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XMFSinchiruna (26.50)

CFTC Commissioner Bart Chilton on Today's Silver Stunner



August 06, 2012 – Comments (15) | RELATED TICKERS: PPP , AG , EXK

After reviewing the Financial Times' article on the silver investogation today, I put some questions to CFTC Commissioner Bart Chilton, and the following discussion seeks to place his candid replies within the broader context.

15 Comments – Post Your Own

#1) On August 06, 2012 at 7:40 PM, XMFSinchiruna (26.50) wrote:

GATA picked up the piece with this dispatch: 

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#2) On August 07, 2012 at 2:17 PM, DarthMaul09 (29.13) wrote:

Bart Chilton has been a respected and trusted career politician and bureaucrat since 1985, serving in both Democrat and Republican administrations.

During this time revelations concerning market manipulation and wrongdoing by large politically connected firms (JPM, MFG, etc.) have largely been ignored.  Although verbal condemnation has been plentiful and includes comments by Bart Chilton, real corrective action has been lacking.

The role that Bart Chilton plays in this theater is uncertain, but Sun Tzu's Art of War has some interesting insights into the use of spies.

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#3) On August 08, 2012 at 9:06 PM, XMFSinchiruna (26.50) wrote:

The article was cited in the lead-in to this tv interview, and the video itself is a must view for all investors.


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#4) On August 08, 2012 at 10:10 PM, NOTvuffett (< 20) wrote:

hey Sinchi, haven't seen you in a long time. 

since about half of the silver is consumed by industry, and it is down compared to a couple years ago, do you think it is a buy now?

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#5) On August 09, 2012 at 1:16 PM, DarthMaul09 (29.13) wrote:

The CFTC Silver Investigation

Theodore Butler

August 9, 2012 - 9:30am

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#6) On August 09, 2012 at 5:16 PM, SN3165 (< 20) wrote:

Primero up big, Silver Wheaton up on aquisition announcement, Brigus up to .88 and hopefully higher after earnings...

Pilot Gold and Kimber look like great buys here. Kimber will have updated resource in early Sept. They are an easy buy out candidate. Primero actually looks like it could be a great fit, but I'm sure Kimber is on plenty of people's radars. Pilot has seen a lot of insider buying of recent as I pointed out in a previous blog post. I love their potential and they have cash. 

Sinch I don't know about you but I feel like the worst is over... bright days ahead for gold and silver stocks. just my honest opinion!

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#7) On August 10, 2012 at 9:45 PM, skypilot2005 (< 20) wrote:


 Brigus Gold Reports Q2 Financial Results


 Halifax, Nova Scotia; August 10, 2012 (NYSE MKT: BRD; TSX: BRD) – Brigus Gold Corp. (“Brigus” or the “Company”) announces results for the second quarter (“Q2-12”) of 2012.

This press release should be read in conjunction with the Company’s June 30, 2012 consolidated financial statements and associated Management’s Discussion and Analysis (“MD&A”), which are available from the Company's website ( and on SEDAR ( All dollar amounts are expressed in US dollars unless otherwise specified. All financial results are presented in accordance with International Financial Reporting Standards (“IFRS”).

Key accomplishments for the quarter include achieving gold production of 18,254 ounces, meeting the Company’s Q2 production target, and averaging grades of 6.31 grams per tonne (gpt) from the underground mine.

“We are pleased with our results for the first half of the year,” said Wade Dawe, President and CEO of Brigus. “We met our second consecutive production target, underground grades are meeting expectations and cash costs are lower than projected. We are focused on completing development of the underground mine and optimizing production at Black Fox. I am confident that we will continue on this path as operations at Black Fox strengthen through the year. ”

Second Quarter 2012 Financial Highlights

• Gold sales improved by 21% to 18,419 ounces of gold, compared to 15,178 ounces sold in Q2-11.

• Average realized gold price increased by 5% to $1,543 per ounce compared to $1,463 in Q2-11.

• Reduced cash costs to $799 per ounce, an 8% reduction in cash costs from Q2-11 which were $865 per ounce.

Second Quarter 2012 Operational Highlights

• Produced 18,254 ounces of gold, consistent with quarterly production guidance, a 16% increase over Q2-11.

• The underground mined 36,604 ore tonnes and achieved an average grade of 6.31 gpt, an increase of 19.5% over Q1-12.

• The open pit mined 192,041 ore tonnes at an average grade of 2.16 gpt, a 119% increase over the ore tonnes mined in Q2-11.

• The Black Fox Mill processed 178,002 tonnes of ore at an average grade of 3.31 gpt and an average recovery of 96.5%.

• Continued positive drilling results on the Grey Fox property, including 11.68 gpt gold over 26.0 m from the 147 Zone.


Operations at the Black Fox Mine continue to ramp up and will deliver increased gold production quarter over quarter in 2012. Brigus is forecasting 2012 gold production of 77,000 to 85,000 ounces, at a cash cost per ounce of $775 - $825.

Planning is underway to develop the Grey Fox Mine located on the southeast portion of the Black Fox Complex. The initial resource estimate from this area, announced in December 2011, added more than 50 percent to the gold resource at the Black Fox Complex. Brigus is in the process of expanding the resource and converting Inferred ounces to Indicated ounces through systematic in‐fill drilling. An updated resource estimate will be released in September. Initial engineering studies have also been initiated and will continue through 2012 to determine project economics as well as development and production timelines. A preliminary economic assessment (“PEA”) for Grey Fox will be released in Q4, and will incorporate the new resource.

The Black Fox underground ore body is open for expansion with grades that trend higher at depth. The Company began underground exploration drilling from the east ramp in June with the objective of increasing the reserves and extending the mine life. Exploration drilling with a second underground drill will commence from the west ramp in September.


Official Web Link Assistant to Sinchi

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#8) On August 11, 2012 at 9:53 PM, skypilot2005 (< 20) wrote:

Ed Steer's Gold & Silver Daily: John Embry: Precious Metals Markets Heating Up


“Gold and silver markets are rapidly heating up, although the casual observer might not know it.

That's because of the blatant price suppression of both metals that's now occurring in the paper markets.

But this obscures the physical off-take now going on behind the scenes, an off-take that's a precursor to an inevitable price explosion.

John's monthly essay for Investor's Digest of Canada was posted on their website on June 29, 2012...and is now posted in the clear over at Anything that John writes is a must read in my opinion...and this offering is no exception. I thank Australian reader Wesley Legrand for bringing it to our attention..”



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#9) On August 14, 2012 at 3:13 PM, Horiemon (< 20) wrote:

Well, someone reversed their shorts in AZX today.  2M shares purchased when the average per day was 30k not too long ago (and recently ~300k/day).  It's a welcome change to be almost-breaking even again on that one.

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#10) On August 14, 2012 at 5:54 PM, skypilot2005 (< 20) wrote:


Alxdf up 46%, today.

336,500 shares traded.


You should have called.  I would have split a 100K block with you.



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#11) On August 15, 2012 at 8:05 PM, SN3165 (< 20) wrote:

I would have bought more but I'm still building my position in Kimber and Pilot Gold. I feel strongly that they will both be winners going forward. I don't mean to brag but here's my track record of publicly made calls:

Magellan Call at .20 (Currently .33)

Sandstorm Call at .65 cents (Currently a split adjusted price of about $1.80. 

Silver Wheaton Warrants at under $8 (Currently over $10)

 Primero warrants at .32 cents.

I am long all the above!

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#12) On August 20, 2012 at 9:08 PM, skypilot2005 (< 20) wrote:



Mon Aug 20, 2012
Aurcana Reports Record Results for Q2, 2012

7% increase in net revenues to $13.3 million compared to $12.4 million for the second quarter of 2011. 4% increase in earnings from mining operations to $5.5 million compared to $5.3 million for the second quarter of 2011. 50% increase in net income to $3.4 million for the first six months of 2012 compared to $2.3 million for the first six months of 2011. 106% increase in operating cash flow before movements in working capital items, to $4.7 million compared to $2.3 million for the second quarter of 2011. 18% increase in milled tonnes processed for a total of 307,161 during the six months ended June 30, 2012 (2011: 260,931); of which 15% (45,588 tonnes) were mined from NI 43-101 Measured and Indicated resources and 85% (261,573 tonnes) were mined from new discoveries. 23% increase in silver ounces sold for the second quarter of 2012 to 323,307 (373,037 ounces produced) from 263,357 silver ounces in 2011. Metal prices were a significant factor in revenues of the Company. Due to a general economic slowdown, average silver prices in the second quarter of 2012 were $28.51 compared to $36.86 per ounce in the second quarter of 2011. 52% increase in silver equivalent ounces produced to 690,162 in the second quarter of 2012 (2011: 455, 516).



Official Web Link Assistant to Sinchi

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#13) On August 22, 2012 at 5:09 PM, SN3165 (< 20) wrote:

I sold all my Aurcana shares two months ago. I can't even exactly remember why, I think it was just another position I really wanted to get into, I think the SLW warrants or more Alexandria.

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#14) On August 22, 2012 at 5:33 PM, skypilot2005 (< 20) wrote:


Check out Shafter & La Negra



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#15) On August 23, 2012 at 11:38 AM, XMFSinchiruna (26.50) wrote:

For anyone interested, I just posted an impromptu update on my recent investment activities over at SN's blog here:

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