade appeared first on Daily Reckoning.

What we have seen so far are just the opening shots of the coming trade war. Think of it as the Battles of Lexington and Concord that opened the Revolutionary War. Much larger tariffs and penalties are waiting in the wings.

Trump will soon receive a report under Section 301 of the Trade Act of 1974. That report has been almost a year in preparation and will reveal that China has stolen over $1 trillion in U.S. intellectual property.

Section 301 of the Trade Act of 1974 is the “nuclear option” when it comes to trade wars.

I don’t want to get too deeply in the weeds here, but Section 301 gives the president broad authority to impose sanctions and penalties. The president will have a completely free hand to impose billions of dollars of damages if not more on China.

Trump could receive this report within days or weeks. Regardless, it is coming soon.

Once the president receives it, the law gives him 90 days to react. But he will likely act within days or weeks upon receiving it.

Importantly, Trump does not require Congressional approval to act. Again, the law gives the president enormous flexibility. So he doesn’t need Congressional backing as he did for, say, the tax cuts.

Initial reports indicated that these penalties will be about $60 billion. In fact, Trump used that figure in today’s press conference on tariffs. But that’s just for starters.

Trump will wait to see if China is willing to make concessions in other areas. If not, he can easily double or triple that $60 billion figure.

The penalties Trump seeks to impose are not limited to specific sectors but may apply across a wide range of goods and services from China that benefitted in any way from the theft of intellectual property (IP).

IP is a very tricky subject with a lot of gray area.

Trade restrictions on steel, for example, are much easier to implement. Steel is tangible. You can weigh it, track it, etc.

Intellectual property, on the other hand, is much more vague, much more amorphous. It exists inside human brains, or on the internet or a computer thumb drive. It can be everywhere at once in a sense.

So it’s much more difficult to identify, quantify, and throw tariffs on than traded products like steel, autos, solar panels or washing machines. Yet intellectual property is more important than ever.

We live in a world of technology, a world of the internet, of smart devices, and even cryptocurrencies for that matter. These are all forms of intellectual property.

Now, China has been stealing U.S. intellectual property for decades in various ways. Sometimes it happens when a Chinese scientist comes to the United States and takes what he learns back to China.

But a lot of the theft has been done through malicious hacking of U.S. technology companies. These could be big defense contractors like Lockheed Martin or Northrop Grumman. But they could also be small …read more

Source:: Daily Reckoning feed

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Trump Prepares to “Go Nuclear” on China

By James Rickards

This post Trump Prepares to “Go Nuclear” on China appeared first on Daily Reckoning.

As you know by now, the Fed raised its target rate yesterday.

I’ll have more to say about that in the days ahead. But today I want to address some news that could have even larger ramifications for markets and the economy. The mainstream media haven’t given it nearly the consideration it deserves.

What am I talking about?

President Trump announced plans today designed to punish China for stealing American intellectual property.

The sanctions target China’s high-tech sectors and place restrictions on Chinese investments in the U.S. (see below for details).

It will likely trigger Chinese retaliation and reignite fears of a global trade war.

It was another bloodbath on Wall Street today, mostly because of the trade news. The Dow ended the day more than 700 points lower.

This should come as no surprise.

The stock market traded down when the trade war headlines first gained prominence early this month. That was when the Trump administration announced tariffs on imported steel and aluminum. (Incidentally, these tariffs take effect tomorrow, March 23.)

Then stocks just as quickly bounced back on the view that Trump’s bark was worse than his bite and that the tariffs and sanctions would be full of loopholes and exceptions.

But that was just wishful thinking.

It’s true that Trump offered relief to Canada and Mexico on the steel tariffs, but that was only so he could gain negotiating leverage on the ongoing NAFTA talks.

If Canada and Mexico fail to give Trump the concessions he wants on NAFTA, those steel tariffs can bounce back to hit Canada and Mexico, as they already hit China and Brazil.

The bottom line is the world is now entering a trade war.

This is something I’ve been warning about for at least a year.

So it comes as no surprise to the readers of my newsletter, Project Prophesy, even though a lot of elites and Washington insiders were shocked when it happened.

You must first understand that this is something Trump has been talking about for decades, going back to the 1980s.

Trump has long talked about unfair trade, the importance of tariffs, the importance of creating jobs and protecting U.S. industries. This was the first thing he touched on when he announced his candidacy in 2015.

He’s never since varied in his position. So anyone surprised by his recent positions wasn’t paying attention, was in denial or engaged in wishful thinking.

But, why didn’t Trump announce these policies on day one?

Well, the answer is he wanted to. But there were constraints. The biggest single constraint had to do with North Korea.

A marginal economy always on the brink of collapse, North Korea depends upon the economic support of China. Trump therefore hoped he’d limit North Korea’s nuclear ambitions by convincing China to withdraw economic support if North Korea persisted in developing nuclear weapons.

These efforts mostly failed.

In the first place, North Korea considers nuclear weapons critical to its survival and was never going to completely abandon its program. It sees that America has …read more

Source:: Daily Reckoning feed

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Could You Pass The Marshmallow Test?

Nilus Mattive

By Nilus Mattive

This post Could You Pass The Marshmallow Test? appeared first on Daily Reckoning.

We’re starting to pack for a spring break trip to El Salvador next week, where both the air and water are in the 80s.

Meanwhile, a few of the families we’re friends with are packing for a snowboard trip to Aspen.

My daughter would certainly like to be there drinking hot chocolate and toasting marshmallows with the rest of her crew, but she’ll happily forgo a couple sweets for something she likes even more – big, warm waves in a bathing suit.

As it turns out, that’s a very good trait to have.

In an experiment conducted by Stanford back in the late 1960s and early 1970s, researchers took a group of kids (ages 4-6) and offered them each a single marshmallow to eat.

However, they also gave them another option — wait 15 minutes without eating the marshmallow and have a second one.

All told, 653 children participated. Some kids ate the marshmallows as soon as the researchers left the room. And even out of the group who tried to wait a little longer, only one third made it long enough to get the second marshmallow.

Even more interestingly, follow-up studies with the same group of children have showed high correlations between the ability to wait for the second marshmallow and overall success in life — based on everything from parental evaluations of general competence and well-being to other measures into adulthood.

Heck, the kids who were able to wait the full fifteen minutes scored an average of 215 points higher on their SATs than the children who couldn’t wait 30 seconds!

Of course, even if some people have a higher innate propensity for retirement saving — which is perhaps THE biggest real-world example of delayed gratification — I still believe reasonable adults can at least change their ways a bit, assuming they’re given reasons to do so.

So if you know someone who just wants to eat all the darn marshmallows right now, here are a couple things you can tell them…

Fact #1:
Social Security is not going to bail you out.

I have gone into great detail on the current state of our nation’s Social Security program many times before, but the upshot is that it faces ongoing shortfalls and will struggle to pay out all the benefits that have been promised.

Yet astoundingly enough, plenty of people I talk to still seem to think that they’ll be doing just fine by retiring on Uncle Sam’s dime.

What they fail to realize is that — even if Washington finally gets around to shoring up the Social Security program’s finances — those monthly checks won’t come close to covering even a modest lifestyle in retirement.

In fact, the average monthly benefit that’s going out to a retired worker right now is about $1,400.

And quite frankly, I now suspect many people will see their promised amounts get CUT – whether it’s through even more aggressive taxation of benefits or some other method.

Fact #2:
You’ll probably need an …read more

Source:: Daily Reckoning feed

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Exclusive Insights on the Gold Market – Thu 22 Mar, 2018

By Cory John Kaiser – A Focus On Nevada and Companies Of Interest

John Kaiser, Founder of Kaiser Research joins me to discuss the opportunities he is seeing in Nevada. Being a well known jurisdiction there are a number of profitable mines and good looking exploration upside for investors. John shares why he likes are area and a couple companies he is focused on.

Download audio file (2018_03_22-John-Kaiser.mp3)

Click here to visit John’s site for more great metals commentary.

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Source:: The Korelin Economics Report

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Richard Postma – The Doctor Is In – Thu 22 Mar, 2018

By Cory The Bounce In Metals After The Fed Meeting

Doc joins me to focus on the metals move up from yesterday. Again on the back of a fed rate hike we saw gold and more importantly gold stocks get saved from a downtrend they were in. We look at how the technical factors that also lined up for the bounce. The question is will this bounce lead to a breakout or simply a run back up to the upper part of the range.

Download audio file (2018_03_22-Doc.mp3)

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Source:: The Korelin Economics Report

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Apollo Minerals expands in the Pyrenees

By analyst

By Valentina Ruiz Leotaud

Apollo Minerals (ASX:AON) announced that it has entered into an agreement to buy Aurenere, a project located in the northern Spanish province of Lleida, right next door to the company’s Couflens tungsten and gold project, which is in France.

Within the terms of the agreement, Apollo will acquire 75% of the share capital of NeoMetal Spania S.L, which holds the rights to the 100% interest in the Aurenere Project. The commercial terms of the acquisition of the upfront interest in Neometal include €100,000 cash upfront and a further €150,000 upon the grant of the Investigation Permit.

Aurenere is a 55-square-kilometre property that contains an extension of the tungsten and gold strike at Couflens. Both properties combined would give Apollo 97 square kilometres of landholding in the Pyrenees.

In a press release, the London/Perth-based company explained that the rationale behind the buyout is that recent field campaigns carried out within the Couflens license area confirmed the presence of widespread tungsten, up to 8.25% WO3, and high-grade gold, up to 24.5 g/t. “These campaigns highlighted significant potential for shear hosted gold mineralisation to be associated with large fault structures extending to the west of the Salau mine area towards the Aurenere Project,” the statement reads.

The aforementioned Salau mine is a historic operation in the area, considered one of the world’s highest-grade tungsten mines between 1971 and 1986.

Aurenere still has to get an Investigation Permit from the General Directorate of Energy, Mines and Industrial Security of the Government of Catalonia. The application to obtain such license was submitted by NeoMetal Spania in March 2016.

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Source:: Infomine

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