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Establishment backing for a gold standard
Deutsche Bank analysts Daniel Brebner and Xiao Fu say a return to the gold standard is perfectly realistic, the Financial Post reported on Thursday. They reject claims that the world doesn’t have enough gold by stating that a government can apply any value it wants to the metal.
As for the argument that gold production can’t keep up with economic growth, they say the American GDP has been artificially inflated by debt. The country would only have to increase its money supply by about 2.2%, they say. They concede, however, that gold production falls short of that number, by their figures rising only about 1.6% annually.
Nevertheless they emphasize that a gold standard would “dramatically change the way that governments manage their economies—which some would say is a good thing given the results of their management skills thus far.”
But they didn’t need it in 1898
Even if no one hears it, a tree falling in a forest can really kick up a fuss. That was the case in Yukon on Thursday, when the entire electrical grid was knocked out for about five hours. The cause? A wayward tree in a rugged, remote area hit a transmission line. For reasons Northwestel has yet to determine, phone and internet connections were wiped out right across northern Canada—Yukon, Northwest Territories, Nunavut and northern B.C.
Recruiting new employees is, I believe, one of the biggest issues facing the industry globally. A lot of development and operational plans hinge on the human resource, not the resource in the ground.——Aurizon President/CEO George Paspalas
Yukon’s isolated grid has limited capacity and can’t import power from neighbouring jurisdictions. That’s a concern for miners.
Last June Danniel Oosterman, head geologist for Prophecy Platinum TSXV:NKL, told ResourceClips, “Power is an issue that’s going to be a challenge for every mining project in the Yukon. The current capacity for the Yukon is about 127 megawatts. In order to run a mine, you need a significant draw from the grid. The Yukon currently doesn’t have enough power to run most of the projects that are projected to come online.”
He added that the territorial government is addressing the problem “fairly aggressively” and is currently considering a transitional plan to generate power with liquefied natural gas. In the meantime, Prophecy’s Wellgreen Nickel-Copper-PGM Project, like many other Yukon projects, bases its plans on diesel.
A hustle here, a hustle there
A sentencing hearing continued in Vancouver last week for disgraced former geologist/CEO John Paterson, who admitted to four counts of fraud involving bogus assay results. Anyone willing to suspend disbelief (to some extent) might enjoy watching the Hustle TV show gang promote a London gold project in a not-quite-43-101 manner.
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