Sold my shares last month. Generally try to buy low and sell high but had to admit defeat on most of my juniors. It was also needed to offset a large gain on an investment property. Looking back the thing that stands out the most is how can Golden buy ECU for stock worth $200 million, then pay for a mineral resource estimate that reduces the resource by 90%. How is that even possible. Either Michele Roy should be fired and Micon sued, or Golden is complicit in destroying shareholder value.

The 37 tonnes probably came from France. The u.s. spent some of the money tearing down the Berlin wall and spent the rest building a wall around what we used to call freedom.

No, Ravens fan, but yea Its a good think we have a president involved in important things like the name of a football team. Maybe they can change the name to Washington Fascists.

I agree, I live near DC and construction is booming. Roads are crowded too as are most stores. Houses are selling quicker too. I think tax revenues are way up also. Alot of money has been made in the stock market on the big exchanges from prime companies. I still and increasingly think the party will end soon. China selling oil in Yuan since Sept 6 and dollar index has gone staight down since. Interest rates also close to reversing 30 year downtrend. If interest rates climb a few points the derivatives will implode.

Zak,

A couple of points that are just my observation. The Velerdena property has alot of silver, but it is in narrow veins, and the metallergy has proved difficult to get decent mill recovery rates. It seems AUM has done better at silver recovery than ECU, but now gold recoveries have dropped. The San Mateo ramp is now complete. How much this improves efficiencies I do not know. To be honest for the next several years this mine will probably be in the least profitable 50% of silver mines. The drilling that ECU did showed improving grades and widths at depth. The high grade ore extends so deep, that they still have not found the bottom of it. The downside is it will be years for a company our size to get down there. Almost every silver miner is losing money at $20 silver and AUM was wise to shut down the operation. With our high resource and narrow veins, AUM is like an option in PM on the commodity exchange. Not worth much at currect PM prices, but worth alot if prices go up alot. There is the potential to lose it all or do a 20 bagger. Only once did I get a 20 bagger, it was Sterling Mining, bought at 52 cents and went up to $13. Wish I was smart enough to sell then, but got out at $3 on the way down.

Golden Minerals now has a market cap of $71.15 million. I know our recent mineral estimate was a bummer, but before that ECU documented 320 million ounces silver equivalent I think. That means not counting the other mines and cash, we are valued at 22 cents per ounce silver. Since silver is now $22 an ounce the company is valued at 1% of resource. Thats low. James Turk is about the most low key personality out there but is usually right and he is calling for $400 silver. If you buy $22,000 of silver now you will have $400,000 then. If you buy $22,000 of AUM and the value climbs to 10% of resource you would have $4,000,000.

I wrote several articles on silver demand years ago and if you go back to the mid 1980's and look at demand growth since then, it goes up an average of 12 to 16 million ounces per year. That means in 10 years it will be an extra 140 million ounces greater than this year. Eventually this market is going to hit the wall and there is going to be a severe shortage.