Source: Streetwise Reports 11/12/2024

As 321gold's Bob Moriarty discussed the outcome of the BRICS conference in Russia and the state of the gold market with Robert Sinn of Goldfinger Capital, he lamented the need for more young gold bugs to enter the market as the yellow metal enters what he predicted will be a five- to 10-year bull market.

Sinn said at a recent conference, despite recent record gold prices, two-thirds of the seats were empty at gold panels with experts talking about likely windfalls in 2025.

"If you went to a gold conference last year, what was the average age?" Moriarty said during the interview posted last month, guessing 67 "or higher." "We have to get young people into the market, and we have not done that yet. The fact is that nobody's (at) the gold show because they all died of old age."

Moriarty said he expects there will be plenty of those windfalls coming in the bull market. He said there "absolutely has to be" more majors doing acquisitions.

Before the Bre-X scandal of the 1990s, in which fraudulent samples led to the collapse of the CA$6 billion company, most major mining companies had their own exploration departments, which many later cut, Moriarty pointed out.

"Since 2000, all of the exploration has been juniors," he said. "So, there has to be a lot more M&A activity. There has to be."

Yukon Projects Won't Go For 'Chump Change'

Gold hit its latest record high on October 30. It slid after the election, but most experts agree it is in a bull market and will continue to be.

"We are still relatively constructive on gold," said Taylor Krystkowiak, investment strategist at Themes ETFs, according to a report by Ian Salisbury for Barron's. "Why does gold go up? It's geopolitical uncertainty, it's deficit spending, and it's inflation. Right now, all those stars are aligned."

Despite pushbacks during its rise, "gold continues to climb," Nick Fulton, managing partner at USA Pawn, told Newsweek. "When we saw US$2,600 an ounce gold, I thought US$2,800 by the end of the year. Now? We could see gold at US$3,000 an ounce happen in a 30-day time span."

Moriarty said the highest recent scores logged by sentiment indices on gold and silver, which are reflected in a scale of 0 to 100, are lower than he would expect at "88 for gold and 88 for silver."

"I would think it would be in the 90s, and it's not," he said. Silver, for instance, when it hit its all-time record high in 1980, had a score of 95, he said.

The juniors should be performing "three or four times higher, and they're not," Moriarty said.

"So, were in an interesting situation," he said. "We're going to have five to 10 years at least of a bull market. And when the dollar changes its value dramatically, it's going to drive gold and silver much higher."

Moriarty said the majors are "trying to go out and pick up copper projects now," which he doesn't think makes sense.

"The majors are always wrong," he said. "They're paying the most for projects at the very top. Projects are being given because they're not interested. But when you have four major projects in one small area in the Yukon (and) those projects are going into production, somebody is going to buy them. But I don't think they're going to buy them for chump change. I think it's going to cost some money."

BRICS Conference: 'Who Cares?'

The two also discussed the recent BRICS meeting Russia. An intergovernmental organization, BRICS is an acronym for founding members Brazil, Russia, India, China, South Africa. Iran, Egypt, Ethiopia, and the United Arab Emirates are all full members now and it has also expanded to add 13 new "partner nations."

But one thing it didn't do was settle on a common currency for the countries, which disappointed Moriarty.

"I think the BRICS meeting was really important, and I was hoping for kind of agreement on what the BRICS financial solution is, and they really didn't come up with it," he said. "It was a meet and greet, and they talked about opening commodities exchanges. Who cares?"

This potential currency would allow these nations to "assert their economic independence while competing with the existing international financial system," wrote Melissa Pistilli of Investing News Network. "The current system is dominated by the US dollar, which accounts for about 90 percent of all currency trading."

Russian President Vladimir Putin presented a colorful mockup of a BRICS bank note at the conference, but Moriarty wasn't impressed.

"They need to do something, but they haven't done it yet. "You've got dozens of countries that recognize (that) the stranglehold the United States has on the rest of the world geopolitically is a negative for the rest of the world. And they all agree that that needs to change, but nobody's talked about how to do it."

Sitka Gold Corp.

One company Moriarty and Sinn discussed was Sitka Gold Corp. (SIG:TSXV; SITKF:OTCQB; 1RF:FSE), which recently released high-grade intercepts from its RC Gold Project in the Tombstone Gold Belt of Yukon.

The standout results included one hole that returned 678.1 meters of 1.04 grams per tonne gold (g/t Au) from surface, including 409.5 meters of 1.36 g/t Au, and 93 meters grading 2.57 g/t Au. The intercept also contained a high-grade core of 5.5 meters grading 17.59 g/t Au.

The results extended gold mineralization approximately 200 meters deeper than any previously drilled hole at the Blackjack deposit, signaling the potential for continued high-grade mineralization at depth and showing persistent mineralization throughout the entire 708.7-meter length of the hole.

Moriarty said the company is drilling Clear Creek on the RC property now, "and I think we're going to see a lot. More 400-, 500-, 600-meter intercepts. So, what's going to happen is the majors are going to wake up."

He predicted the company could be another Snowline Gold Corp. (SGD:CSE; SNWGF:OTCQB), which "has somewhere between seven and eight times the market cap" of Sitka. At the time of writing, Snowline had a market cap of CA$883 million to Sitka's CA$129 million.

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1. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Snowline Gold Corp.
2. Steve Sobek wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
3. This article does not constitute investment advice and is not a solicitation for any 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. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.

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( Companies Mentioned: SIG:TSXV; SITKF:OTCQB; 1RF:FSE, )

UBS remain upbeat on further Federal Reserve interest rate cuts to come. Analysts at the bank acknowledge heightened concerns about inflation in the market, and also trimmed market pricing for cuts ahead.

Ahead of Wednesday's CPI report (Forexlive Americas FX news wrap 13 Nov: US CPI comes out as expected. USD continues rise) UBS points:

• Economic data signals a stronger-than-expected economy. Concerns about inflation remain

• Market expectations lean towards a slower pace of Fed rate cuts

• Fed officials view the current rate as restrictive but are balancing employment and inflation goals. A major inflation surprise would be required to shift policy outlooks.

• The Fed is likely to continue rate cuts, with a potential 25 basis point cut in December and further easing expected in 2025.

And, the data result was not enough to dissuade analysts at UBS from expecting further cuts from the FOMC ahead, referring to the in line CPI print not changing the underlying fundamentals and economy narrative.

***

The latest from FedWatch shows a solid expectation for a 25bp cut on December 18:

Reserve Bank of Australia Governor Bullock

• bond markets pretty well behaved globally
• bond markets reflecting increasing government debt
• think we are restrictive enough, will stay there until confident on inflation

More:

• recent inflation had both supply- and deand-sdie components
• aim is to lower inflation
• prices not going back to pre-covid level, that would be deflation and not going to have that

Dogecoin, the cryptocurrency whose mascot is a super-cute dog that muses things like “much wow,” has been surging in value since Donald Trump won the presidential election last week.

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Bonk coin continued its upsurge this week and reached $0.000034. It is the highest level in the past five months The victory of Donald Trump in the US Assembly election created a positive trend in the crypto market. All the cryptos including the meme coins benefited from this upsurge caused due to this positive trend. [...]

With the broader crypto market poised for a new bull run, large-cap investors are looking for emerging cryptocurrency projects that could beat popular altcoin frontrunners like Shiba Inu (SHIB) or Dogecoin (DOGE).  Rexas Finance is an up-and-coming crypto project that focuses on the tokenization of real-world assets (RWA) – from real estate and art to [...]

Joey Logano responded to critics of his NASCAR Cup Series Championship win with, "It's a bunch of bull----" and discussed the NASCAR playoff structure.

Bitcoin continued to make records as supportive inflation numbers raised the market's expectations of further interest rate cuts by the Federal Reserve. What Happened: The world's largest cryptocurrency sailed above $93,000 during U.S. trading hours Wednesday, before a sharp correction into the…

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A councillor in Three Rivers, P.E.I., says the vitriol in the town has become so bad that she has trouble sleeping at night, worries what her family will hear on the streets, and can't even go to the grocery store without plotting an exit strategy.

In a landmark judgment yesterday, the Supreme Court demolished the idea of 'bulldozer justice' that several state governments had unleashed against accused in heinous criminal cases.

In a landmark judgment yesterday, the Supreme Court demolished the idea of 'bulldozer justice' that several state governments had unleashed against accused in heinous criminal cases.

1. Poetry To UK Precedent: What Went Into Landmark 'Bulldozer Justice' Verdict  NDTV
2. Daily Court Digest: Major environment orders (November 13, 2024)  Down To Earth Magazine
3. How the Supreme Court clamped down on ‘bulldozer’ demolitions | Explained  The Hindu
4. Officers Carrying Out Illegal Demolitions Liable To Restore Properties At Personal Cost & Pay Damages:...  Live Law - Indian Legal News
5. Video | Dimple Yadav Slams BJP Over 'Bulldozer Action' In Supreme Court Statement  NDTV

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MUMBAI: India’s Supreme Court on Wednesday strongly criticised states which were demolishing properties of suspected criminals, a practice critics say targets mostly minority Muslims, and issued guidelines to authorities.

The verdict came in response to many petitions filed after demolitions in states ruled by Prime Minister Narendra Modi’s Hindu nationalist Bharatiya Janata Party (BJP) in recent years.

BJP governments in the states have torn down what they say are illegal houses or shops of people accused of crimes, many of them Muslims, in what has come to be popularly known as “instant, bulldozer justice”.

Rights groups and opposition parties have denounced the practice, saying it targets mostly poor Muslims while circumventing the judicial process.

Verdict comes in response to many petitions filed after demolitions targeting Muslims

BJP governments have rejected the accusations and said such properties were in violation of local laws and the owners had been served notices.

On Wednesday, a two-judge bench of the Supreme Court ruled that the state and its officials cannot take arbitrary action against suspects or convicts without following the due process of law. It also laid down guidelines, including issuing prior notice and taking a video of the demolition process. “It is not a happy sight to see women, children and aged persons dragged to the streets overnight. Heavens would not fall on the authorities if they hold their hands for some period,” the court said. There was no immediate reaction to the verdict from the BJP.

Bulldozer action

Calls for India to enshrine Hindu supremacy in law have rapidly grown louder after Modi government’s success in 2014. Hindu nationalist groups were emboldened in their campaign against Muslim religious structures.

“Bulldozer action”, popularly known as “bulldozer justice”, were actions observed by many practitioners as a campaign against the Muslim minority, bulldozing their homes, mosques and shopfronts.

The practices were mainly observed after Yogi Adityanath, Chief Minister of Uttar Pradesh and a saffron-robed Hindu monk seen as a potential successor to Prime Minister Modi, championed the bulldozer as a symbol of his commitment to law and order and as a potential tool to use against “trouble-makers” in 2017. Since then “bulldozer politics” have spread elsewhere in the country and demolition campaigns have begun quickly following on the heels of outbreaks of religious unrest.

Officials said the spate of demolitions were lawful as they only targeted buildings constructed without legal approval. But victims of the campaign deny that their dwellings are illegal, and say they are not given the legally required notice period to dispute demolition orders.

Published in Dawn, November 14th, 2024

1. SC bans ‘bulldozer justice’, calls it unconstitutional, drafts norms  The Times of India
2. Poetry To UK Precedent: What Went Into Landmark 'Bulldozer Justice' Verdict  NDTV
3. Right To Shelter A Facet Of Article 21; State Must Satisfy Why Entire Property Needs To Be Demolished :...  Live Law - Indian Legal News
4. Supreme Court verdict on bulldozer demolitions: Jamiat hails verdict, victims seek compensation  The Hindu
5. SC lays down path, timeline that bulldozers must follow  The Times of India

All India Majlis-e-Ittehadul Muslimeen (AIMIM) President Asaduddin Owaisi on Wednesday welcomed the Supreme Court order on 'bulldozer justice'.

It is a significant step towards safeguarding the rule of law and fundamental rights of citizens, say Jamiat leaders

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The Apex court maintains that these guidelines do not apply in cases of unauthorized public land construction or where demolition is mandated by a court ruling

The top court has issued a slew of guidelines aimed at ensuring institutional accountability to curb retributive demolitions by state authorities

Destroying family homes, leaving entire families homeless, amount to anarchy: Justice Gavai

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1. ‘Bulldozer will remain parked in garage’: Akhilesh Yadav, Asaduddin Owaisi welcome Supreme Court guidelines | Mint  Mint
2. Officers Carrying Out Illegal Demolitions Liable To Restore Properties At Personal Cost & Pay Damages:...  Live Law - Indian Legal News
3. On ‘bulldozer justice’ Supreme Court sends a message. Will it be heard?  The Indian Express
4. Supreme Court's Demolition Verdict Will Help Curb Organised Crime: UP  NDTV
5. Supreme Court verdict on bulldozer demolitions: Jamiat hails verdict, victims seek compensation  The Hindu

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1. How Yogi Adityanath government reacted to Supreme Court's 'bulldozer justice' ruling  Moneycontrol
2. How the Supreme Court clamped down on ‘bulldozer’ demolition drives | Explained  The Hindu
3. Officers Carrying Out Illegal Demolitions Liable To Restore Properties At Personal Cost & Pay Damages:...  Live Law - Indian Legal News
4. Supreme Court's Demolition Verdict Will Help Curb Organised Crime: UP  NDTV
5. SC parked bulldozer in garage forever: Akhilesh Yadav  Hindustan Times

In a fresh bid to empower its over 300 million users, the micro-blogging website Twitter on Wednesday made it easier for them to report cyberbullying.

Supreme Court On Bulldozer Justice : સુપ્રીમ કોર્ટે લોકોના ઘર તોડવા માટે કુખ્યાત ઉત્તર પ્રદેશની યોગી સરકારને મોટો ઝટકો આપ્યો છે. લોકોના ઘર તોડીને આનંદ લેતી યોગી સરકારને સુપ્રીમ કોર્ટે આકરા શબ્દોમાં રોકી છે. આ સાથે કોર્ટે ગાઈડલાઈન આપીને ગરીબોના ઘર

Supreme Court on Bulldozer Action: ભારતની સર્વોચ્ચ અદાલતે ચુકાદો આપ્યો છે કે કાનૂની પ્રક્રિયાઓનું પાલન કર્યા વિના મિલકતોને તોડી પાડવા માટે બુલડોઝરનો ઉપયોગ કરી શકાતો નથી. જસ્ટિસ બીઆર ગવઈ અને કે. વી. વિશ્વનાથને ભારપૂર્વક જણાવ્યું હતું કે, મિલકતના અધિકારોનું સન્માન કરવું

A Supreme Court (SC) bench of justices B.R. Gawai and K. Viswanathan, on Wednesday, pronounced verdict on 'bulldozer justice', emphasising fairness in criminal justice system.

Equating 'bulldozer justice' with a lawless state of affairs where might is right, the Supreme Court on Wednesday laid down pan-India guidelines and said no property should be demolished without a prior show cause notice and the affected must be given 15 days to respond.

The Supreme Court on Wednesday issued pan-India guidelines on demolition of properties and said affected people need to be given some time to challenge demolition orders before an appropriate forum.

Subject: Biting the bullet on expenses


The President ordered the cabinet to cut a whopping $100 million from the $3.5 trillion federal budget!

I'm so impressed by this sacrifice that I have decided to do the same thing with my personal budget. I spend about $2000 a month on groceries, medicine, bills, etc, but it's time to get out the budget cutting ax, go line by line through my expenses, and go to work.

I'm going to cut my spending at exactly the same ratio -1/35,000 of my total budget. After doing the math, it looks like instead of spending $2000 a month; I'm going to have to cut that number by six cents!

Yes, I'm going to have to get by with $1999.94, but that's what sacrifice is all about. I'll just have to do without some things, that are, frankly, luxuries.

John P. Taxpayer

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The court said authorities cannot demolish property of people just because they are accused of crimes.

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De zaak KPN verleidt gemakkelijk tot een positief eindoordeel. De prestatie zijn goed en glasvezel maakt het bedrijf klaar voor de toekomst. Er zijn echter ook risico's, met name op het gebied van de concurrentie.