Posted at 3:43 PM (CST) by & filed under Jim's Mailbox.

Video of Wuhan, China
If you’re an idiot like me, when you heard about Covid-19 almost decimating an unknown place called Wuhan, China, you probably dismissed it as some little  dump in Asia where they eat bats for dinner.

Posted at 12:15 PM (CST) by & filed under In The News.

Bill Holter’s Commentary

No it is not about the corona virus, that is only cover for a credit system breakdown already in progress…

Credit Buys Us Time—But For What (On Economics)_001

Credit Buys Us Time—But For What (On Economics)_002

Posted at 9:50 AM (CST) by & filed under Jim's Mailbox.


Follow the yellow brick road.

Happy Easter to you and to yours.


Larry F.

Looks pretty symmetric to us Larry!



Jim /Bill,

File under “You were warned”.


WeWork Has Stopped Paying Rent On Multiple Locations
April 8, 2020

Amid asset sales, boardroom battles, and seemingly endless litigation, WeWork has decided to jump on the “well, why should we have to pay according to a signed contract when no one else is” bandwagon and is reportedly skipping rent payments on numerous properties.

Amid an effort to aggressively cut costs as the economic downturn crushes any revenues, The Wall Street Journal reports, according to people briefed on the matter, that WeWork has yet to mail in its April rent check at numerous properties while it tries to renegotiate leases. (Quick aside – WeWork mails in its rent-checks?)

“WeWork believes in the long-term prospects of our locations and our relationships with landlords across the world,” a WeWork spokesperson said in a statement.

“Rather than implementing a companywide policy on rent payments, we are individually reaching out to our more than 600 global landlord partners to work in good faith towards finding asset-specific solutions that benefit all parties involved.”



You were way ahead on this call…Hats off to you!!


$20,000 Gold Price: Franco Nevada Chairman Makes The Case
April 8, 2020

Gold prices should skyrocket to much higher levels, even $20,000 in two to five years’ time, as gold reaches a price level close to the level of the Dow Jones Industrial Index, this according to Pierre Lassonde, chairman of Franco Nevada.

“When I look at where we are today, the money creation will take time to [money] into people’s hands. I look at supply chain disruption, I think we’re looking at a two to five year period and I do believe that we will see, if not one to one [in the Dow/gold ratio], then very close to one to one,” Lassonde told Kitco News.

Gold prices have historically seen periods when the levels are close to, if not equal to, the Dow index.

“I just don’t know if the Dow will still be 23,000 or if it will still be $16,000, and even if [the ratio] is two to one, all I’m trying to point out is that the gold price will be materially higher than what it is today,” he said.


Posted at 10:40 AM (CST) by & filed under In The News.

Bill Holter’s Commentary

Do you need any other information to finally decide it is all about credit?

Just How Bad Is It Going To Get: JPMorgan Halts All Non-Government Guaranteed Small Business Loans
April 9, 2020

With America’s small and medium businesses suffering from cardiac arrest now that the economy is in a indefinite coma, it is hardly a surprise that the largest US bank, JPMorgan Chase has been inundated with more than 375,000 requests for $40bn of loans under the $350bn small business rescue scheme, a higher number of applications than any other bank, its consumer head Gordon Smith told President Donald Trump on Tuesday.

It is in this context that the FT reports that Chase has temporarily stopped accepting applications for small business loans outside the government’s Paycheck Protection Program. A Chase spokeswoman told the FT that the bank was now devoting all of its small business underwriting resources to processing these applications and had “temporarily suspended” taking other applications from small businesses. The bank was continuing to process non-PPP applications already in train, she said, and would revisit the issue of new applications next week.

This means that any small business that have borrowing needs beyond the PPP’s limits, or if they want to borrow for purposes beyond wage bills, they would need to seek other facilities or other lenders.

Ok fine, JPM is so busy trying to bail out mom and pop shops, it doesn’t have time to deal with anyone else. Why is that a story? Here’s why.


Bill Holter’s Commentary

Did you ever think there could be any other response?

Free Markets Are Dead: Fed To Start Buying Junk Bonds, High Yield ETFs
April 9, 2020

Back on March 23, when the Fed unveiled it would start buying investment grade corporate bonds, we said “now that the Fed is effectively all in, it will buy stocks and junk bonds next.”

Two weeks later, we were right and this morning the Fed announced it would, as expected, start buying junk bonds (we have to wait for the next “market” – we use the term loosely because it is no longer a market which is terminally disconnected from fundamentals but a giant, Fed-fueled Ponzi scheme – crash before the Fed goes literally all in and starts buying stocks and pretty much anything else).

But let’s back up. A few days ago, we pointed out that the day so many credit bears had been waiting for had arrived, when a record $150BN in investment grade bonds were downgraded to junk, becoming so-called fallen angels, and sparking concerns about what will happen to the $1.3 trillion junk bond market as hundreds of billions of formerly investment grade debt is downgraded to junk and violently reprices the entire high yield space.


Posted at 10:12 AM (CST) by & filed under General Editorial.


TORONTO, April 7, 2020, (GLOBE NEWSWIRE) – Tanzanian Gold Corporation’s, (TSX:TNX) (NYSE American:TRX) (the “Company’s”) Board of Directors is pleased to provide an update on its Buckreef Project following the press release of March 17, 2020 that announced the results of the 2019 drilling campaign which more than doubled the estimated Mineral Resource in the Measured + Indicated categories for the Buckreef Shear Zone to 2.3 million contained ounces of gold.

Drilling continues in the Company’s Phase III (Ultra-deep) program that was announced on February 26, 2020.

The Company is today announcing the following additional updates on the Buckreef Project:

1. First Bucket; On April 6 2020 the first bucket was excavated from the Buckreef Open pit, signaling the beginning of mining for ores to be processed by the Company’s new Oxide Plant. Initially topsoil will be removed from the oxide open pit and stored on a sperate topsoil pad. Following removal of the topsoil, oxide ore will be placed in several stockpiles on a separate Run-Of-Mine pad for blending as feed to the Oxide Plant.

2. Cold Commissioning; The Company’s contractor has announced that before the end of the month they plan to initiate cold commissioning of the Oxide Plant. In a cold commissioning test, all the parts of the plant will run but there will not be any ore processed.

3. Conceptual Underground Stope: The Company’s Advisor, SGS Canada Inc., has completed a geotechnical assessment of the Buckreef Deposit at depths below the proposed open pit. The report provides recommendations to guide stope, underground infrastructure, and crown pillar designs. Key recommendations are:

a. A crown pillar with a minimum thickness of 15 m between the open pit and underground workings

b. Unsupported long hole longitudinal stopes have been assessed for widths of 7.5, 10, and 12.5 m for both single and double, 25 m sub-level intervals heights, using Q’ median values. These conceptual or Level 1 underground stope designs will now be advanced to the next level of mine design as the basis for a possible underground operation below the planned Buckreef open pit. This open pit is the basis for the June 26, 2018 43-101 Pre-Feasibility Report.

4. Metallurgical Testing Started on Primary Ore: The Company’s Advisor, SGS Canada Inc, has started testing several large samples at its Lakefield, Ontario, Canada facilities. These samples were collected from holes recently drilled in the area of the Pre-Feasibility Study open pit to collect critical flow sheet and design information for a large plant that will process the primary ore that lies below the oxide ore currently being mined. This large plant will be the basis for the Company’s Final Feasibility 43-101 Report.

States Mr. James E. Sinclair, Executive Chairman of the Company “Following the announcement of a doubling of our highest quality resources we are now well placed to complete our oxide ore project and then proceed to Final Feasibility study as evidenced by today’s updates.” Mr. Sinclair goes on to state that “we still have several drills on the property as our testing of the ultra-deep potential and the possible extension of the Buckreef Shear Zone continues.”

Qualified Person

The Company’s Qualified Person, Mr. Peter Zizhou, has reviewed and approved the contents of this news release. Mr. Zizhou has a Master of Science (Exploration Geology) degree from the University of Zimbabwe (2000) and is a registered professional natural scientist with SACNASP (Reg. No. 400028/08).

Respectfully Submitted,

“James E. Sinclair”

James E. Sinclair

Executive Chairman

For further information, please contact Michael Martin, Investor Relations, via email at, direct line 860-248-0999, or visit the Company website at

The Toronto Stock Exchange and NYSE MKT LLC have not reviewed and do not accept responsibility for the adequacy or accuracy of this release

Cautionary Note to U.S. Investors – The United States Securities and Exchange Commission limits disclosure for U.S. reporting purposes to mineral deposits that a company can economically and legally extract or produce. We use certain terms on this news release, such as “reserves”, “resources”, “geologic resources”, “proven”, “probable”, “measured”, “indicated”, or “inferred” which may not be consistent with the reserve definitions established by the SEC. U.S. Investors are urged to consider closely the disclosure in our SEC filings. You can review and obtain copies of these filings from the SEC’s website at

This news release contains certain forward-looking statements and forward-looking information. All statements, other than statements of historical fact, included herein are forward-looking statements and forward-looking information that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations are disclosed in the Company’s documents filed from time-to-time with the British Columbia, Alberta and Ontario provincial securities regulatory authorities.

Certain information presented in this release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on numerous assumptions, and involve known and unknown risks, uncertainties and other factors, including risks inherent in mineral exploration and development, which may cause the actual results, performance, or achievements of the Company to be materially different from any projected future results, performance, or achievements expressed or implied by such forward-looking statements. Investors are referred to our description of the risk factors affecting the Company, as contained in our SEC filings, including our annual report on Form 20-F and Registration Statement on Form F-10, as amended, for more information concerning these risks, uncertainties, and other factors.


[Full article available here]