In “THE WORLD’S MOST EVIL COMPANY,” I
wrote of the East India Company, a British corporation that pilfered,
raped, and pillaged the world’s riches for nearly three
centuries; in most cases, with implicit – if not explicit –
support from “the Crown.”
The British Presence in India in
the 18th Century
In the U.S., JP Morgan undoubtedly has damaged the nation’s best
interests more maliciously and pervasively than any
corporation; and in Canada, none has done so more so than Barrick
Gold – formerly known as American Barrick (though
always headquartered in Toronto).
Barrick Gold fined in Chile, faces
opposition in Dominican Republic
When the U.S. “strong dollar” policy commenced in the mid-1990s –
i.e., surreptitiously selling the nation’s gold reserves and naked shorting
PAPER futures; American Barrick was the “agent” for
such activities; defrauding countless mining companies by artificially
suppressing gold prices – and simultaneously, fostering the burgeoning fiat
currency bubble. For its role in such malicious activities, it
was sued in 2002 – with co-defendant JP Morgan, of course…
Blanchard sues Barrick,
J.P. Morgan over gold – December 2002
In 2003, the “smoking gun” was revealed – when Barrick
unsuccessfully sought to have the case dismissed on grounds it acted
as AGENT for the U.S. government, which by law cannot be sued…
In Blanchard case, Barrick confesses to gold
price suppression scheme
Two years later, the case was “settled” via undisclosed terms.
However, the reputational damage had already been done, as clearly
Blanchard was involved in such nefarious activities…
Barrick says it has reached settlement
with Blanchard
With the U.S. government firmly in its camp – not much differently
than PPT support of the “DOW JONES PROPAGANDA AVERAGE”; Barrick subsequently became the world’s largest gold
miner – at the expense of hundreds of other less “privileged” miners.
However, its vast gold “hedges” – on average, put on at roughly $375/oz near the bottom of the PM bear market; became
too large to manage when gold soared past $1,000/oz. Thus, the company
MASSIVELY diluted itself by raising more than $5 billion (60% equity/40%
debt) to retire said hedges in 2009; in the process, taking Canada’s
largest-ever write-off – of more than $4 BILLION…
Barrick raises more than $3 Billion to
Retire Hedges
Even afterwards much discussion remained over its convoluted balance
sheet accounting; leaving many to believe it still had numerous “hidden”
hedges remaining…
The Barrick
Gold Conundrum – September 2009
And if that wasn’t enough to make you DESPISE Barrick,
then came the Pascua Lama
fiasco. Pascua Lama is one of the world’s largest PM deposits – straddling
the border of Chile and Argentina…
It contains vast resources – according to Barrick’s
website, of 17.9 million ounces of proven/probable gold, and 676 million
ounces of silver. However, it has been a logistical nightmare; recently
seeing its capex estimate surge to $8.0-$8.5
billion, from 2006 forecasts of $1.5 billion, and 2009 projections of $3.0
billion…
Barrick’s Pascua Lama Suspension May Last
Weeks, La Tercera Says
The issues involved relate not only to its mountainous terrain
spanning two countries; but numerous environmental and permitting issues –
many of which have caused substantial delays. Initial production is
currently slated for the second half of 2014; but if history is any guide,
that forecast, too, will prove extremely liberal…
Barrick’s Pascua-Lama costs rise again,
shares dive
Said “hidden hedges,” have always been believed to be related to
Pascua Lama; of roughly seven million ounces of gold. Moreover, Barrick sold 25% of life-of-mine silver production in
2009…
Barrick’s 200 Million Ounce Silver Problem:
The Impending Annihilation of the Paper Shorts
…to Silver Wheaton – for $625 million…
Silver Wheaton Acquires 25% of
Life of Mine Silver Production From Barrick’s
Pascua-Lama Project
Furthermore, the project faces an even LARGER issue, which I haven’t
yet mentioned. One so OMINOUS, it could easily DESTROY Barrick entirely. That is, a long-running territory
dispute with Chilean miner Jorge Lopehandia;
who claims Barrick STOLE the Chilean property
claims from him. This case clearly is a MAJOR reason the mine is not
yet in production – after 18 years of development; and is not going away any
time soon…
One Step Closer: Barrick’s Ownership over Pascua Lama Increasingly Called
into Question
This weekend, our good friends at SGT Report posted a shocking
interview with Jorge Lopehandia; which I encourage
EVERYONE to listen to. There is not a doubt in my mind he is telling
the truth – in some way, shape, or form. Thus, all
that’s left is to see how it all plays out…
EXCLUSIVE: David VS Goliath –
Shocking Claims Against Barrick Gold Corp
In my view, Barrick Gold is “EVIL PERSONIFIED”;
and if they lose the claims to Pascua Lama, will likely be deservedly
BANKRUPTED. And oh yeah, such an event would indefinitely delay
development of one of the world’s largest PM deposits; putting further upward
pressure on PHYSICAL gold and silver prices.
NEVER before have I urged readers more to “SELL MINERS, DESTROY THE CARTEL”;
although in this case, the “Cartel” may not need your help in destroying itself…
PROTECT YOURSELF, and do it NOW!
Call Miles Franklin at 800-822-8080, and talk to one of our brokers.
Through industry-leading customer service and competitive pricing, we
aim to EARN your business.
Read
the Tuesday Afternoon Wrap-Up for 3/12/2013 and the Wednesday Morning
Commentary for 3/13/2013
