Holding and addingSubmitted my proxy vote during early last week.
Earnings not bad at all, they are not great but we are currently in transitions period.
After our transition to inhouse operations we should be reducing our overall cost per oz and be getting closer to a much more favorable cashflow.
Gold prices have been going down due to speculation on fed rate increase. However we need rates to increase so that people unfortunatly start to default and cause the economy to head towards panic mode again where they start reducing rates and then further transfering dollars into gold.
In my opinion it feels like we are in 2007 again with a 2008 just around the corner. I have a feeling we are in a bubble and all those subprimes are still floating around from bank to bank along with what ever new products they create and manipulate for profit. Macro outlook debt is continuing to increase once they choke off cheap debt, growth with slow or go to 0. Consumers are heavily debt ridden and in my opinion they will not be able to manage any rate increases. Not only that but how will consumers feel about being allowed cheap debt for a second time around while still holding the debt from the first round. Seems the financial system is built upon consumer IOU's which is a very weak foundation. As the poor cannot sustain the wealthy forever. Eventually the poor/middle class will just say forget it and default leaving the banks holding the bad debt and begging the govt for money again causing a tailwind of new debt to be issued again and in turn gold prices to go up. But bubbles can go on for a long time but I think consumers are really going be the ones that will say enough is enough we are tired of carrying all this debt.
Please note I am 100% debt free but Nearly everyone I know from doctors, priests and everything in between are all heavily consumed by debt.