Israel Made the Attack on the Saudi Oil Fields


Bob Moriarty
Archives

Sep 16, 2019

As any fan of detective books or shows knows well, when you observe a crime you must first ask yourself, “Who benefits.” The Latin is Cui Bono Literally to whom is it a benefit?

On Saturday September 14th someone fired missiles or sent armed drones against Saudi oil facilities reducing world oil production by 5% and Saudi production by 50%. The beleaguered Houthis group at war by Saudi Arabia in Yemen quickly claimed credit for the attack.

While the Houthis have used armed drones in attack mode previously against the Saudi’s, those flights were bee stings compared to the sophistication and breadth of success in the latest attack.

The BBC calls the latest events “a different order of magnitude altogether.” There were seventeen different points of impact on the Abqaiq facility. What ragtag poorly armed enemy could possibly conduct such as remarkably complex attack?

Since the recent long past sell-by date demise of John Bolton, Donald Trump’s current attack Chihuahua, Mike Pompeo, promptly insisted Iran was behind the attack.

But how does Iran benefit by starting World War III? Are they so fucking stupid that they would wave a red flag in front of the nuclear armed US, nuclear armed Israel and Saudi Arabia run by a snow flake who thinks cold blooded murder is just about right when his feelings are hurt.

Israel has been threatening Iran with destruction since at least 1982 with the publication of the Yinon Plan. The document is remarkable in its candor for the Zionist plan for the destruction of the Middle East. “Every kind of inter-Arab confrontation would prove to be advantageous to Israel at least in the short term,” Yinon suggested.

Anyone believing the latest false flag operation of Israel is not designed to stir up conflict in the Middle East between Arab neighbors either cannot read or cannot think. This threat has been in print for the world to read for thirty-seven years.

For those who didn’t get it at first glance, the mostly dual national Neocons wrote a position paper for Benjamin Netanyahu in 1996 by Richard Perle called the "Clean Break."

The coldblooded nature of the document can only be appreciated in hindsight by recalling recent historical events causing the deaths of millions of innocents and the largest refugee problem since the end of WW II by the evil actions of Israel advocating for a state of constant conflict.

Rather than pursuing a ‘comprehensive peace’ with the entire Arab world, Israel should work jointly with Jordan and Turkey to "contain, destabilize, and roll-back" those entities that are threats to all three.”

Israel managed to con the US into expending the blood of their children and gold from their treasury for the best part of nineteen years conducting a “roll-back.” All for the benefit of Israel.

Not yet satisfied with the cold-blooded nature of their plans, the Neocons issued another position paper prior to the events of 911 they called “Rebuilding America’s Defenses.”

By this time the same mostly dual national Zionists called their conservative think tank, The Project for the New American Century. If anyone realized that the organization probably should have come under Truth in Advertising laws, the think tank would have more accurately been referred to as The Project for the New Israeli Century because it had nothing to do with America and everything to do with Israel.

In yet another remarkably blood drenched comment, the author stated, “Further, the process of transformation, even if it brings revolutionary change, is likely to be a long one, absent some catastrophic and catalyzing event – like a new Pearl Harbor.”

Remember the attack on Pearl Harbor in December of 1941? That was the surprise attack on the Naval Base in Hawaii that was no surprise at all and resulted in the deaths of almost 3,000 American servicemen and dragged the US into World War II.

So would it be accurate to suggest that 911 was the “catastrophic and catalyzing event” the PNIC group so desperately desired to take place?

After all, at the very least Israel knew all about it. They sent a team of Mossad spies “to document the event.” Again, almost 3,000 Americans died as a series of military adventures began that would bankrupt the US and cause the deaths of millions in the Middle East.

But in my three score and thirteen years I have learned that the simplest answer is almost certainly the most accurate answer. Israel does not need to convince the US to destroy Iran on their behalf. The US has been in an undeclared state of war against Iran for decades. All for the benefit of Israel.

There is a better and less complex answer. That has to do with an election on September 17th, 2019. If Benjamin Netanyahu wins another term in office he can stay out of jail for corruption a little longer.

Would Netanyahu stoop to front running an election by ordering the IDF to conduct a missile/drone attack on his good friends in Saudi Arabia that could easily ignite Armageddon?

Sure. Why not? It’s Americans and Iranians who would die. He doesn’t give a rat’s ass about them. Especially if it keeps him out of jail a little longer.

Actually pulling the pin on nuclear hand grenades would be especially stupid. But he doesn’t care.

###

Bob Moriarty
President: 321gold
Archives

321gold Ltd

 

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Energy Firm Reacts to Oil Price Weakening with 2019 Budget Decrease

Source: Streetwise Reports 08/31/2019

The company’s revised estimates, the reasons for and repercussions of them are addressed in a CIBC report.

In an Aug. 26 research note, analyst Dave Popowich reported that his firm CIBC reduced its price target on Whitecap Resources Inc. (WCP:TSX) to CA$7.25 per share from CA$7.50 due to strip pricing changes. In comparison, the oil and gas company’s current share price is about CA$3.67.

CIBC made other small adjustments to its estimates on Whitecap to reflect the company recently reducing its 2019 budget by CA$50 million to CA$400 million. This move, Popowich wrote, reflects “an increasingly cautious industry stance” in a worsening oil price environment.

Consequent to lower spending, Whitecap’s Q4/19 production is expected decrease to 74,000–75,000 barrels of oil equivalent per day (74,000–75,000 boe/day) from 77,000–9,000 boe/day.

Full-year 2019 production guidance remains the same, however, and Whitecap forecasts free cash flow this year of about CA$135 million, an increase over previous guidance of CA$95 million. “With an estimated FY19 payout ratio of just 82% on recent strip pricing, Whitecap’s 9.3% dividend yield looks very safe for the time being,” Popowich highlighted.

CIBC anticipates Whitecap’s lower spending in H2/19 to carry over into 2020. Thus, the bank decreased its full-year 2020 capital spending forecast on the energy firm to CA$450 million from CA$500 million and reduced its projected production by 4% to 74,015 boe/day.

Popowich concluded that “Whitecap has maintained a relatively strong balance sheet throughout the ongoing industry downturn, and we see that as a competitive advantage worth preserving, even if it comes at the expense of growth.”

CIBC has an Outperformer rating on Whitecap.

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3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
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Disclosures from CIBC, Whitecap Resources Inc., August 26, 2019

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In addition to 1% ownership positions in covered companies that are required to be specifically disclosed in this report, CIBC World Markets Corp./Inc. may have a long position of less than 1% or a short position or deal as principal in the securities discussed herein, related securities or in options, futures or other derivative instruments based thereon.

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Important Disclosure Footnotes for Whitecap Resources Inc. (WCP)

· CIBC World Markets Inc. expects to receive or intends to seek compensation for investment banking services from Whitecap Resources Inc. in the next 3 months.

( Companies Mentioned: WCP:TSX,
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Company’s Share Price Takes a Hit, and This Investor Wonders Why

Source: Peter Epstein for Streetwise Reports 08/24/2019

The market sold off on news from this junior miner operating in British Columbia’s Golden Triangle, and Peter Epstein of Epstein Research questions the logic.

Aben Resources Ltd. (ABN:TSX.V; ABNAF:OTCQB) recently announced results from the first shipment of drill core from its 2019 drill program at the Forrest Kerr gold project in the Golden Triangle (GT) of British Columbia, Canada. Results from three of ten completed drill holes were reported. Nothing too exciting in the assays, the best intercept was 61.7 meters of 0.46 g/t gold (August corp. presentation).

The market spoke, and it spoke loudly. The press release was not well received. But why such a negative response? Shares plummeted to $0.135, down 27%, before ending Wednesday at $0.155, and dropping a penny on Thursday to $0.145.

Trading volume of 3 million shares was the heaviest of the year. I would have expected something like this if the company was out of cash, with no more results pending.

But that’s simply not the case, Aben remains well funded. Eric Sprott is the largest shareholder. (Note: In the remainder of this piece I suggest that Aben’s share price [could, might, possibly, potentially] rebound from $0.145. However, I don’t know when or if this will happen, or how much of a rebound is likely.)

First and foremost, we need to see one or more strong drill holes reported in September, October or November. This remains quite possible because the zones being drilled are still open along strike and at depth.

All drill holes are important in understanding the geology, to better target zones of mineralization. The GT is known to have complex geology, as is the case with a lot of deposits in the district. Even assays that are not that exciting help explain geology and structure, improving Aben’s chances of success.

What if there’s nothing left to find?

Management believes there’s likely to be more high-grade gold on the property. Gold zones identified so far came from a powerful mineralizing event. The team is up in the GT this week planning the next batch of drill holes, and they remain optimistic for the remainder of this season.

Management pointed out that last year’s blockbuster hole FK18-10 (multiple high-grade zones, including 62.4 g/t gold over 6 meters within 38.7 g/t gold over 10 meters) was targeted based on a high-grade surface sample. Aben has several new target areas supported by high-grade surface showings that will be drilled over the next several weeks. Strong intercepts from any of these new areas would be deemed a new discovery.

A lot of angst, disgruntlement and fear over just three assays?!?

Along with a few disappointing drill holes was the arguably more important news that management is doubling down on its drill program. Aben is expanding the budget and intends to continue drilling into September. The team is drilling another 12–14 holes at Forrest Kerr and should end the season with about $2 million in the bank.

On just three assays of up to 24 expected from the Golden Triangle this season, Aben is down 24% from $0.19 per share to $0.145. It has fallen out of the top 10 GT juniors, as ranked by enterprise value (EV) [market cap + debt – cash], now sitting at #13 with an EV of $13 million.

The company’s share price is down 70% from its 52-week high. That’s the worst decline among the top 20 GT juniors. Is the considerable share price weakness justified?

While the press release was not great, it wasn’t all bad either. . .

The following are two streamlined quotes from the press release that describe the drill program at Forrest Kerr. There’s a fair amount of technical data in the press release for readers interested in that. I’m keeping it simple in this article:

“The goal of this year’s drill program is to test a specific area of the North Boundary Zone and the area around the historic ‘Noranda hole’ and a corresponding new zone south of the Noranda hole. These three assays are from widely spaced holes, peripheral to the main zone of mineralization. Each encountered variable and intermittent polymetallic mineralization.”

Obviously, the goal of this year’s drill program has not been defeated by the first three drill holes! In fact, the team believes the goal is alive and well, thus a more than doubling of the number of holes from 10 (completed) to a total of up to 24. Presumably, management would not do this unless they had good reasons:

“Mineralization corresponds to multiple and widespread fault and shear zone structures. The mineralized structures correlate very well with magnetic highs delineated by an airborne survey flown in May 2019. Drilling on this part of Forrest Kerr has only tested a small portion of the potentially mineralized structures defined by the magnetic survey.”

Only a small portion of potentially mineralized structures defined by a magnetic survey have been tested. Again, the goal remains intact: to drill test very specific zones with potential for high-grade mineralization.

Gold price up nearly US$300/ounce since this time last year!

Readers should not forget the critical importance of today’s gold price of approximately CA$2,000/ounce. In U.S. dollars, gold is at a 64-month high!

Last year, Golden Triangle juniors were working with a US$1,200–$1,250/ounce gold price backdrop. Anything above US$1,400/oz. is awesome in my opinion. Last year’s lower gold price did not prevent some spectacular gains from select GT players. For example, who can forget GT Gold Corp. (GTT:TSX.V)?

GT Gold from $0.43 per share to $2.10 (+388%); August to November 2018

I never wrote about GT Gold, or invested in it, so I’m not biased or tooting my own horn by mentioning it. Yet, GT Gold actually sold off on mediocre drill results in mid-August 2018, from $0.74 to $0.43 (down 42%!) in just eight days. Two months later, strong assays sent shares soaring above $2.

The five-year stock chart of Aben Resources suggests a real possibility of a large move if we get strong drill results. Don’t read too much into this chart. I’m not an adherent of technical analysis.

Twice, in the third quarters of 2017 and 2018, Aben’s share price traded, briefly, in the $0.45-$0.50 range. In 2016 Aben’s stock was up over 400% from low to high in the third quarter. On Aug. 28 2018, Aben traded at a 52-week high of $0.49 and closed at $0.45.

On the same day, the gold price was $1,207/ounce versus the Aug. 20, 2019 price of $1,507/ounce. By no means does this predict anything, it only leads me to believe that there’s a decent chance of a significant move in the share price if, and only if, one or more drill holes hit high-grade mineralization.

Each year a few GT juniors make big moves in August through November

How big a move is anyone’s guess, but I noticed that within just the past month, ABN’s share price traded as high as $0.26. A return to $0.26 per share would be a gain of 79%.

CONCLUSION

Aben Resources is the 13th largest Golden Triangle junior (EVs ranging from a few million up to GGI’s $182 million). Based on just a few drill holes, investors traded three million shares on Aug. 20, sending the share price significantly lower, seemingly concluding that nothing good could possibly come from the remaining (roughly) 20 assays.

No one knows what the future holds for Aben, but selling shares now, with over 85% of total assays pending, seems like a knee-jerk reaction. Anyone holding shares for many months up until now, why sell in August??? Could shares go lower? Yes, absolutely.

However, for GT players, August-September-October is when big moves in share prices often occur (if they occur at all). That’s the whole point of owning shares in these critical months! It’s happened twice before for Aben; will it happen again this year?

August Corporate Presentation
Latest Press Releases

Peter Epstein is the founder of Epstein Research. His background is in company and financial analysis. He holds an MBA degree in financial analysis from New York University’s Stern School of Business.

Read what other experts are saying about:

  • Aben Resources Ltd.

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Disclosures: The content of this article is for information only. Readers fully understand and agree that nothing contained herein, written by Peter Epstein of Epstein Research [ER], (together, [ER]) about Aben Resources, including but not limited to, commentary, opinions, views, assumptions, reported facts, calculations, etc. is not to be considered implicit or explicit investment advice. Nothing contained herein is a recommendation or solicitation to buy or sell any security. [ER] is not responsible under any circumstances for investment actions taken by the reader. [ER] has never been, and is not currently, a registered or licensed financial advisor or broker/dealer, investment advisor, stockbroker, trader, money manager, compliance or legal officer, and does not perform market making activities. [ER] is not directly employed by any company, group, organization, party or person. The shares of Aben Resources are highly speculative, not suitable for all investors. Readers understand and agree that investments in small cap stocks can result in a 100% loss of invested funds. It is assumed and agreed upon by readers that they will consult with their own licensed or registered financial advisors before making any investment decisions.

At the time this interview was posted, Peter Epstein owned no shares of Aben Resources, and the Company was an advertiser on [ER].

Readers understand and agree that they must conduct their own due diligence above and beyond reading this article. While the author believes he’s diligent in screening out companies that, for any reasons whatsoever, are unattractive investment opportunities, he cannot guarantee that his efforts will (or have been) successful. [ER] is not responsible for any perceived, or actual, errors including, but not limited to, commentary, opinions, views, assumptions, reported facts & financial calculations, or for the completeness of this article or future content. [ER] is not expected or required to subsequently follow or cover events & news, or write about any particular company or topic. [ER] is not an expert in any company, industry sector or investment topic.

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4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Aben Resources, a company mentioned in this article.

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( Companies Mentioned: ABN:TSX.V; ABNAF:OTCQB,
)

Bob Moriarty: Resource Companies to Look at in Times of Financial Turmoil

Source: Maurice Jackson for Streetwise Reports 08/19/2019

Bob Moriarty of 321 Gold explains why he believes the financial outlook is dismal and discusses a handful of resource companies that are on his radar.

Maurice Jackson: Joining for us for a conversation is Bob Moriarty, the founder of 321Gold and 321Energy.

Glad to have you back on the program and long overdue, I might add, sir. We have a number of topics to address, so let’s get right to it. Earlier, you wrote a musing entitled “We Should Let The Banks Burn Down.” Ladies and gentlemen, this is a must read. If you’re trying to make some sense of the dire global financial situation and the direct implications it will have on you and your family, Bob, you’re a big thinker and you have a unique ability to condense a complicated subject into any easy, concise reading. You’re also very strategic, so I know there’s a method to your genius. Readers could literally take that narrative into 18 different subjects. What compelled you to write this musing right now?

Bob Moriarty: I started thinking about the banks and I started thinking about 2008. We had a chance to fix the system in 2008, but we needed to let AIG collapse. We needed to let the banks collapse. We needed to start all over. Now, where this idea came from that you have to keep the crooked banks going is just beyond me. Let me give you an example, and I can’t give you the exact numbers, but Bank of America was going to buy Merrill Lynch, and Merrill Lynch handed out something like $2 billion in year-end bonuses on the 12th of December, 2008. On the 15th of December, 2008, they came out and announced $15 billion in losses. It was a total shock to everybody.

Now, think about that for a minute. The whole concept of giving people bonuses is for doing good work. Why would you give bonuses to people who are losing money hand over fist? It’s beyond me that we have let AIG steal, we’ve let Soros steal, we’ve let Warren Buffett steal, and that’s all it is. Mainstream, the average guy is getting none of the benefit, but they have to pay all the taxes. Now, the 20 Democrats are agreed on only one thing, and that is the student debt should be forgiven to, I think, $50,000, but the whole student debt thing is corrupt. The banks literally bribed Congress and pass a law passed that said you can’t discharge college loans. As a result, the colleges said, “Gee whiz, we can charge anything we want,” and the banks said, “We can give loans to everybody. It doesn’t make any difference whether they are creditworthy or not because we’ve got them in handcuffs for the rest of their life.” Now, the number of people over 60 who are still paying college debts has doubled in 10 years and it’s a crime. It’s that simple.

Maurice Jackson: That’s because also they cosigned either for a grandchild or they had to go back to work essentially. Is that correct?

Bob Moriarty: Correct.

Maurice Jackson: I find it disheartening that to get this information and still have a discussion about it that you have to find it in alternative media. The mainstream media glosses over it. It’s truly frustrating.

Bob Moriarty: No, that’s a good thing. Do you believe that mainstream media told the truth 10 or 20 or 30 years ago? They were liars. They lied about it, everything. I look at CNN and CNBC and Fox think, “Does anybody believe their lies anymore?” Any person with a computer has access to far more information now, and I’m not going to say the web is a cornucopia of wisdom, because it’s not. There’s a lot of goofs posting on the web, but you certainly get access to a lot of valid information. The number of people who read my articles is really quite amazing, and it’s free. It doesn’t cost me but a couple of hours to write it, and a person can sit down in 20 minutes and read something and get a different point of view.

Now, that doesn’t mean that you have to agree with me. I could be dead wrong, but the fact is I’ve got a point of view and I’ve got access to the web and tens of thousands of people read it.

Maurice Jackson: Not to mention, it’s not just your thoughts and opinions, you’re actually providing hyperlinks to take us directly to the source so we can see it for ourselves and make an objective decision here.

Bob Moriarty: You just pointed out something that I hadn’t thought about for a while. There are a lot of people who write articles and they talk about it as if they’re quoting facts, when in fact what they’re doing is expressing opinions. They don’t buttress their opinion with facts and it’s so easy to put in hyperlinks. When I talk about what the cost of student loans is, I can give you the link and the person can go and they can verify that I’m not just blowing smoke, that I’ve got good, accurate numbers and I get the best information that I can and share it. It’s important that articles contain two things in equal proportion. One is facts and the second is logic, and a lot of people are talking about opinion as if it’s factual, which isn’t necessarily true and no logic whatsoever.

I went through two or three emails with a gentleman this last week who was arguing that silver was suppressed from $4 an ounce to $50. I wrote him back and I said, “I don’t know how you did on your logic course, but I know you failed the math course.” That’s the dumbest thing I think I’ve ever heard. That was one of the greatest booms in commodity history and this guy is running around saying, “Oh, no, no. Silver is suppressed.” I read another piece today where somebody was saying that the central banks are losing control over the price of gold and I thought, “God, doesn’t this guy get it? Central banks have been buyers of gold since 2010.” Now, how have they lost control of the price of gold if they’re buyers? It’s crazy.

Maurice Jackson: That is factual information, and by the way, one more caveat to that discussion as well is you’re actually a strong advocate for buying gold, so it’s not that you’re anti-gold or anti-silver, silver at this moment, so it’s not that you’re taking a position that you shouldn’t purchase silver, and we’ll get into that later.

What do you have to say to bankers, Keynesians, and advocates for big government, when they would claim that the banks did what they had to do to save us?

Bob Moriarty: The banks did what they had to do to save them. Don’t confuse them with us. Here’s what they have done. They have loaded the world with something like a hundred trillion dollars in more debt. If you aren’t in the one-tenth of 1%, you didn’t get any benefit out of it whatsoever. I’ll just flat tell you the average person is far worse off today than they were in 1970 and they’re worse off than they were in 2008, and the fact of the matter is, and you’ve picked up on a very important point, all debts get paid.

When the United States government goes from say $8 trillion to debt to $20 trillion in debt and has $200 trillion in unfunded liabilities, who do you think is going to pay that? You’re either going to pay it and say, “Taxpayer,” or you’re going to pay it as a beneficiary of Social Security, Medicare or Medicaid when they go bust, but somebody has got to pay it, and it sure isn’t the banks.


https://www.treasurydirect.gov/NP/debt/current.

Maurice Jackson: Amen to that, sir. You also reference a gentleman we all know, and his name is Joe Numbnuts. Now, he’s a fictional character, but we all seem to know him. Who is Joe Numbnuts? What are the odds that he’ll be voting for a Democratic nominee?

Bob Moriarty: Who said he was fictional? I went through boot camp with him in 1964. Joe Numbnuts is just as real a person as you’ll ever meet, and yeah, he’s a Democrat.

Maurice Jackson: I reference Mr. Numbnuts. He’s one of the individuals that acquires these student loans. He is a lifelong student and he feels that you and I should pay for his student debts, so I wanted to kind of take the conversation there. Can you expand on that for us?

Bob Moriarty: Joe Numbnuts is stupid but he’s not totally ignorant. He’s a very skilled underwater basket weaver, and when he finally had to go out and to work, he realized that there is no demand for underwater basket weavers, so the $83,000 he owed in student debt, he just said, “Oops, I can’t pay.” Now, he’s listening to the Democratic Party and there’s only one of them that’s got any sense whatsoever. They’re saying, “We’re going to forgive the debt”, and he says, “I don’t care. I’m not going to pay it anyway. I let my Mom and Dad and uncle and neighbors, I’ll let them pay it.” Joe Numbnuts, he’s not all that dumb.

Maurice Jackson: I don’t know if we addressed this earlier, but student debt, how does that compare with other debt for the United States right now?

 

Bob Moriarty: It’s bigger than all credit card debt and it’s bigger than all the automotive loans. The student debt is giant debt and if we transfer half of it, $800 billion, to the backs of the taxpayers, that would go from increasing overall debt from a trillion a year to increasing 2 trillion a year. What I write in my musing, none of my stuff is complicated. These are all things that anybody who can think can see for themselves. Those debts are not going to get paid, and then you have to say, “What’s going to happen?” Do you remember what I said about voting to change things? Google and the FBI are now in charge of picking the president, and that’s a real switch. You can forget about having an effect by voting.

Maurice Jackson: It certainly is, and that’s part of the discussion we’ve had in the past and that’s involving the Deep State. Is that correct?

Bob Moriarty: Oh yes, and that’s so spooky because that should be the number one topic in the United States. Who in the world appointed the FBI and the DOJ in charge of picking presidents? Now, the very best analogy to what’s going on today is Gibbon’s book. I think there were like six or so volumes or something like that. “Decline and Fall of the Roman Empire.” Now, do you consider yourself a reasonably educated person?

Maurice Jackson: I would like to consider myself in that category.

Bob Moriarty: I’ll give you a question. It’s not a trick question. If you can answer it, fine. If you can’t answer it, I can understand that. Name one Roman emperor from the year 100 until it collapsed in the Roman Empire. Any of them.

Maurice Jackson: That I can’t do.

Bob Moriarty: You know why?

Maurice Jackson: No, sir.

Bob Moriarty: They were nobodies. They were Bidens, they were Bush, they were Trumps, they were Clintons. They weren’t the best of the best. They were a bunch of bozos and clueless clowns. I can’t name any of them either. They cast no shadow and left no footprints.

Maurice Jackson: Great point.

Bob Moriarty: That’s what you get at the end of the empire. Anybody who doesn’t see that we’re at the end of an empire needs to spend 12 bucks and go read my book, and if you remember, I wrote the book in January. It was published in mid-February, and I predicted we were going to have the crash and the end of empire and the great reset this year. I’m going to tell you, I think I nailed it.

Maurice Jackson: The book that you’re referencing, just for our audience members, earlier this year Bob published the number one selling book on Amazon under commodities trading entitled “Basic Investing in Resource Stocks,” which you may find on our education tab on Proven and Probable. Now, let’s discuss the great reset. What is the great reset?

Bob Moriarty: Well, I read a book about Jubilee by Michael Hudson titled “. . . and forgive them their debts.” That was the concept in ancient times that every 50 years or so you reset your financial system. Now, that’s the fact. Let’s go into the logic. When you issue money, when you make loans, you’re actually creating money.

How could you do that as an individual? Now, I’m going to say I want you to take yourself back 10 or 15 years. When you walked into a store and you paid for something with a check, what did you actually transact?

Maurice Jackson: When I paid for it with a check, not with actual cash, correct?

Bob Moriarty: Correct. What’s the difference between a check and cash?

Maurice Jackson: Well, they’re both promises to pay because the note is on, of course, the currency.

Bob Moriarty: They’re money. It’s a hard concept but it’s a true concept. All money is created by loaning it into existence, and the proof is that you could write a check, and of course, nobody writes checks anymore, but you could write a check and that check, you’ve taken a piece of paper and you turned it into money. Now, obviously, it is a promise to pay and it will be deducted from your bank account, but when banks loan money into existence, they charge interest, right?

Maurice Jackson: Yes, sir.

Bob Moriarty: Let’s take all the banks in the world, and they create a trillion dollars in one year and they charge 5%. Now, if we only look at that one year, how much total money is there?

Maurice Jackson: 1 trillion, and I see where you’re going with this. This is a great point, yes.

Bob Moriarty: How much debt is there?

Maurice Jackson: Well, the debt is the interest rate that you just referenced there.

Bob Moriarty: No, you created the money by loaning it into existence, so the debt is 1 trillion plus the interest rate of 50 million.

Maurice Jackson: Absolutely correct, yes. This is a point basically outlined by Murray Rothbard in “The Case Against the Fed,” am I correct?

Bob Moriarty: The really interesting thing there, and nobody thinks about this. Quinton Hennigh and I spent a lot of time talking about it here recently when I was in Japan. There is always more debt than there is money. Now, if the debt continues to increase and increase and increase and increase, how does it get paid?

Maurice Jackson: Well, it doesn’t, you have to have a reset.

Bob Moriarty: Exactly. Now, I’m not saying there has to be a reset because I believe in Judaism and I believe in the Jubilee or because I feel sorry for the poor debtors. There has to be a reset because mathematically there has to be some way of paying it off, and one of the ways to pay it off is to write it off. Now, that’s going to happen and the book that I was reading is “Forgive Them Their Debts” by Michael Hudson. He pointed out that there are two kinds of loans, two kinds of debt. There is the debt for something productive, and then there is the debt for personal reasons.

Now, if I go out and need to borrow $50 million to start a factory to make widgets, that’s a productive debt and interest is appropriate, but if I want to go out and have a nice vacation, that’s entirely voluntary. I would personally argue you should never go on vacations without paying for it directly. The idea of borrowing money to go on vacation, that’s crazy, but people do it because they’re encouraged to and the banks encourage it. The banks say, “Well, gee, you can’t let us go under because where are you going to be then?” The banks are really saying, “What you need to do is let us survive and you should be our slaves.”

I think that’s a bad idea and I think that a lot of the stuff that’s going on in the United States, the anger goes back to people making less and less and less and working harder and harder and harder. Basically they’re debt slaves, and while they may have voluntarily put handcuffs on, they look around and say, “I couldn’t afford all that items I’ve been buying.”

Maurice Jackson: When I look at rush hour traffic and then I hear someone say they love their job, I often ask: “Why don’t you show up two hours early and stay two hours late and not get compensated for it?” The reason you have in my opinion rush hour traffic is what you just alluded to, you’re a slave. You must go to work, and the moment you get an opportunity to leave, everyone rushes to get out. They don’t really necessarily love what they’re doing, they’re slaves and they have to go to work to pay for that debt that you’re referring to.

Maurice Jackson: How much longer can this play out?

Bob Moriarty: Maybe another month or two.

Maurice Jackson: That’s short!

Bob Moriarty: We’ve been talking about this for months where I said that we were going to have a high in the stock market in August, and then we were going to go into a crash scenario in September/October. If you look around at China, if you look at India and Pakistan, if you look at the South China Sea, if you look at Korea and Japan, you look at the Middle East, the debt bomb is blowing up constantly and everywhere. There are so many black swans that you can’t see the sky anymore. It’s happening right now and I think that there’s going to be a liquidity issue and panic in September/October. The stock market right now is supported by nothing but hot air.


https://halturnerradioshow.com/index.php/en/news-page/world/argentina-financial-collapse-happening-right-now

Maurice Jackson: All the comments that you were referring to, what you foresaw, just for our audience members, that wasn’t in the interview. Bob and I correspond on a weekly basis and yes, you’ve been spot on every time. We’ve addressed the challenge. What are some solutions?

Bob Moriarty: We need to let the banks go under. We need a debt reset. We need honest money and we need to start all over.

Maurice Jackson: What actions have you taken to prepare yourself for a great reset?

Bob Moriarty: I’m pretty much covered. I accept that in a general total collapse financially, which lots of people see coming, everybody is going to get hurt. Some people will get hurt less than others, so I’m not talking about, “Here’s what to invest in to make your fortune in the crash,” I’m saying, “Here’s what to invest in if you want to partially survive.” The most important thing, the most important asset anybody ever has is their brain. I don’t care what happens, I’ve still got my brain and I can still use it, but I keep silver, gold. I have no debt. You could see what’s happened with gold and silver lately, that isn’t the end of a rally, that’s just the start. People are going to go into gold, silver and platinum and palladium as the asset of last resort, the U.S. government is talking about taking U.S government debts negative.

Maurice Jackson: That’s unheard of.

Bob Moriarty: Do not confuse people in power with people who have sense. I have met and know a lot of people who are very powerful, very rich, and in government in a lot of cases, and you would be amazed at how stupid these people are.

Maurice Jackson: I second that one, and Bob, I would have to agree with you a hundred percent regarding this situation, that it will not end well. I also want to give kudos here. My family has benefited time and time again from a number of your predictions and speculations. Of the five precious metals, may I ask, what are you buying right now?

Bob Moriarty: The most important thing a person can do is to buy silver, and that’s not because it will go up the most. I think that platinum will go up the most, but to buy silver because you can buy silver in small quantities. I saw something on a chat board and a guy was arguing that you should be buying gold mining stocks because they will go up because they’re higher leverage than gold, and I thought, “He didn’t understand it.” The very first thing that you want to have in a financial crisis is survival, so physical gold and silver handy is a good idea.

The beauty about silver is that you can pay for a tank of gas with a couple of one ounce bars. You could buy silver without a substantial premium. Everybody has got a different idea of how much they need, but the financial system could be in lockdown mode for six months and you damn sure want to have access to cash money and the best cash money is gold.

Maurice Jackson: If I’m not mistaken, isn’t silver being manipulated? I had to throw that in there (laughs).

Bob Moriarty: I’ve been trying to come up with a list. My next book is going to be about financial instruments that I can guarantee are not manipulated, and I know it’s going to be a bestseller because everybody wants to know something that’s not manipulated. It’s going to be like a really short book. It’s going to be like one page and it’s going to be blank. Everything is manipulated and always will be. The people whining the loudest are trying to manipulate gold and silver themselves.

Maurice Jackson: We touched on gold; the current price right now at $1500. Is that the new floor? Or is this a head fake?

Bob Moriarty: Here’s what’s crazy. There’s a guy in Australia who puts out charts and he calls it Gold Charts R Us. He’s a very bright guy and he puts out charts and everything. He puts out a chart on eight different metals, and the funny thing is, if you go back to 1900, 1910, 1920, 1930, all the way through now, gold has gone up more in most of those timeframes. Now, there are some timeframes say from 1980 to 1985 where that wouldn’t be true because gold actually went down during that timeframe. However, the real key is that talking about the price of gold, if gold doubled in value because of the economic situation, shouldn’t copper and zinc and lead, shouldn’t they double, too? What you’re really talking about there is not the commodity, you’re talking about the currency in which it’s quoted.

Anytime you talk about price, you’re talking about two different things. You’re talking about gold and you’re talking about the value of the dollar. I believe there will be a rush out of currencies, including the dollar and when that happens you might as well quote gold in Zimbabwe dollars because you can’t. Quinton Hennigh and I came up with a system 10 years ago and you wouldn’t quote gold in dollars anymore or pounds or euros. You’d quote it in grams, and that makes infinitely more sense. A gram of gold is worth a gram of gold, and whether it’s a British gram or whether it’s a French gram or whether it was a Japanese gram, a gram of gold is worth a gram of gold.

We need to go back to something that works and what we have now clearly doesn’t work, and we need to come up with something better. A financial system based around gold would mean that politicians can’t spend money they don’t have and instead of quoting in dollars or pounds or yen, quote it in grams.

Maurice Jackson: That’s a very good point. Another source you and I both like is Jake Bernstein’s Daily Sentiment Index. What is that telling you about the gold price?

Bob Moriarty: It says it’s time for a correction.

Maurice Jackson: That’s very key for people to understand. That doesn’t mean that you’re expecting a crash, but it’s just time for a correction. I think sometimes we get over-exuberant. I just came back actually last week from Vancouver from the Sprott Natural Resource Symposium and you could certainly feel the energy in the room because the gold price was at a six-year high and a hundred dollars even higher now. When you have a price move that fast, you should expect a correction. That’s very responsible, so thank you for sharing that.

Moving on to junior mining companies. Which ones have your attention at the moment?

Bob Moriarty: You’re going to hate me for this. The biggest piece of crap, crooked management, cheap stock under 10 cents.

Maurice Jackson: Well, that’s easy to find. That’s about 90% of the issuers out there, huh?

Bob Moriarty: You want the ones run by crooks because they’re going to go up the most. It really appears to me as if we have panic behind the curtains and since this is just starting, New Zealand dropped its interest rates half a percent and it was expected to drop a quarter percent. India dropped its interest rate half a percent and it was expected to drop a quarter percent. I think Taiwan dropped a quarter percent and it wasn’t expected to drop at all. This is the rush to the bottom and the thing to think about gold, silver, platinum, and palladium, it is a little, tiny space. When everybody tries to slip through that door at the same time, it’s going to get crowded. The beauty about gold mining companies, the juniors, is that you can take a stock that’s 6 cents today and you can make it $60 bucks a share if you want to. That absolutely could happen.

I’ll stick with my prediction. I’ve got it in writing a number of times. We’re going to have a crash this fall. I think this is the start of the big one and we’re going to see panic in markets.

Maurice Jackson: Well, for a speculator like myself, I look forward for times like this because I’ve been stockpiling. Let’s talk about Novo Resources Corp. (NVO:TSX.V; NSRPF:OTCQX).

Bob Moriarty: NOVO is going to surprise everybody. They got the goods. Quinton… it was absolutely proven there’s gold throughout the Pilbara. He has got this giant land position. He is coming up with stuff with Egina that surprises him. Now, I’m not going to quote grade because I don’t know what the grade is, but he has literally had to reinvent the wheel and come up with ways of measuring this alluvial floodplain. He has done a pretty good job and they’re coming up with some amazing stuff. They have figured out how to locate the high grade. I don’t know what the grade is. Every assay lab in the world is backed up. Takes two months to get assays now. However, they’re coming up with some very interesting stuff, to the extent that he has like four hundred square miles of ground. Novo, going to be a big hit.

Maurice Jackson: How about Irving Resources Inc. (IRV:CSE; IRVRF:OTCBB)?

Bob Moriarty: Oh, I love Irving. If you saw the rock that I had, you would be so jealous. You would hate me.

Maurice Jackson: Well, you and I were there together two years ago, actually.


Bob Moriarty, Brent Cook, Maurice Jackson – Irving Resources (Japan) Site Visit

Bob Moriarty: Yeah, we were there, but the rock that we saw two years ago was only worth about $25,000, and Quinton showed me some rock that was worth about $50,000. Nah-nah nah-nah nah-nah!

Maurice Jackson: I tell you, I’m jealous right now.

Bob Moriarty: You should be.

Maurice Jackson: The value proposition of Irving Resources, share it with us because I think it’s had an impressive move, but I don’t think it’s on everyone’s radar.

Bob Moriarty: Well, that’s just fine with me. It’s the tightest-held stock I’ve ever seen. 90% of the shares are in the hands of the top 15 shareholders. You couldn’t buy a million shares if you wanted to because it’s just flat not out there for sale. They have brilliant management. We were in and out of the main office and it was really funny to me because we’re in mud and 20 minutes later we’re back in the office tromping mud through the room. I’m thinking, “I’m wondering who is going to sweep this up?” I turned around and there is Akiko Levinson, president of the company, marvelous woman. She had a broom and she was sweeping up behind us. Now, if you ever go to a company and you find a company that the president of the company is willing to do the dirty work like sweeping the floor, that’s a company you want to invest in.

I talked to her, it’s really funny, Akiko is cheap. She squeezes every penny, and that’s a really wonderful thing. There are two companies operating in Japan. There’s Japan Gold and there is Irving. I’ve read the literature on both of them, seen Akiko, seen what Irving has, and one company that is spending $400,000 a year on salaries and the other company is spending $3 million a year on salaries. Now, which would you invest in?

Maurice Jackson: The one with prudent capital, which would have to be Irving Resources.

Bob Moriarty: Well, it gets better. While I was there, of course, Newmont has put I think 6 million into them and they’ve got the option of putting some more in higher prices down the road. They sent some of their top geophysical people from Australia to do a CSAMT survey for NOVO for free.

Newmont is so secure at what Irving has that they are literally donating the services of their top people. As a junior, you have to watch your money very carefully because most juniors state, “We’re going to do this first and then we’ll do this and then we’ll do this.” If you’re in Newmont or you’re Barrick or Goldcorp, you want to put your top technical people in there and do a lot of technical stuff first and then drill, but if you’re a junior, you better go out there and drill.

Irving has been drilling, but because of this two-month delay, they haven’t gotten their assays back. I’m going to tell you, the technical people that Newmont had were absolutely superb and they are given Quinton and Akiko some of the most valuable data that you could ever possibly want. Everybody agrees that Quinton’s theory of the gold-rich sinter is absolutely accurate and they know somewhere down there they’re going to tap into the feeders.

Maurice Jackson: For anyone not familiar with the name Akiko Levinson, please do your research. She is one of the more successful individuals in the natural resource base. Proven pedigree, first class act. She is just amazing. You hit the nail right on the head. That actually describes Akiko.

Bob Moriarty: She is great with a broom, too.

Maurice Jackson: Let’s talk about one more company, also affiliated with Dr. Quinton Hennigh, and that is Miramont Resources Corp. (MONT:CSE).

Bob Moriarty: Miramont right now is a work in progress. They have a project in Peru. There were great expectations for the project. There was one rotten drill program and how it was announced, but there were enough sniffs that it was worth putting some more money into the ground. The second drill program just simply didn’t come up with anything of any value. It would be a good project for a major with lots and lots of money that wants a big copper project, but a really dangerous project for a junior.

Quinton has put that on the back burner. The company has $3 million in cash. I know darn well that someday they’re going to figure out where they can put that $3 million that will be beneficial to the Miramont shareholders, but today Miramont has an enterprise value of about $3.5 million and they got $3 million in cash. The risk is near zero. They got six cents in cash and the stock is selling for 10 cents, and the Spanish term for that is it’s called “El Goodo Dealo.”

Maurice Jackson: Well said. How about Metallic Group of Companies headed by Greg Johnson?

Bob Moriarty: I like Greg a lot. Novagold was the first company that I wrote about and there were only I think four employees or five employees total, but they did great work, stock went from 9 cents a share U.S. to about $20 bucks a share. People made a lot of money if they had the sense to sell. Greg moved on. He actually has three companies in his stable now, a copper company, a silver company, and the platinum/palladium company. I think that all three companies will do well, but the beauty of it is it gives you the choice of the same management, but do I want to invest in silver? Or, do I want to invest in platinum? Or, do I want to invest in copper? All three companies are really solid companies and I think they will all do well.

Maurice Jackson: I share the same sentiment with you. Speaking of copper, how about Nevada Copper Corp. (NCU:TSX; NEVDF:OTC)? They’re going to up production here Q4 this year.

Bob Moriarty: That’s the dumbest story I’ve ever heard. They’re cashed up, they have excellent management. They have share structure under control. They’re going into production of a commodity that everybody accepts is way too cheap and you can’t give their shares away. Now, that situation is not going to last for long. The stock is absurdly cheap. I love the management. I love the plan. I was actually on that property I think three or four years ago and they were talking about, “We’re going to do this and we’re going to do this and we’re going to do this,” and they’ve done all of that. The really funny thing is, since I was there, all of their plans call for production of X pounds of copper a year, but I know damn well if they had extra money, they could drill off a lot more copper than they’ve got.

It’s a pure bet on a really highly leveraged copper play. If you think copper is ever going to be worth anything, it’s a great company to own.

Maurice Jackson: I’d have to agree. I was on the site visit there a year ago and I had an opportunity to meet Matt Gili, the CEO, and he has done a remarkable job there. Every timeline, he’s superseded that and the results are just magnificent of what is going to happen here with Nevada Copper.

One last company, Aben Resources Ltd. (ABN:TSX.V; ABNAF:OTCQB).

Bob Moriarty: They had a great drill hole. Stock shoots higher. They raise some money. They release some more drill holes that were only average and the stock plummeted, but clearly they are in a good district, good management, money in the bank, and I think they’ll be fine. The drill, it’s called the truth detector, or the lie detector. Sometimes you hit, sometimes you don’t. I think Aben is going to be a hit.

Maurice Jackson: The CEO there is James Pettit and he is doing a remarkable job as well, and they’re also in the Golden Triangle, British Columbia.

In closing, Bob, we referenced one of your number one-selling books, “Basic Investing in Resource Stocks,” but you also have another book that is a household favorite in the Jackson family. My nine-year-old twin son Braden has been reading it now for over a year, which is entitled “Nobody Knows Anything.” Ladies and gentlemen, you may purchase both of these books on our education tab.

We do not benefit financially from your purchase, but we have benefited financially from the content, and I want to foot stomp. You owe it to yourself and your family to get a copy. Each member in my family has their own copy. Bob, is there anything you want to share about those books? Or have I said enough?

Bob Moriarty: Actually, you left one thing out. How long has your son been reading the book?

Maurice Jackson: He’s been reading it for one year, sir.

Bob Moriarty: You might want to sign him up for a speed reading course.

Maurice Jackson: Yes, you’re right, because this is the critical age.

Bob Moriarty: No, if it takes a year to read the book. I may have made it a little too complicated.

Maurice Jackson: Oh, no. He’s re-read it. I’m sorry. He recycles it. He really likes the content. Just to give you a quick example here, we were kind of stuck in some traffic coming home from a weekend trip and he said, “Dad, why don’t we take an exit here and stop being part of the herd? That’s what Bob Moriarty would say.” Lo and behold, we took the exit and I said, “That’s pretty smart thinking, son.” We got home right on time as if we would have stayed on the main highway there had there been no traffic jam. He employs the contrarian point of view and his vocabulary is such of that of someone who has read the book, and he is actually doing his very book to employ the strategies. He was asking me yesterday about market capitalization of some companies. I was like, “Way to go, son.” That’s what I’m talking about.

Brayden Jackson
Mr. Brayden Jackson: “Way to Go, Son!”

Bob Moriarty: That gives me more satisfaction. The reviews from the last book are really quite incredible. Amazon USA, there were 31 five-star ratings out of 31, which is the highest rated book that I’ve ever seen, and if you read the reviews, you realize people have got a lot out of the book. More than anything, I want to encourage young people to learn to think for themselves. This isn’t rocket science. This isn’t difficult. We have access to far more information than we have ever had before in all of history and if you use that information wisely and with some logic, you can do quite well. I love the junior space. People can succeed and they can take a company from a $6 million market cap to a $60 million market cap with one drill hole. Where can you do that?

Maurice Jackson: Well, he’d love to hear that because, again, he was asking me about market capitalization and the calculation for it yesterday.

Sir, before we close, last question. What did I forget to ask?

Barbara Moriarty: The latest fake news, 321Gold is going to buy Deutsche Bank.

Maurice Jackson: I caught part of that. Could you restate that, please?

Bob Moriarty: Barbara says: “The latest fake news is 321Gold is going to buy Deutsche Bank.” That is absolutely fake news. You couldn’t give me Deutsche Bank.

Maurice Jackson: I could see you buying them for one ounce of gold. Correction one ounce of silver.

Bob Moriarty: You’d waste one ounce of gold or silver. Do you understand the basic difference between an asset and a liability? Deutsche Bank is a liability.

Maurice Jackson: You certainly don’t want a liability, so then I could see you walking away from that. Ladies and gentlemen, if you do see that on the headline news, that would be fake news.

Bob, for someone that wants to get more information on your work, please share the websites.

Bob Moriarty: 321Gold and 321Energy, and all you have to do is put my name in at Amazon and it will bring up half a dozen books that I’ve written.

Maurice Jackson: Before you make your next bullion purchase, make sure you call me. I’m your licensed representative for Miles Franklin Precious Metals Investments. We provide a number of options to expand your precious metals portfolio from physical delivery, offshore depositories, precious metal IRAs, and private blockchain-distributed ledger technology. Call me directly at 855-505-1900 or you may email, maurice@milesfranklin.com.

Finally, please subscribe to provenandprobable.com for Mining Insights and Bullion Sales.

Bob Moriarty of 321Gold and 321Energy.com, thank you for joining us today on Proven and Probable.

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( Companies Mentioned: ABN:TSX.V; ABNAF:OTCQB,
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MMG:TSX.V; MMNGF:OTCMKTS,
MONT:CSE,
NCU:TSX; NEVDF:OTC,
NVO:TSX.V; NSRPF:OTCQX,
)

How To Invest And Prosper With Warrants

April 25, 2019
Stockhouse Editorials

Note from Dudley at CommonStockWarrants.com

I just stumbled on this article on the Stockhouse website and thought it worthy of bringing to your attention as it is always good to see others writing about warrants besides myself. While I would take exception to one or two points in the article, basically it is a good article and useful to all investors.

Direct Link Article On Stockhouse

Warrants (“share purchase warrants”) are a financial instrument that can be an important tool for boosting investment returns. For novice investors, this begs the question: what is a warrant?

A warrant is a form of stock option that comes into existence most commonly via the private placement process (for further general details here, please see Private Placements 101). Typically, when a company offers a large block of shares to finance a private placement, participating investors also receive share purchase warrants as an incentive for participation in the financing.

The most common structure in these private placements is for ½ of a share purchase warrant to accompany each common share (each “unit”) purchased in the private placement. Occasionally, companies will offer a full warrant with each common share.

These share purchase warrants entitle the holder to acquire an additional common share at a fixed price (known as the execution price), for a fixed period of time. The way that investors can prosper from the acquisition of these warrants is simple. If the share price for the offering company rises above the execution price of the warrants, then investors can exercise these warrants (i.e. convert them into new common shares) at a price below which they can purchase the same shares on the open market.

The exercise price on warrants is almost always significantly higher than the unit price in the original financing. Thus, for investors to be able to capitalize on their warrants, the issuing company’s share price needs to rise high enough to exceed the exercise price. And this needs to occur prior to the expiration date of the warrants.

For this reason, investors should pay close attention to the “warrant life” (the length of time until expiry) of these share purchase warrants. “Long-life warrants” (those with a multi-year time horizon) obviously offer much greater potential for an investor to prosper because there is much more time for the share price of the issuing company to rise high enough for the warrants to be “in the money”.

However, this is not the only way for investors to acquire (and prosper from) warrants. With some larger financings where an enormous number of warrants come into existence (typically in the millions or tens of millions), the issuing company can choose to have their warrants listed on a stock exchange – and thus become tradeable just like common shares.

Here is where the leverage of warrants enters the picture for more sophisticated investors who are interested in buying warrants on the open market. A numerical example will exhibit how this leverage works.

Suppose Company A does a large financing. A total of 20 million new common shares come into existence, and along with those common shares are 10 million share purchase warrants. To make things simple, at the time of the financing, the unit price for common shares is $1 per share (with ½ share purchase warrant) and Company A is currently also trading on the market at $1 per share.

Company A sets the exercise price for the warrants at $1.50, with the warrants being valid for a period of two years from the date at which the financing closed. Obviously, with shares trading at $1.00, there is no incentive to list the warrants for trading as no one would be interested in acquiring these warrants when the share price is well below the exercise price.

Now suppose the share price for Company A quickly rises to $1.50 per share and Company A decides to list its warrants for public trading. Imagine you are an investor wanting to acquire a position in Company A at this time.

You now have two ways to acquire a position. You can choose the most common route of simply purchasing Company A’s common shares at the market price of $1.50 per share. Or, if you’re wanting to increase your leverage (and take on a higher level of risk), you might want to buy some of Company A’s warrants.

Note thatat $1.50 per share, Company A’s warrants will trade at a price substantially above zero. This reflects the speculative value/leverage potential of these warrants. For hypothetical purposes, assume that warrants can be purchased at $0.25 at this time.

If you buy shares, obviously you’re starting your investment even: your shares are trading at the purchase price. If you bought warrants instead, however, you would effectively start -$0.25 in the hole. This is because the share price would have to rise to $1.75 in order for a warrant investor to be able to break even by buying the warrant and then exercising it ($0.25 + $1.50 = $1.75).

Now let’s suppose that the share price rises to $2.00 per share. The investor who bought shares at $1.50 has made a 33% gain – not bad at all. But have a look at the warrant-holder who bought warrants at $0.25 and was originally down on his/her investment.

At $2.00 per share, the investor’s warrants are now clearly “in the money”. The investor can exercise those warrants (at the exercise price of $1.50) and still be ahead of the game versus simply purchasing more shares on the open market.
However, assuming the warrants still have significant life before expiry, this investor would probably do much better by selling those warrants on the open market. Consider.

If the warrants were trading at $0.25 when the share price was at $1.50 (a fairly normal premium), what will be the open market price for those warrants with the share price at $2.00? Obviously, the warrant price would likely be at least $0.75, meaning the warrant-holder could sell the warrants having tripled his/her investment, versus the 33% return from buying common shares.

In fact, at $2.00 per share Company A’s warrants would likely trade even higher than $0.75 reflecting a higher premium due to the much lower level of risk, since the warrants are already in the money.

The obvious risk in trading in warrants is if the share price of the offering company does not rise and the warrants never become profitable. This means that (unlike common shares) there is a much more substantial risk of warrants falling to zero than with respect to the shares of any publicly listed company.

For this reason, trading in warrants is an activity for more sophisticated investors. Investors not only need to carefully evaluate the fundamentals of issuing companies, they also need to be highly cognizant of the lifespan of the warrants and be confident in their assessment of future market conditions. It’s only when all factors are favorable that prudent investors will want to speculate in the trading of warrants.

Stocks No Bid – Gold No Offer

STOCKS NO BID – GOLD NO OFFER

July 25, 2019
by Egon von Greyerz


It is not difficult to understand Cassandra’s enormous frustration. She was given the gift of accurately predicting important events and her curse was that no one would believe her. Some of us are certain that we can now see the biggest bubbles in economic history coming to an end with totally devastating effects for the world. But like Cassandra, we are also cursed since more than 99.9% of the world’s population would not believe our predictions.

The problem is that this time it will not only involve the biggest wealth destruction in history but also lead to major problems in society with mass unemployment, no social security, no pensions, breakdown in law and order, social unrest, civil war and geopolitical conflict.

Reading these very dark predictions, I can understand that most people want to stick their head in the sand and ignore these dire forecasts.

Obviously I would also hope that all these predictions are false and won’t come to pass.

But as Winston Churchill said:

“THE TRUTH IS INCONTROVERTIBLE,
MALICE MAY ATTACK IT,
IGNORANCE MAY DERIDE IT,
BUT IN THE END THERE IT IS”

The problem is of course that the truth will often only be known after the event.

I wrote about Cassandra back in June 2017 and have over a very long period tried to warn anyone who is willing to listen about the risks and the events that will affect us all. We are obviously not alone in worrying about the magnitude of the problems in the world. Virtually everyone following KWN has similar views so here we are talking to a converted audience. But even when we speak to family, friends, business friends etc, we are met with the same degree of skepticism.

This is of course understandable since we are facing an event that occurs once a generation or once every hundred years. And the magnitude this time might even be a multi century cycle.

When the secular bull market turns down, the world will experience unprecedented market behaviour as asset bubbles burst. Investors will find that there are no buyers at any price. And for gold, there will be no sellers at any price:

Stocks – No bid
Bonds – No bid
Derivatives – No bid
Gold – No offer

STOCK COLLAPSE

What this means is that at some point during the down turn, stocks will fall precipitously with no buyers to be seen. Computer trading programmes accounting for 70-80% of volumes will issue massive sell orders and the price will just drop into a black hole since there will be no bid. The general investment public will naturally panic and sell at any price. But the problem is that there will be no market because there will be no buyers. This is how stocks quickly can drop 50% or more in a couple of days due to a total lack of liquidity and buyers.

As the Dow chart below shows, there is now a quadruple top, with weaker momentum or negative divergence for each top. This is extremely bearish and likely to lead to a major fall in coming weeks or months. The secular bull market in stocks is now coming to an end, leading to the biggest secular bear market in history.

BOND IMPLOSION

The Same will happen in the bond market. Investors will want to get out of government or corporate bonds which are unlikely to pay the interest and many will default. With no buyers, the bond market will collapse and bond rates will go to infinity. Rates above 50% might sound attractive but meaningless if neither interest nor capital will be paid. This will create total panic in credit markets as global debt of currently $250 trillion implodes. In the meantime central banks around the world will print additional $100s of trillion in a futile attempt to save the world.

THE END OF THE DERIVATIVES MARKET

But it will be the $1.5 quadrillion derivatives market that will totally kill financial markets. This is a totally false market that only works in bull markets when there is liquidity and counterparties pay up. In the coming implosion of asset values, there will be no liquidity and no buyers of worthless derivatives as counterparties default. In retrospect, this incredibly profitable activity for all the major investment banks will be judged as fraudulent with severe consequences for management and regulators as well as for the world.

Obviously, central banks will panic, print unlimited amounts of money, lower rates to zero or negative, stop trading in markets for extended periods, and manipulate markets in every possible fashion. But they and their governments will fail since they are totally bankrupt, having issued unlimited amount of debt that they can never repay.

THERE WILL BE NO GOLD OR SILVER AVAILABLE AT ANY PRICE

As panic in markets start and investors quickly turn from the stock market euphoria of the past to total fear, some investors will rush to buy wealth preservation assets. Some part of whatever liquidity they have left will go into precious metals, gold, silver and platinum. The only precious metal of size is gold and initially there will be gold available, albeit at much, much higher prices than today.

Initially there will be some willing sellers and gold will rise to multiples of the current price. But as the paper gold market collapses, there will be panic and at that point gold will go “no offer”.

No offer means that there is no gold offered at any price since there is no physical gold available to be bought. Eventually, there will probably be a price where some sellers are prepared to part with a small part of their gold but that price is likely to be at such a high level that it will be difficult to fathom today. Due to high inflation or hyperinflation, no gold seller is likely to accept paper money as payment but instead other assets, whether it will be property or commercial assets such as businesses.

GOLD CONFISCATION

There are a number of people who believe that governments will confiscate gold or ban gold trading. This is clearly possible and one should avoid holding gold in certain countries like the US or even the EU. This means that it is not advisable to store gold in those regions and nor to deal through precious metal companies that are based in the EU or the US even if the vaults are in other countries.

Also, it is important to only deal with countries with a long tradition of democracy and rule of law. Many off-shore locations, whether the vault or the arranging company is based there, should be avoided. We had very recently a client who wanted to ship a small part of his gold holding from Switzerland to Panama where he lives. When the gold arrived there, the customs agent said there was a new rule and that our client had to pay a fee of $30,000 on the total amount transferred of $150,000. That was a penalty or duty of 20% of the value the gold. Whether this was a bribe or a proper duty was never made clear. Nevertheless, we managed to ship the gold back to Switzerland and avoid the fee.

In my view, a country like Switzerland which has a long tradition in the gold industry and who refines 70% of all the gold bars in the world is very unlikely to ban or confiscate gold. Also, gold is 29% of Swiss exports which means that Switzerland is very unlikely to kill the goose that lays the golden egg.

PENSION FUNDS WILL BE MAJOR BUYERS OF GOLD

Another argument I hear is that governments are not going to allow individuals to earn major profits as gold goes to multiples of the current price. But we must remember that in the next couple of years, institutions, pension funds and investment funds are going to buy all the gold they can get hold of, at whatever price, as an inflation hedge. Governments are very unlikely to confiscate gold assets of pensioners and other private investors.

There is a much easier way for penalizing private investors who benefit from the coming increase in the gold price and that is of course taxation. The assets of the rich are likely to be heavily taxed in coming years and that is why tax planning is as important as investment planning.

If Cassandra is right and investment markets will implode in coming years, investors still have a very, very brief period to protect their wealth.

Global stocks are all in a position from which a major fall or crash can start at any time. Same with precious metals and precious metal stocks which are on the cusp of a massive bull market. It is likely that these major market moves will start in the early autumn of 2019, at the latest, and possibly earlier.

GOLD IS NOT AN INVESTMENT – IT IS INSURANCE AND MONEY

We must remember that gold is primarily not an investment although it will appreciate substantially in real terms. But gold is insurance, gold is money, gold is wealth preservation and gold is the only asset which is no one else’s liability.

Unfortunately, very few are aware of these important facts and will not be prepared for what is coming very soon.

Egon von Greyerz
Founder and Managing Partner
Matterhorn Asset Management
Zurich, Switzerland
Phone: +41 44 213 62 45

Matterhorn Asset Management’s global client base strategically stores an important part of their wealth in Switzerland in physical gold and silver outside the banking system. Matterhorn Asset Management is pleased to deliver a unique and exceptional service to our highly esteemed wealth preservation clientele in over 60 countries.

Chuck E. Cheese Will Soon Be Publicly Traded

I dare say that every parent, grandparent, aunt and uncle, everyone, has been to a Chuck E. Cheese somewhere in the world.

Chuck E. Cheese will soon be completing a merger with Leo Holding Corp., a blank check company, sometimes referred to as a Special Purpose Acquisition Corporation - (SPAC) which will allow CEC to become a publicly traded company. Upon the completion of this business combination, the new name will be Chuck E Cheese Brands, Inc. and new symbols will be issued for trading.

Leo issued a press release announcing that it has scheduled the extraordinary general meeting of its shareholders to approve the Business Combination for July 30, 2019. However, I caution investors, until this merger is finalized issues can still arise, and until the deal is done, the deal is not done.

Leo Holding Corp. currently trades as LHC on the New York Stock Exchange as do the stock warrants which trade as LHC.WS.

Soon investors will have another restaurant and entertainment company trading which might represent an attractive opportunity depending upon your personal investment objectives.

My fascination and purpose in writing this article is that Leo Holding Corp. has stock warrants trading which will become stock warrants of the new company which may be of interest to many investors.

Currently in our databases, there are 66 blank check companies trading and with each company there is a stock warrant trading which was issued in the initial offering of the blank check company. All of these 66 companies are seeking merger candidates.

The stock warrants have a life of 5 years from the date of the merger which in effect gives holders of the warrants a 5 year call option and a wonderful opportunity to benefit from the upside performance of the company.

The exercise price of these stock warrants is $11.50 and one warrant buys one common share.

While the deal is not yet completed, the current trading price of the common shares is $10.26 and the stock warrants $1.20.

The stock warrants appear to be an interesting way to participate in the growth of Chuck E. Cheese and at a substantially lower entry price of approximately 90% less than buying the common shares and with great upside leverage possibilities. A win-win situation.

Upon the closing of this transaction, new stock and warrant symbols will be issued.

Company Specifics

About CEC Entertainment, Inc.:

"CEC Entertainment. Inc. ("CEC"), headquartered in Irving, Texas, was originally incorporated under the name ShowBiz Pizza Place, Inc. In 1998, the company changed its name to CEC Entertainment, Inc. Today, CEC is the nationally recognized leader in family dining and entertainment with both its Chuck E. Cheese and Peter Piper Pizza venues.

CEC Entertainment, Inc. is the nationally recognized leader in family dining and entertainment with both its Chuck E. Cheese and Peter Piper Pizza venues. As America's #1 place for birthdays and the place Where A Kid Can Be A Kid®, Chuck E. Cheese's goal is to create positive, lifelong memories for families through fun, play and delicious handmade pizza. With the first-of-its-kind gaming experience, All You Can Play, kids have access to play every game at Chuck E. Cheese, as many times as they want on any day, without any restrictions. Committed to providing a fun, safe environment, Chuck E. Cheese helps protect families through industry-leading programs such as Kid Check®. As a strong advocate for its local communities, Chuck E. Cheese has donated more than $16 million to schools through its fundraising programs and supports its new national charity partner, Boys and Girls Clubs of America. Peter Piper Pizza features dining, entertainment and carryout with a neighborhood pizzeria feel and "pizza made fresh, families made happy" culture. Peter Piper Pizza takes pride in delivering quality food and fun that reconnects family and friends. With a bold design and contemporary layout, an open kitchen revealing much of their handcrafted food preparation, the latest technology and games, and beer and wine for adults, Peter Piper Pizza restaurants appeal to parents and kids alike. As of December 30, 2018, the Company and its franchisees operated a system of 609 Chuck E. Cheese and 141 Peter Piper Pizza venues, with locations in 47 states and 14 foreign countries and territories. For more information, visit chuckecheese.com and peterpiperpizza.com."

About Leo Holdings Corp.:

Leo Holdings Corp. is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.

Annual Guidance

The Company is again reiterating its annual guidance that was referenced in the investor presentation related to the definitive business combination agreement with Leo, which includes the following:

  • Total revenues of $929 million;
  • Comparable venue sales growth of 4.2%;
  • Adjusted EBITDA(1) of $187 million;
  • Four net Peter Piper Pizza openings and 11 net international franchised Chuck E. Cheese openings; and
  • Capital expenditures of $95 million to $105 million.

Second Quarter and Year-to-Date 2019 Sales Results Comparable venue sales increased 0.4% in the second quarter of 2019 and increased 4.5% in the first half of 2019. “We generated our fifth consecutive quarter of comparable venue sales growth due to the positive impact of the All You Can Play game packages and More Tickets initiatives and despite the estimated 1.8% negative impact from the shift of Easter and the corresponding timing of Spring Breaks in the second quarter 2019 versus the first quarter 2018.

Through the first half of 2019, our comparable venue sales growth was an impressive 4.5%,” said Tom Leverton, Chief Executive Officer. “Looking ahead, we are re-affirming the annual guidance that we first laid out in April. Our team is doing a solid job of advancing the Chuck E. Cheese brand through planned initiatives while simultaneously further improving the guest experience. We continue to be pleased with the results of our venue re-imaging project and are on track to complete the targeted 60 venue remodels in the back half of this year.” As of June 30, 2019, the Company’s system-wide portfolio consisted of:

                                                  Chuck E. Cheese’s               Peter Piper Pizza         Total

Total Company operated                         516                                    38                           554
Domestic franchised                                 25                                    61                             86
International franchised                             68                                    42                           110
Total                                                       609                                  141                           750

 

Complete financials can be found on the company’s website.

Investors are encouraged to perform your own due diligence and/or seek the advise of your financial advisor before buying any shares are warrants.

Some Fool Just Sold These Stock Warrants

July 15, 2019
By Dudley Pierce Baker
Founder - Editor
http://CommonStockWarrants.com

I'm going to vent for a moment.......

This morning before the markets opened I saw that stock warrants on one of my favorite companies had an Ask Price of $C0.16 and 75,000 warrants available. Meaning I could have bought 75,000 warrants at C$0.16.

Well I got busy and missed this trade but I am wondering, what fool sold these warrants? Surely not one of my savvy subscribers.

I own a whole bunch of these warrants and while I really don't need to own more, why not, por que no, as I see these warrants selling at substantially higher before they expire in October 6, 2021.

To be specific the stock warrants are on Equinox Gold, TSXV:EQX and EQX.WT
The warrants expire on October 6, 2021 and have an exercise price of C$3.00

I love this story and legendary Ross Beaty now heads up the company as Chairman of the Board and currently owns over 66 million shares and 3 million of these stock warrants.

Gold production is anticipated to be over 200,000 oz by years end and I am looking for the gold market to explode to the upside over the next year or two, probably much sooner. Of course, with higher gold prices for a producer the revenue goes to the bottom line.

Our colleagues at TheTechnicalTraders are very bullish as well and they approach the markets from a technical perspective.

Their last article should be of interest to all investors,

Could Gold Launch Into A Parabolic Upside Rally?    Recently posted on my http://JuniorMiningNews.com website

So back to my point, why would any investor sell the warrants when there appears to be so much upside, in my opinion. Personally, I can see these warrants selling for several dollars, not pennies, C$2, C$5 perhaps more before the warrants expire.

I guess this is what makes markets....

E.B. Tucker with Casey Research, recently referred to Dudley as 'the top expert in the field with over 40 years of experience' with stock warrants.

"I also encourage you to check out the work from our friend Dudley Baker. Dudley is the founder and editor of Common Stock Warrants. He’s been trading warrants for 40 years and has developed an exclusive database of all stock warrants trading in the U.S. and Canada. We’re paid-up subscribers as well."

My Warrant Database:
There are many other exciting opportunities in my stock warrant databases in all industries and sectors, with something for everyone, resources, biotechnology, biopharmaceuticals, cannabis/marijuana and much more.

If you are not a current subscriber, this would be a great time to GET STARTED.

Need more information on warrants, download my FREE book below:

 

Company Named ‘Top Small-Cap Growth Story’

Source: Streetwise Reports 07/06/2019

The reasons for the positive outlook are given in a Raymond James report.

In a July 3 research note, analyst Praveen Narra reported that Raymond James maintained its Strong Buy rating but reduced its target price on Newpark Resources Inc. (NR:NYSE) to $12 per share from $13 (current share price about $7.18) due to the “softer U.S. oilfield and rig count.”

Due to the market change, Narra noted that Raymond James now conservatively estimates a Q2/19 EBITDA of $22.5 million, a 10% reduction in 2019 EBITDA and a 9% drop in 2020 EBITDA. For Newpark, the financial services firm lowered its Q2/19 margin projection by 5% and its year-end 2019 margin by 6%.

However, the analyst highlighted that growth is expected in all of Newpark’s divisions, thereby increasing margins. The company’s fluids segment, he wrote, “still has room for margin expansion as new Gulf of Mexico work and international contracts should offer strong incremental margins.”

Margins should see a boost from the company’s move into stimulation chemical sales, from which it achieved its first revenue in Q2/19. “The fruits of the fluids expansion are beginning to pay off,” Narra indicated. “We model about $80 million in stim/chem sales for 2020.”

The shift in its composite mats segment, which serves utilities, toward larger transmission and distribution (T&D) customers, once the transition ends, should also positively impact margins due to higher volume and longer term contracts. “For 2020, we expect topline growth of 15.2% year over year as both exploration and production and T&D work continues to grow,” Narra added.

He concluded, “Newpark remains our top small-cap growth story for its unique exposure both in and out of the oilfield,” noting that with the free cash flow expected in the next two years, the company remains undervalued. At its current share price of $7.18, Raymond James’ target price offers about 60% upside and “is one of our highest upside names,” he commented.

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Disclosures from Raymond James, Newpark Resources Inc., July 3, 2019

ANALYST INFORMATION

Analysts Holdings and Compensation: Equity analysts and their staffs at Raymond James are compensated based on a salary and bonus system. Several factors enter into the bonus determination, including quality and performance of research product, the analyst’s success in rating stocks versus an industry index, and support effectiveness to trading and the retail and institutional sales forces. Other factors may include but are not limited to: overall ratings from internal (other than investment banking) or external parties and the general productivity and revenue generated in covered stocks.

The analysts Praveen Narra and J. Marshall Adkins, primarily responsible for the preparation of this research report, attest to the following: (1) that the views and opinions rendered in this research report reflect his or her personal views about the subject companies or issuers and (2) that no part of the research analyst’s compensation was, is, or will be directly or indirectly related to the specific recommendations or views in this research report. In addition, said analyst(s) has not received compensation from any subject company in the last 12 months.

RAYMOND JAMES RELATIONSHIP DISCLOSURES
Certain affiliates of the RJ Group expect to receive or intend to seek compensation for investment banking services from all companies under research coverage within the next three months.

Raymond James & Associates, Inc. makes a market in the shares of Newpark Resources, Inc.

Raymond James & Associates received non-investment banking securities-related compensation from Newpark Resources, Inc. within the past 12 months.

Additional Risk and Disclosure information, as well as more information on the Raymond James rating system and suitability categories, is available here.

( Companies Mentioned: NR:NYSE,
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