News

Bryan Slusarchuk: Russia and China Gobbling Up Every Bit of Gold Possible - Rory Hall

Logo - Sprott Money News from the Archives

June 3, 2016

Bryan Slusarchuk, President and Director, K92 Mining, expressed concern over the fact that Canada no longer has any gold. We, at The Daily Coin, share his sentiment and express our concern as often as possible; not for Canada’s sake, but for the U.S.

If a nation holds no gold, how does the government control their currency? A nation, like Canada, which admitted a few weeks back they had liquidated their national gold holdings finds itself without limits to the amount of paper fiat currency the Finance Minister can print. The rationale is Canada holds an excessive amount of U.S. dollars and, therefore, has the security necessary for the country to function and remain solvent. That’s right, unless the unbacked U.S. dollar has an issue or is devalued by 20-30-40% over a few weeks, months or years. Then what?

The U.S. dollar is backed by the full faith and credit of the U.S. federal government. A recent poll stated the American people as having a 4% trust in Congress. That means 96% of the citizens do not trust Congress. Not much faith in that statement.

Gold, on the other hand, has been valued for more than 5,000 years and has acted as currency for most of that timeline. When you own gold, you own money.

K92 Mining has proven gold in the ground. Not only that, this company purchased, for pennies on the dollar, an almost fully functioning gold mine. Not only is there proven gold in the ground there is silver and tons of copper.

On April 24th we reported that First Majestic had been contacted by a technology manufacturing company to secure a stream of silver. This screams of a bad situation that could get worse before it improves. China, as we have reported for several months, has been acquiring mines all over the world in order to secure a steady stream of the necessary raw materials for their manufacturing base.

We at The Daily Coin have also reported how the mining companies, globally, are beginning to consolidate and it appears this consolidation may be taking hold at the country level as well. Concentrated mining companies, in concentrated mining regions, make for a very interesting future regarding gold, silver and various other commodities that are mined.

Bryan shares his thoughts on the current state of mergers and acquisitions and what he sees as an interesting future for the mining industry.

 

Product Upselling Spotlight

Don’t miss a golden opportunity.

Now that you’ve gained a deeper understanding about gold, it’s time to browse our selection of gold bars, coins, or exclusive Sprott Gold wafers.

About Sprott Money

Specializing in the sale of bullion, bullion storage and precious metals registered investments, there’s a reason Sprott Money is called “The Most Trusted Name in Precious Metals”.

Since 2008, our customers have trusted us to provide guidance, education, and superior customer service as we help build their holdings in precious metals—no matter the size of the portfolio. Chairman, Eric Sprott, and President, Larisa Sprott, are proud to head up one of the most well-known and reputable precious metal firms in North America. Learn more about Sprott Money.

Learn More
about-sprott-skyline
no_comments

Looks like there are no comments yet.