FP - junior miners starting to disappear as grim reality takes hold. I guess at least Peter Koven went to the the Cambridge House clownfest in Toronto last weekend, if nobody else. Me personally, I couldn't be arsed, since most of the speakers were utterly worthless; and I'd never actually want to meet IR clowns from a shitty exploreco, nothing they say is ever going to be informative to me.
Here's Kaiser with his hopeful message:
“It will be hard to raise capital for several years,” analyst John Kaiser warned in a presentation. He said there are around 700 mining companies on the TSX Venture Exchange with negative working capital, and the total number of small miners is shrinking. “They are starting to disappear,” he added.
Dammit, John! You've been saying this for a year now. When will they disappear already? Or are they just going to continue polluting the Venture?
This part was funnier:
The Cambridge House show has always been a gathering point for some of the world’s most outspoken gold bugs, and they continued to pound the drum for bullion on Thursday despite a bear market that has pushed it down to around US$1,220 an ounce.
“The U.S. dollar is on its last legs,” predicted John Ing, president and gold analyst at Maison Placements Canada. Others echoed that view.
And that's the sad part: these idiotic scamfests are still full of hard-money wackaloons whose message is still crafted towards the unwashed toothless morons who have been wiped out by buying shitty explorecos. Don't they realize this is part of the problem?
What Cambridge House needs, and what the junior gold world needs, is to cut loose the podcast & blogger crowd and start featuring real analysts with an iota of common sense.
I mean seriously. Listening to "analysts" at a goldbug conference is just like wandering into a fundamentalist prayer meeting. The informational value is zero, you'll never learn anything; it's nothing more than a fantastical prayer-ritual full of magical thinking, mythologizing about imaginary demons, and fantasies about a future heaven where God gifts his Chosen people with a gold-backed dollar and Ron Paul in the White House.
If 700 juniors are truly about to expire, that means 700 fewer scammers. The industry should no longer need to scam people with clownish presentations that have zero informational content and zero connection with empirical reality. Let's quit with the goddamn scams and become a serious industry, no?