• Follow Us:
  • ICMJ on Facebook
  • ICMJ on Twitter
ICMJ's Prospecting and Mining Journal - Online Magazine
Search: Search
  Entire Site Articles Only
Login | Not A Member? Subscribe   FAQ   Contact Us

About Us » Writers » Leonard Melman
Leonard Melman (Senior Financial Writer)
Leonard has been reporting on the financial markets for the Journal, with an emphasis on precious metals, since January 1986.

Leonard draws on his previous experience as a securities and commodities broker, and he’s reported on mining operations on four continents. He’s also been a frequent speaker at mining investment conferences in Canada.

Leonard and his wife live in Nanoose Bay, British Columbia, Canada.

Email Leonard Melman

Articles by Leonard Melman
Melman on Gold & Silver

I must admit to taking some degree of pleasure in anticipating the excuse-making which will probably come out of the "Global Warming" camp to explain away a truly startling announcement.

January 2014 (Vol. 83, No. 5)
Melman on Gold & Silver

...as a holder of contrarian points of view, I am somewhat delighted to see the recent enormous surge in published negative commentaries regarding gold's future.

February 2014 (Vol. 83, No. 6)
Melman on Gold & Silver

...it is beginning to appear that we are recently witnessing a gradual buildup of background information that could lend strength to the arguments for ultimately higher gold and silver prices.

March 2014 (Vol. 83, No. 7)
Melman on Gold & Silver

The idea of decisive action in 2014 will be at the heart of my presentation at the ICMJ Gold Prospecting and Mining Summit of April 5-6 in Placerville. I look forward to meeting you all then.

April 2014 (Vol. 83, No. 8)
Melman on Gold & Silver

I believe that the continual imposition of Leftist concepts on an already economically overburdened world is a recipe for some future economic catastrophe...

May 2014 (Vol. 83, No. 9)
Melman on Gold & Silver

From the point of view of the precious metals, an upside breakout would have clear inflationary implications, which should benefit...

June 2014 (Vol. 83, No. 10)
Melman on Gold & Silver

Although there is no direct connection between the price of lumber and the precious metals, there is an important indirect one due to the importance of the housing market to overall economic activity.

July 2014 (Vol. 83, No. 11)
Melman on Gold & Silver

While most precious metals observers tend to pay more attention to action in the gold market as opposed to silver, there are times when the white metal can give us particularly sharp price targets going forward.

August 2014 (Vol. 83, No. 12)
Melman on Gold & Silver

...when we begin to observe what appears to be an early indication toward a more bullish stance in one of the major miners, that can reasonably provide us with a rising degree of optimism for the sector itself.

September 2014 (Vol. 84, No. 1)
Melman on Gold & Silver

...for the most part, visible price inflation has remained dormant for the most of that period of time. This state of affairs would appear to contradict both monetary history and typical cause and effect reasoning. Even the Fed has expressed some surprise and concern regarding the matter.

October 2014 (Vol. 84, No. 2)
Melman on Gold & Silver

I find it difficult to recall a period when the world has encountered so many simultaneous threats which “should” have driven gold and silver higher, and yet the precious metals markets—so far—have failed to rally to any significant extent.

November 2014 (Vol. 84, No. 3)
Melman on Gold & Silver

Well, by the time this issue hits the newsstands or your mailboxes, the New Year of 2013 will be upon us, and it seems worthwhile to take a look at important recent trends that are likely to extend into the coming twelve month period.

January 2013 (Vol. 82, No. 5)
Melman on Gold & Silver

Well, the year 2013 is now underway and we have surely entered the “Brave New World” that has followed the election of 2012. From my personal point of view, and I might add, unfortunately, this year and the ones following are beginning to appear that they will turn out to be quite similar to the preceding period.

February 2013 (Vol. 82. No. 6)
Angkor Gold's Cambodia Projects

Several nations around the world are working diligently to make their countries more attractive to resource development as a means of improving economic development. One such nation is Cambodia, located west of Vietnam, south of Laos and due east of Thailand.

May 2013 (Vol. 82, No. 9)
Melman on Gold & Silver

Banking problems continue to find their way into the world’s financial media, and we note below that another nation, Slovenia, is now grabbing attention with a banking crisis of their own as well as a downgrading of their national bonds by Moody’s Investment Services.

June 2013 (Vol. 82, No. 10)
Melman on Gold & Silver

Once again last month the world seemed to be tottering uncertainly on the precipice of whether to continue with some manner of austerity in order to begin restoring government balance sheets to some semblance of fiscal conservatism or whether to openly return to the previous eras of wide-open stimulation via debt, deficits and unlimited money creation.

July 2013 (Vol. 82, No. 11)
Balmoral Resources

One of the oldest sayings in the mining exploration world is that if you are going to search for a new mine, one of the best places to look is near an existing, proven property.

July 2013 (Vol. 82, No. 11)
Silver Bull Resources Sees Bright Future for Silver & Zinc

The Sierra Mojada Project lies within a historic high grade silver, lead and zinc mining district originally discovered in 1879.

September 2013 (Vol. 83, No. 1)
Melman on Gold & Silver

It is difficult to look at unrestrained growth in such important monetary indicators without becoming concerned about the future stability of America's economic system.

September 2013 (Vol. 83, No. 1)
Melman on Gold & Silver

I believe gold and silver prices, to at least some extent, negatively mirror the society's confidence in the ability of government to continue providing economic and social services.

October 2013 (Vol. 83, No. 2)
Melman on Gold & Silver

That is one of the problems with much of the so-called objective information we regularly receive—it is so tinged with partisanship that much of it can barely be believed...

November 2013 (Vol. 83, No. 3)
Melman on Gold & Silver

...this debacle may easily lead to disenchantment with government programs in general and politicians of all stripes in particular. Historically, that kind of unrest has been positive for precious metals markets.

December 2013 (Vol. 83, No. 4)
Melman on Gold & Silver

There is little question that the crisis in Europe completely dominated world financial headlines last month. We saw nations such as Finland, Austria, France, Belgium and Hungary, which had previously appeared untouched by developments, suddenly become vulnerable to higher domestic interest rates.

January 2012 (Vol. 81, No. 5)
Melman on Gold & Silver

All we can say is “Welcome to 2012,” and if the first part of January is any indication, it is going to be quite a year on many fronts from the ongoing international financial crisis to the progress of a presidential election set to end this coming November.

February 2012 (Vol. 81, No. 6)
Xmet Aims for One Million Ounces

The beautiful province of Quebec, known in French as “La Belle Province,” is not only famous for its scenic attractions and world-renowned cities such as Montreal and Quebec City, but also as being one of the most attractive places for mining...

March 2012 (Vol. 81, No. 7)
Melman on Gold & Silver

...here in America, another legislative financial crisis was averted as the National Debt limit was extended in January to $16.394 trillion. Only one year ago the authorized debt limit was a “mere” $14.294 trillion.

March 2012 (Vol. 81, No. 7)
SilverCrest Mines Inc.

During the past decade, silver has been in a pronounced bull market, which many analysts attribute to its unique attractions as both a monetary and industrial metal. One Canadian junior miner, SilverCrest Mines Inc., is working actively to take advantage of silver’s favorable performance by steadily expanding production at its flagship Santa Elena Mine...

April 2012 (Vol. 81, No. 8)
Melman on Gold & Silver

One of the oldest sayings we all learned as children was “Water, water, everywhere, but not a drop to drink.” Following developments during the past month, we might rephrase that as “Questions, questions, everywhere, but not an answer to truly trust.”

April 2012 (Vol. 81, No. 8)
El Tigre—Unlocking Values in Tailings to Jumpstart a Mine

...El Tigre Silver Corp, is taking a somewhat different path toward developing their El Tigre property located in the northern Mexican state of Sonora.

May 2012 (Vol. 81, No. 9)
Melman on Gold & Silver

Just as we were sitting down to write this column, a political bombshell was released when Rick Santorum announced he was terminating his efforts to win the Republican Presidential nomination, virtually assuring the nomination will be to Mitt Romney. The remaining candidates, Ron Paul and Newt Gingrich appear to have no realistic chances.

May 2012 (Vol. 81, No. 9)
Melman on Gold & Silver

Unquestionably, it was the other side of the Atlantic Ocean—that is the European side—that provided virtually all the political, economic and social fireworks during the past month.

June 2012 (Vol. 81, No. 10)
Melman on Gold & Silver

On a personal level, I have been part of the business, brokerage and financial columnist worlds for 45 years, since the mid-1960s, and in all those years, I have never seen a collection of negative news items similar to what has been published during the past month. In short, taken together they may very well be describing the end of the economic world systems as we know them.

July 2012 (Vol. 81, No. 11)
Great Atlantic Resources

It was your correspondent’s privilege to accompany Great Atlantic’s management and geologic team on a journalist and analyst tour of their various New Brunswick projects during late June, 2012.

August 2012 (Vol. 81, No. 12)
Melman on Gold & Silver

One of the most surprising jolts of the past month came with the decision of the Supreme Court upholding the legality of what has come to be known as “ObamaCare.”

August 2012 (Vol. 81, No. 12)
Freegold Mountain Project

Few areas of the world have a mining history comparable to Canada’s Yukon Territory thanks to the fabled Klondike Gold Rush, which took place from the late 1890s into the early years of the Twentieth Century. Tens of thousands of prospectors and treasure hunters poured into the Territory following the discovery of placer gold...

September 2012 (Vol. 82, No. 1)
Melman on Gold & Silver

Despite a variety of other side subjects, the dominant source of financial headlines during the past month continues to be Europe, and we note two particular foci...

September 2012 (Vol. 82, No. 1)
DNI's Black Shale Metals Projects

While much attention in northern Alberta has been focused on the rapidly growing “oil sands,” another story of particular interest to the mining community has been taking shape virtually unnoticed in the same region.

October 2012 (Vol. 82, No. 2)
Melman on Gold & Silver

Only one word truly describes the greatest source of headlines during the past month and that word is “politics.” With the November 6 Congressional and Presidential elections drawing ever closer and with both party’s conventions having been recently concluded, we take a serious look at the political situation below.

October 2012 (Vol. 82, No. 2)
Melman on Gold & Silver

Every so often, deadlines are a real pain in the neck! That is truly the case this month as we must complete these musings prior to the Vice Presidential debates as well as the last two Obama-Romney encounters.

November 2012 (Vol. 82, No. 3)
Melman on Gold & Silver

Talk about “déjà vu!” Americans woke up early morning Tuesday, November 6 with a Democratic President; a Senate with a narrow Democratic lead and a House with a strong Republican majority. They went to bed late Tuesday night with a Democratic President; a Senate with a narrow Democratic lead and a House with a strong Republican majority.

December 2012 (Vol. 82, No. 4)
Great Panther Silver

The company acquired the Guanajuato Mine Complex in 2005, and since that time they have carried out extensive drilling programs, both from surface and underground, with particular emphasis being placed on the Cata Clavo Zone.

January 2011 (Vol. 80, No. 5)
Melman on Gold & Silver

When we look ahead into 2011, we see continuing troubles such as those listed earlier, which will force the public to question the effectiveness of the entire concept of economic strength and vitality through government interventions. In fact, many of those interventions have been abject failures, and we wonder if or when the public will lose confidence in the entire system.

January 2011 (Vol. 80, No. 5)
Melman on Gold & Silver

I hope long-term readers would agree that while your columnist does occasionally carry some arguments to an extreme length, I usually stay within the bounds of reason. I am pointing this out because I was struck by an economic vision a few days ago that could test those bounds.

February 2011 (Vol. 80, No. 6)
Cue Resources Seeks Uranium in Paraguay

Cue’s recent development of the Yuty Project has coincided with growing strength in the general uranium market. The price for fuel-grade uranium has risen to above $70 per pound for the first time in several years...

March 2011 (Vol. 80, No. 7)
Melman on Gold & Silver

...rising inflation has been perhaps the greatest single positive influence during past golden bull markets, and the fires of inflation, particularly those driven by rising food prices, do appear to be glowing ever brighter.

March 2011 (Vol. 80, No. 7)
Melman on Gold & Silver

Somehow, we received the impression from these two gatherings and from other conversations that bureaucrats in general are simply not aware of how difficult it is to raise capital to finance mining operations and how important it is for newer companies to show true progress in order to receive further financing.

April 2011 (Vol. 80, No. 8)
Melman on Gold & Silver

This general time frame appears to be a particularly important juncture in the precious metals markets and, therefore, we should present clearly understandable reasons why our opinion leans heavily toward continuation of the precious metals bull market...

May 2011 (Vol. 80, No. 9)
Melman on Gold & Silver

If the government can totally ignore the reality of exceeding the national debt limit, we can only wonder what all the current fuss relating to extending that limit is all about.

June 2011 (Vol. 80, No. 10)
Northern Gold Mining's Garrison Gold Property

During our visit during late May, 2011, the vertical nature of the mineralized areas was clearly visible, as were numerous examples of quartz-carbonate veins in shear zones, faults and folds.

July 2011 (Vol. 80, No. 11)
Melman on Gold & Silver

Perhaps the most important phase of our chart analysis work is to find indicators that have proven reliable in the past in terms of providing indications of future market direction. One of our favorites is the “Bank Index,” better known by its trading symbol, BKX.

July 2011 (Vol. 80, No. 11)
GMV Minerals and Guyana Gold

Guyanese gold deposits occur in deformed and metamorphosed greenstones made up of alternating mafic to felsic volcanic and sedimentary rocks intruded by granitoid basoliths and stocks.

August 2011 (Vol. 80, No. 12)
Melman on Gold & Silver

Occurrences such as these have proven, time and time again, that gold possesses the attribute of maintaining significant value over time, something that cannot be said of unbacked, fiat paper money where every such issuance has eventually deteriorated throughout history into virtual worthlessness.

August 2011 (Vol. 80, No. 12)
Melman on Gold & Silver

What gives this illustration great importance is America may be facing the same kind of dilemmas that have brought Japan’s market such long-term grief.

September 2011 (Vol. 81, No. 1)
Melman on Gold & Silver

In our opinion, these dizzying up and down moves reflect not so much a change in the direction of hard data, but rather fluctuations in sentiment regarding the degree of danger relating to the overall international economic structure.

November 2011 (Vol. 81, No. 3)
Melman on Gold & Silver

One of the most popular medicines commonly available is “Dramamine,” defined to be, “… used to prevent and treat nausea, vomiting, cramps and vertigo associated with motion sickness,” according to our favorite medical dictionary. Well, after watching the various financial, political and psychological gyrations that have been taking place in the world’s markets over the past month, we might suggest that some sort of psychological Dramamine might be in order.

December 2011 (Vol. 81, No. 4)
Melman on Gold & Silver

Having learned to proceed with some skepticism regarding the public’s interpretation of events, we offer the following forecasts for the coming year...

January 2010 (Vol. 79, No. 5)
Melman on Gold & Silver

As laws become cluttered, difficult to understand and almost impossible to enforce both effectively and economically, they are bound to drag down industry and commerce inside a welter of complications.

February 2010 (Vol. 79, No. 6)
Melman on Gold & Silver

Budgetary deficits can be reversed by a combination of only two factors; increasing revenues and decreasing expenditures, and we would prefer a combination of both factors occurring simultaneously. Unfortunately, it appears to us that President Obama failed to respond to such simple considerations.

March 2010 (Vol. 79, No. 7)
Melman on Gold & Silver

...the Obama Administration continues to grapple with the reality that the number of Americans who are growing disenchanted with government solutions to problems appears to be growing.

April 2010 (Vol. 79, No. 8)
Melman on Gold & Silver

The figures speak for themselves. According to US Bureau of Labor Statistics, the total compensation package for state and local government workers in America is $39.66 per hour, compared to $27.42 in the private sector.

May 2010 (Vol. 79, No. 9)
ECU Silver Mining Continues The Legacy

Mexico has a lengthy history of mining and one of the regions most associated with that activity is Durango State in the north-central part of the country.

June 2010 (Vol. 79, No. 10)
Melman on Gold & Silver

...we cannot help but wonder exactly how nation after nation, already massively in debt and presently burdened with monumental operating deficits, is going to come up with such largesse. We also wonder exactly how going ever-more deeply into debt is going to resolve a debt crisis.

June 2010 (Vol. 79, No. 10)
The Whabouchi Lithium Project

One company that is actively working to develop their lithium property is Nemaska Exploration, with their primary project located near the Cree community of Nemaska, situated on the shores of Champion Lake.

July 2010 (Vol. 79, No. 11)
Melman on Gold & Silver

... if the “renewed prosperity” concept fails to materialize and additional crises are on their way—each one to be met with currency expansions and worsening conditions—then we would speculate that gold and silver will move higher.

July 2010 (Vol. 79, No. 11)
Melman on Gold & Silver

One such aim is to infiltrate the education system and thereby insure that our children and grandchildren become thoroughly indoctrinated with the environmental point of view.

August 2010 (Vol. 79, No. 12)
Melman on Gold & Silver

From the mining community’s point of view, it is important to stop the parade of complex laws and regulations that continue to interfere with huge segments of the economy. This gives the upcoming election even greater importance directly relating to our precious and base metals mining industries.

September 2010 (Vol. 80, No. 1)
Melman on Gold & Silver

Few young people growing up today realize the fact that for the majority of its existence, the United States of America was a creditor nation, not a debtor nation. Other countries were indebted to America, not the other way around. However, that began to change...

October 2010 (Vol. 80, No. 2)
Melman on Gold & Silver

Gold’s greatest previous bull market took place in 1977-1980 amidst currency instability, and we cannot help but note the similarities between the present and that past era.

November 2010 (Vol. 80, No. 3)
Melman on Gold & Silver

Much of the past 12 months, both in America and around the world, has been devoted to discussions of Keynesianism versus the Austrian School of economics; of the value versus risks of “Quantitative Easing,” of free markets versus government-dominated markets; and of the right of government to accede to unlimited demands on her resources, no matter the cost.

December 2010 (Vol. 80, No. 4)
Melman on Gold & Silver

As the tumultuous year of 2008 finally draws to a close, economic issues dominate the world’s headlines as country after country and industry after industry continue to be affected by the worst economic contraction since the Great Depression.

January 2009 (Vol. 78, No. 5)
Melman on Gold & Silver

We noted last month that it was important to keep track of how the Obama team was shaping up and to attempt to gain at least a glimmer of insight into the anticipated direction of his economic policies. Well, we have indeed been able to obtain sufficient information to offer some projections.

February 2009 (Vol. 78, No. 6)
Hawthorne's Golden Outlook

It was not the scenery that attracted Vancouver-based Hawthorne Gold Corp. to the area, but rather the opportunity to gain control of projects with the ability to enter into production in the relatively near future...

March 2009 (Vol. 78, No. 7)
Melman on Gold & Silver

Unquestionably, the events of January 20, 2009, highlighted the news of the past month as on that date, the “torch of leadership” of America passed from the departing George W. Bush and into the hands of the 44th President, Barack Obama.

March 2009 (Vol. 78, No. 7)
PDAC 2009 Convention Highlights

...it was impossible not to notice the absence of many junior mining companies that were present last year. Due to the dual circumstances of the world’s credit problems along with the steep declines in base metals prices, many of them, unfortunately, have simply gone broke and closed their doors. Others are so strapped for cash...

April 2009 (Vol. 78, No. 8)
Melman on Gold & Silver

TOC MelmanOnce again, economic trauma was the dominant theme of most news releases last month. It seemed we were learning about an endless array of companies in dire trouble, including many who had either filed or were on the verge of bankruptcy...

April 2009 (Vol. 78, No. 8)
Melman on Gold & Silver

...while the conference and some economic data were working to restore optimism, the world continued to receive a flood of negative economic news, some of it with ominous implications...

May 2009 (Vol. 78, No. 9)
Electra Gold Sees Potential in Other Minerals & Metals

One of the particular features of these alumina silica ore bodies is that they are generally visible from the surface, unlike like gold and silver that are generally hidden and can require an immense amount of exploration and development.

June 2009 (Vol. 78, No. 10)
Melman on Gold & Silver

Investors around the world are taking a good hard look at some of the emerging developments regarding dollar creation and are clearly having second thoughts about their dollar-denominated investments.

June 2009 (Vol. 78, No. 10)
Melman on Gold & Silver

It is becoming increasingly clear that Barack Obama will be an activist President. Unlike his predecessors, he appears set on using the powers of government in an unusually aggressive manner in order to accomplish “public good.”

July 2009 (Vol. 78, No. 11)
Melman on Gold & Silver

...a substantial number of news headlines reflected the growing realization that much of the “green shoots” optimism of the past few months was premature.

August 2009 (Vol. 78, No. 12)
Melman on Gold & Silver

...while the public appears sold on the idea of imminent recovery and government politicians continually issue statements in support of that concept, several responsible columnists have issued their own predictions, and they are hardly optimistic.

September 2009 (Vol. 79, No. 1)
Melman on Gold & Silver

Not only is the Greenback steadily weakening, but calls for the abandonment of the US Dollar as the world’s reserve currency are growing more frequent and more strident.

October 2009 (Vol. 79, No. 2)
Melman on Gold & Silver

There are many factors that affect the price of gold. It appears to us that the majority of them are now pointing to higher prices, not lower.

November 2009 (Vol 79, No. 3)
Golden Hope's Bellechasse Gold Project

In terms of providing a high level of support for mining enterprises, the province of Quebec ranks among the elite governmental jurisdictions in North America, and it is within this province that a Canadian junior mining company...

December 2009 (Vol. 79, No. 4)
Melman on Gold & Silver

History may not exactly repeat itself, but we have once again been receiving a double-dose of headlines regarding gold for the second straight month as the yellow metal has soared to yet another series of records,

December 2009 (Vol. 79, No. 4)
Global Hunter

Chile may be considered geographically a part of Latin and South America, but it is remarkably different from other notable nations belonging to that region such as Mexico and Peru.

January 2008 (Vol.77, No. 5)
Melman on Gold & Silver

Not being a psychiatrist, this writer is not aware of the specific term for a condition laymen refer to as “split personality.” However, whatever that term might be, it would be wholly appropriate for the news background during the past month. We were first subjected to one news story after another that suggested that our economic world was on a truly shaky foundation—and then, suddenly, we were “blessed” with a barrage of positive developments.

January 2008 (Vol.77, No. 5)
Melman on Gold & Silver

What a start to the year! In just the first two weeks of 2008, we saw the price of gold explode to the highest levels in history at $900 per ounce, Crude Oil reach $100 per barrel, some of the world’s largest financial institutions collapse in market value, unrest spread in Pakistan following the assassination of Benazir Bhutto, the worst jobs report from the Department of Labor in at least two years and the continued erosion of residential real estate values.

February 2008 (Vol. 77, No. 6)
Gryphon Gold and the Borealis Project

Strange things do indeed occur. Here we were in western Nevada’s Walker Lake District, normally one of the driest areas for mining operations in America, and we couldn’t access a sizeable portion of Gryphon Gold’s project areas due to...

March 2008 (Vol.77, No. 7)
Melman on Gold & Silver

News during the past month seemed to focus directly on economic and political events close to home in the good old USA. As talk of recession—or worse—mounted, and as one stock market segment after another weakened sharply, the economic and political leaders of the nation sprang into decisive action.

March 2008 (Vol.77, No. 7)
Melman on Gold & Silver

“What A Difference A Day Makes.” That song title accurately describes the huge change in momentum that occurred March 11, 2008, when the central banks of the world announced their rescue plan for the beleaguered international credit system, which appeared to be crumbling right in front of their very eyes.

April 2008 (Vol. 77, No. 8)
Avino’s Durango Project

Mining has been a mainstay of the Durango economy for generations. It was mining, beginning with the discovery of what later became the Avino Mine in the sixteenth century by Juan de Tolosa of the Spanish Army, which formed the basis...

May 2008 (Vol. 77, No. 9)
Melman on Gold & Silver

Anyone who thinks that investing in, or writing about junior mining shares is easy hasn’t lived through the last month! What we have seen is a virtually endless parade of dynamic and frequently contradictory events. Here are just a few that have occurred in the past thirty days.

May 2008 (Vol. 77, No. 9)
Melman on Gold & Silver

It is my belief that these trends toward rising budgetary and trade deficits, escalating monetary creation and interest rates that are being held at artificially low levels will continue and I believe that further US Dollar weakness has now been built into the system.

June 2008 (Vol. 77, No. 10)
The Greenwood Gold Project

The Greenwood Gold Project, comprised of a newly-constructed mill and tailings facility utilized in processing ore from the Lexington-Grenoble, Golden Crown and Lone Star deposits, is situated in a mountainous area spanning...

July 2008 (Vol. 77, No. 11)
Melman on Gold & Silver

Dire warnings about potential recession and side effects being felt throughout the economic spectrum sent the stock market down to a massive 394 point loss on the Dow Industrials on the 6th of June (see chart) and also sent chills in many corporate boardrooms in America and beyond.

July 2008 (Vol. 77, No. 11)
Melman on Gold & Silver

This past month was one that saw the emergence of a series of problems capable of inflicting true and serious damage to the world’s well being on a scale we have not witnessed since the late 1970s.

August 2008 (Vol. 77, No. 12)
Investing In Junior Mining Stocks

How to invest in junior mining stocks: In order to form a basis for evaluating mining stocks, it is important to understand the progression of projects from the very first glimmerings in the eyes of a prospector to actual, full-scale, revenue-producing production of the metals themselves.

September 2008 (Vol. 78, No. 1)
Melman on Gold & Silver

...one of the hallmarks of the past month has been a series of incredibly swift reversals that have shaken virtually every market we follow. From the end of July through mid-August, both precious and base metals have fallen sharply; the petroleum complex has likewise come under heavy selling...

September 2008 (Vol. 78, No. 1)
General Metals Continues Toward Production

Parent said that General Metals is moving toward initiating production at the earliest possible time. He noted that cooperation from Nevada regulatory authorities has been excellent...

October 2008 (Vol. 78, No. 2)
Melman on Gold & Silver

Given that every single forecast of the level of government bailouts has understated the problems and the money required for solving them, one can only wonder what really lies in store for the American taxpayer—and the US Dollar.

October 2008 (Vol. 78, No. 2)
Melman on Gold & Silver

IIX toc...we are witnessing the onset of a major transformation of the underlying economic/political structure, perhaps headed toward government controls beyond any previous American experience.

November 2008 (Vol. 78, No. 3)
Melman on Gold & Silver (2008 Year in Review)

Melman article chart.Our December issue is when we take a look backward at the year nearing completion, and this year is no exception. When we do look backward over the past eleven months, all we can say is, “What a year this has been!” And that isn’t meant in a positive...

December 2008 (Vol. 78, No. 4)
Melman on Gold & Silver

Putting this information together, we conclude that the coming year of 2007 could hold explosive growth for the precious metals as the probability of an international “accident” rises, as the dollar comes under increasing pressure and as the fundamental demand for resources of all types from India and China plus other developing nations grows relentlessly.

January 2007 (Vol. 76, No. 5)
Melman on Gold & Silver

America has lost another ex-president with the passing last month of Gerald Ford, the only non-elected president in history. It is worth remembering, however, that he came into the office under incredibly difficult circumstances and acquitted himself well. He will be fondly remembered.

February 2007 (Vol. 76, No.6)
Persistence Pays off for Cusac Gold Mines

Cusac Gold Mines is a Canadian junior mining corporation conducting their operations and explorations in one of the most remote areas in the North American continent, near the one-time town of Cassiar.

March 2007 (Vol. 76, No. 7)
Melman on Gold & Silver

What a month! It seemed as if one headline after another dwelled on one, and only one subject, that of the environmentalists’ concern over “global warming.” Politicians changed directions, mass demonstrations were held, Al Gore moved to the top of the media hit parade, and lawmakers were warming up to the task of revolutionizing our lives with torrents of new laws, regulations and policies.

March 2007 (Vol. 76, No. 7)
Melman on Gold & Silver

Keeping track of the news during the past month was like watching the later rounds of a boxing match, the part where the light jabs and the “feeling out” of the opponent were passed and the heavy hitting begins, because last month we were hit with several powerful stories affecting our markets.

April 2007 (Vol. 76, No.8)
Typhoon Exploration—Junior Mining Company Moves Forward in Quebec

One of the mining world’s oldest sayings is, “If you want to find a new mine, look near an existing one.” Few areas have had a more prolific mining history and more present activity than the region of southwest Quebec...

May 2007 (Vol.76, No.9)
Melman on Gold & Silver

It seems like we cannot get away from the major themes as each month we continue to receive important news on the same general categories such as housing, global warming, Iran, weakness in the US Dollar, etc. Unfortunately, if variety happens to be your cup of tea, the same categories have dominated the news once again.

May 2007 (Vol.76, No.9)
Revisiting Commerce Resources—A Tantalum and Niobium Mining Project

One of the most intriguing company articles we have written during the past few years was based on our late Spring 2005 visit to Commerce Resources’ tantalum and niobium project in the towering mountains of east-central British Columbia...

June 2007 (Vol.76, No.10)
Melman on Gold & Silver

Unfortunately, death seemed to occupy a major role in recent major headlines—and it came in several different directions.

June 2007 (Vol.76, No.10)
Melman on Gold & Silver

One of the oldest market sayings is that a securities bull market confirms its strength when it is “able to climb a wall of worries.” Well, that old adage was sure given an enormous workout last month as one hammer-blow after another hit the headlines.

July 2007 (Vol. 76, No. 11)
Melman on Gold & Silver

Once again international terrorism became the focus of much of the world as the British Isles were swept by two major stories. First, two vehicles were found with high explosives in London and it was only the smoldering fuses that gave away the contents of the vehicles before they exploded.

August 2007 (Vol. 76, No. 12)
Mining Gold at 16,000 Feet

The view from the pass at 16,500 feet elevation was astonishing. In one direction, one range of the Andes Mountains rose to over 18,000 feet, while in the other direction the peaks soared to almost 20,000 feet.

September 2007 (Vol. 77, No. 1)
Melman on Gold & Silver

Well, the events of last month have completely diverted attention away from prior problems such as tensions in Iran, arms build-ups in China and Russia, socialist experimentation in Venezuela and Bolivia, peace efforts between Israel and the Palestinians, and instead have placed the focus of the world squarely on a rapidly growing array of financial dislocations.

September 2007 (Vol. 77, No. 1)
Melman on Gold & Silver

Seldom in the 22 years we have been writing in this space have we ever seen a parade of such important events pass along the world’s newswires and print media.

October 2007 (Vol. 77, No. 2)
Melman on Gold & Silver

World stock markets recovered from the brink of catastrophe to post sterling performances, based in large part on a one-half percent reduction in the Fed Funds rate enacted by the Federal Reserve Board.

November 2007 (Vol. 77, No. 3)
Kings Valley Project Hopes to Meet Lithium, Uranium Demand

Few states in the United States have seen mining activity equal the State of Nevada in recent decades. The state is mineral-rich and possesses a regulatory apparatus that encourages mining activity.

December 2007 (Vol 77, No. 4)
Melman on Gold & Silver (2007 Year in Review)

This past four weeks saw a major shift in the scope of financial headlines. Where recent months have focused almost entirely on the “subprime” crisis and resultant credit problems, the US Dollar itself became the center of attention last month as it entered a period of severe decline against the Euro, Australian Dollar, British Pound, Swiss Franc and Canadian Dollar.

December 2007 (Vol 77, No. 4)
A Profitable Approach—Financing Mineral Exploration With Oil & Gas Projects

Not too many years ago, junior mining companies most frequently limited their activities to exploring and pre-developing their mining properties.

January 2006 (Vol. 75, No. 5)
Melman on Gold & Silver

The focus of attention by the financial media during past month has shifted considerably away from the international political and terrorist outlook and turned clearly toward important developments as they appear likely to affect the outlook for the US and worldwide economies in the coming year.

January 2006 (Vol. 75, No. 5)
Melman on Gold & Silver

Well, another year, another pile of worries. First, just as it appeared that real progress was being made in finding a solution to the seemingly intractable situation between Israel and the Palestinian people...

February 2006 (Vol. 75, No. 6)
Record Interest at Recent Mining Conventions

If anyone needed convincing that high metals prices have brought mining back into the public’s consciousness, two conventions held in Vancouver, British Columbia near the end of January 2006 should have ended any doubt.

March 2006 (Vol. 75, No 7)
Melman on Gold & Silver

The great transition has now occurred as we move away from the Age of Fed Chairman Greenspan and into the Age of Fed Chairman Bernanke. However, Mr. Greenspan was kind enough to leave a last-minute parting gift by raising the overnight lending rate to 4.5% on his last day in office, January 31, 2006.

March 2006 (Vol. 75, No 7)
Melman on Gold & Silver

Last month we witnessed numerous news items that appear to confirm a new, and perhaps ominous, trend in America’s relationships with the rest of the world. We are referring to a visible increase in America’s vulnerability to foreign actions.

April 2006 (Vol. 75, No. 8)
Orko Silver Corp.

Perhaps the greatest single impression a visitor to the interior of Mexico is left with is the grinding poverty of the countryside. While there are pockets of apparent prosperity, most of the citizens appear to live in conditions of poor...

May 2006 (Vol. 75, No. 9)
Melman on Gold & Silver

If there was one theme underlying many of last month’s headlines, it was millions of people on the march. Throughout France, students, union leaders and run-of-the-mill rioters created havoc as millions marched to protest a new law that would give employers the right to dismiss unsatisfactory youthful employees during their first two years of service.

May 2006 (Vol. 75, No. 9)
Mining is Booming in Northern Ontario

One of the results of the dynamic metals prices in recent years has been an enormous increase in mining activity throughout the industry and few places have been impacted as greatly as Northern Ontario, Canada.

June 2006 (Vol. 75, No. 10)
Melman on Gold & Silver

One of our favorite lines can be attributed to former New York Yankee great Yogi Berra when he declared, “It’s deja vu all over again!” Well, during the past month, that seems to be the case as headline after headline has been recurring with amazing frequency.

June 2006 (Vol. 75, No. 10)
Sydney Resource Corp. Ventures into Canada and Mexico

The Northern Ontario city of Timmins is famous for many things including the fact that the Timmins Mining Camp has been among the most prolific gold mining areas in the world with total historic production of near seventy million ounces since...

July 2006 (Vol. 75, No. 11)
Melman on Gold & Silver

Several years ago one of the most important persons on the American political scene was Ross Perot, an independent candidate for President. His favorite campaign theme was railing against (NAFTA) and his claim was that...

July 2006 (Vol. 75, No. 11)
Osisko Exploration: Redeveloping the Historic Malartic Mining Camp

Quebec is known throughout Canada as “La Belle Provence”—The Beautiful Province. While eastern Quebec is better-known with major cities Montreal and Quebec City, the western portion is indeed a land of lakes, forests, streams and...

August 2006 (Vol. 75, No. 12)
Melman on Gold & Silver

Any illusions that the world had become a safer place were certainly put into serious doubt by events over the past few weeks. During that time we have seen a major Israeli incursion into Gaza in retaliation for Hamas attacks on Israel, huge public demonstrations and accusations of fraud regarding the recent election in Mexico and, most recently, terrorist bombings in Mumbai (Bombay), India, which killed about two hundred people and seriously disrupted India’s financial center.

August 2006 (Vol. 75, No. 12)
Melman on Gold & Silver

It was not hard to find negative news during the past month, not hard at all. We were overwhelmed with continuing stories of the Israeli-Hezbollah conflict, which took place in southern Lebanon, and Israel remained at war with Hamas in Gaza.

September 2006 (Vol.76, No.1)
Melman on Gold & Silver

If the events of the past month have proven anything, they have confirmed the old adage that gold is truly a measuring device for the “International Temperature.” During the first half of the year and into mid-August, wars, threats of Iranian “peaceful” nuclear devices and North Korean nuclear jawboning drove gold to two-decade highs and kept it well above $600 per ounce.

October 2006 (Vol. 76, No. 2)
International Wayside Resurrects Gold Rush in British Columbia

Gold rushes are the stuff of legends. Who can read Jack London’s stories of the Klondike or hear the fabulous tales of the California Gold Rush of 1849 without their heart beating just a bit faster? But there was also a third gold rush, just as dynamic...

November 2006 (Vol. 76, No. 3)
Melman on Gold & Silver

The Bush Administration couldn’t seem to avoid pitfalls as the all-important fall elections approached and the latest scandal involving sexually explicit messages between (former) Congressman Foley and a congressional page could not have come at a worse time for the President’s party.

November 2006 (Vol. 76, No. 3)
Melman on Gold & Silver

Few non-Presidential elections have been as eagerly anticipated as the one just completed in early November and, if change was what you wanted, massive change is what you received.

December 2006 (Vol. 76, No. 4)
Convention Report

Mining conferences frequently reflect specific types of information as their focus, and our publication was recently represented at two such contrasting gatherings, the Manitoba Mining and Minerals Conference in Winnipeg, Manitoba and the Northwest Mining Association Convention in Spokane, Washington.

January 2005 (Vol. 74, No. 5)
Gold Canyon Resources Targets Gallium

“It would be a real pleasure to be able to combine a successful mining operation with being of genuine service to the human condition.” Those words from CEO and Professional Geologist Robert G. Carrington set the...

January 2005 (Vol. 74, No. 5)
Melman on Gold & Silver

The year 2004 feels much like the fabled month of March, entering like a lion, remaining stormy for much of the time, but exiting like a lamb. It is almost eerie how there has been a reduction of tension throughout the investment communities, both conventional and precious metals, in the past few weeks.

January 2005 (Vol. 74, No. 5)
Melman on Gold & Silver

Most American markets greeted the first few trading days of the new year with substantial selling. Compared to their 2004 year-end levels, by January 11, the Dow Jones Industrial Average had declined almost 300 points, the NASDAQ Composite had fallen from 2,185 to near 2,080 while the S&P 500 had dropped from 1,217 to 1,183.

February 2005 (Vol. 74, No. 6)
Healthy Interest at Recent Vancouver Conferences

Considering the frequency of mining gatherings in the USA, Canada and worldwide, many of our readers may wonder if there is sufficient new information available to make each gathering interesting and informative. In fact, they need not worry at all because rapid advances in mining technology...

March 2005 (Vol. 74, No. 7)
Melman on Gold & Silver

The past month was a good one for for George W. Bush. First, he was officially inaugurated for his second term in office and made a well-received speech advocating the American position on world peace. Then Iraq held an election that was extraordinarily successful in comparison to the woeful predictions that had been made.

March 2005 (Vol. 74, No. 7)
Enthusiastic Crowds at PDAC

Nearly 11,000 attended this year’s Prospector and Developers Association of Canada (PDAC) convention in Toronto. Joe Hamilton, president of the Convention Planning Committee, beleived he knew why the numbers were so high.

April 2005 (Vol. 74, No. 8)
Melman on Gold & Silver

The entire petroleum complex has once again taken center stage in the world’s financial markets as prices for crude surged to near all-time highs at $55 per barrel and associated products such as heating oil and unleaded gasoline (see chart analysis below) soared through previous peaks. What made these new rallies so remarkable...

April 2005 (Vol. 74, No. 8)
Melman on Gold & Silver

Last month was one of the most unusual in recent memory. For virtually an entire month, the news media was focused almost entirely with death and dying.

May 2005 (Vol. 74, No.9)
Melman on Gold & Silver

Rapid reversals seemed to be the theme of news events during the past month. For example, while the economy generated relatively poor job growth of only 100,000 or so during March, April’s number soared to 274,000—far above expectations.

June 2005 (Vol. 74, No. 10)
A Search for Tantalum

It is likely that few tourists passing through the crowning glory of the Canadian Rocky Mountains in northeastern British Columbia would be aware that this spectacular region is the focal point of the search for one of earth’s most intriguing metals—tantalum.

July 2005 (Vol. 74, No. 11)
Melman on Gold & Silver

Sometime during the hippie days of the 1960s, the world became aware of the custom of chanting mantras. At that time, the favorite was the word “OM.” Well, the financial community seems to have recaptured the custom of chanting...

July 2005 (Vol. 74, No. 11)
Melman on Gold & Silver

Whatever sense of security and peace the Western World had managed to restore was shattered on July 7, when four bombs were detonated on three trains and a double-decker bus in London, England, killing an estimated 70 people and injuring another 700.

August 2005 (Vol. 74, No. 12)
Irish Gold

“When Irish Eyes Are Smiling” is the title to one of the world’s most famous songs, but it might also take on new meaning if a junior mining company succeeds in bringing its plans to fruition.

September 2005 (Vol. 75, No. 1)
Melman on Gold & Silver

Every financial writer enjoys a few moments of pleasure when one of his predictions is validated by the markets and your columnist is no exception.

September 2005 (Vol. 75, No. 1)
Melman on Gold & Silver

It started out as a modest tropical depression near the Bahamas and was forecast to hit the east coast of Florida and then peter out over land. Then it was forecast to hit south Florida and strengthen moderately over the Gulf of Mexico before hitting the Florida Panhandle as perhaps a Category One hurricane.

October 2005 (Vol. 75, No. 2)
The Price of Gold—Where It’s Headed and Why

For the past year, one of the most troubling questions raised at mining conventions and conferences has been, “Why have so many economic and social events occurred as predicted, but the precious metals remain locked in a...

November 2005 (Vol. 75, No. 3)
Melman on Gold & Silver

Your correspondent has been around quite a while on this globe of ours, but seldom have we ever seen a collection of calamities such as has occurred during this past ten months.

November 2005 (Vol. 75, No. 3)
Gateway Gold and Jerritt Canyon

Northern Nevada is prime mining territory. In fact, no state has been as mining-friendly as the Silver State and, as a result, mining has made important contributions to that state’s economic development.

December 2005 (Vol. 75, No. 4)
Melman on Gold & Silver

People who want to believe that the sky is falling or the end of the (economic) world is at hand sure had ammunition thrown at them by the bucketfuls in the past month.

December 2005 (Vol. 75, No. 4)
World Gold Council Launches New Gold Bullion Securities

Thanks to the efforts of the World Gold Council (WGC), investors in the yellow metal now have an excellent new way in which to participate in gold’s price movements.

January 2004 (Vol. 73, No. 5)
Melman on Gold & Silver

Last month saw a veritable mountain of good economic news come pouring out of government and industry. Industrial production was up; GDP rose strongly; unemployment rates came down; profits were up; consumer confidence readings rose; etc., etc., etc. And yet, strangely enough, the financial markets produced only a “molehill” of results.

January 2004 (Vol. 73, No. 5)
Melman on Gold & Silver

To paraphrase the great Sir Winston Churchill, it would appear that, “Never have so many been so happy about so much!” Investors in stocks are happy; investors in gold are happy; investors in commodities, real estate, government bonds and even airline and utility stocks are happy. Productivity is growing; inflation appears to be diminishing and...

February 2004 (Vol. 73, No. 6)
Mining Industry Enthusiastic About Prospects

Vancouver, British Columbia, became the focus of the international mining community for five exciting days in late January as two conventions catering to the precious metals mining community were held just blocks apart from each other. And, while they both had differing emphases, each convention attracted unprecedented numbers of participants.

March 2004 (Vol. 73, No. 7)
Melman on Gold & Silver

As noted on page 26 of this publication, your columnist spent five days in January immersed in two important conventions regarding precious metals mining and, of all the pieces of information bandied about within the mining community, one unbelievable set of numbers, little known or noticed by the public—but of immense potential impact on our world of gold and silver...

March 2004 (Vol. 73, No. 7)
Melman Reports From PDAC—News About India, China, and a Potential Shortage of Nickel

PDAC’s (Prospectors and Developers Association of Canada) annual convention held each spring in Toronto, Ontario, Canada is generally regarded as the largest and most impressive annual gathering of the mining industry in the world.

April 2004 (Vol. 73, No. 8)
Melman on Gold & Silver

This past month certainly had its share of attention-grabbing headlines starting with the overwhelming wins by (presumed) Democratic Presidential Candidate John Kerry of Massachusetts. He effectively swept aside all opposition in a series of Democratic primary election wins from the Atlantic to the Pacific.

April 2004 (Vol. 73, No. 8)
Melman on Gold & Silver

A very famous quote that appears particularly relevant to the past month is one attributed to former British Prime Minister Harold MacMillan. When asked what could most easily derail a government, he replied, “Events, dear boy, events.” We certainly had events in abundance this past month.

May 2004 (Vol. 73, No. 9)
Mood at Calgary Conference is Subdued, But Optomistic

Calgary is truly one of Canada’s most exciting, dynamic cities, with its geographical location in the foothills of the Canadian Rockies and its financial status as the heart and soul of the Canadian petroleum industry. It was in this exciting city that many of the mining industry’s leading experts and investors gathered recently.

June 2004 (Vol. 73, No. 10)
Melman on Gold & Silver

It’s amazing how a few pictures could place an entire Presidential Administration on the defensive, yet that is exactly what has happened during the past month with the publication of the photos out of Iraq, which presumably show American soldiers engaging in acts of torture, humiliation and ridicule inflicted on their Iraqi prisoners.

June 2004 (Vol. 73, No. 10)
Mines and Money

The “Mines and Money” gathering, held in Vancouver, BC, on May 20-21, was geared toward the upper levels of world mining executives. As such, the presentations were of a different nature than any of the gatherings covered in our publication earlier this year.

July 2004 (Vol. 73, No. 11)
Melman on Gold & Silver

The greatest headline maker of the past month was not a person, not a war, not a nation and not a political contest. Instead, that honor belonged to a gooey, flammable, black substance called petroleum as it shot through $42.00 per barrel...

July 2004 (Vol. 73, No. 11)
Canadian Arrow Tries Different Approach

Timmins, Ontario, is a fascinating city for miners to observe. During periods of strong mining activity, Timmins prospers, home values rise, retail activity increases, vacant office spaces fill up and so forth. However, during periods of...

August 2004 (Vol. 73, No. 12)
Experts Forecast Rising Prices for Gold, Silver

During the two investment conventions in Vancouver this January, the mood was incredibly upbeat. Gold was rising strongly and prospects appeared bright. The same was true at the giant PDAC gathering in Toronto in March. By late April the shine had come off the short-term prices of metals...

August 2004 (Vol. 73, No. 12)
Melman on Gold & Silver

If there was one word that characterized news events of the past month it was “uncertainty.” Would the United States hand over the government of Iraq to the newly-installed leadership? Would the Fed at long last raise interest rates, and, if so, by how much? Would the new pattern of sabotage against oil pipelines in Iraq...

August 2004 (Vol. 73, No. 12)
Melman on Gold & Silver

One of the most frequently quoted sayings on Wall Street is that “markets love to climb a wall of worry.” We’re not so sure about the “climbing” part of it...

September 2004 (Vol. 74, No. 1)
Freegold Ventures' Golden Summit Project

Massive area-wide forest fires left the air near Fairbanks, Alaska looking like a London fog and smelling like the residue of a fireplace late this August as I left the airport on a recent visit to Freegold Ventures Ltd.

October 2004 (Vol. 74, No. 2)
Melman on Gold & Silver

The world received a sad reminder of just how dangerous and threatening terrorism has become as more than three hundred people—most of them children—died when Russian troops and police stormed a school that had been taken over by terrorist rebels from the breakaway province of Chechnya in the Russian city of Beslan. This act was followed almost immediately by the bombing of the Australian Embassy in Indonesia with nine dead in that attack. And, if mankind’s craziness wasn’t enough...

October 2004 (Vol. 74, No. 2)
MINExpo 2004 Convention Report

Unquestionably, the first impression received from touring the exhibition areas at “MINExpo International 2004,” sponsored by the National Mining Association and held at the Las Vegas Convention Center from September 27-30, is one of sheer size. While other gatherings are delighted to host a couple of hundred exhibitors and attract three or four thousand attendees...

November 2004 (Vol. 74, No. 3)
Melman on Gold & Silver

What a month! One day we were keeping our eyes on the turbulent, hurricane-filled skies over Florida as the seemingly endless array of powerful storms continued on, then we were watching the televised Presidential debates, and all the while we were being inundated with a relentless barrage of stories regarding crude oil, gasoline and heating oil as their prices roared ahead with a vengeance...

November 2004 (Vol. 74, No. 3)
Geologist's Search for PGMs Leads to Mining Venture

One look at a map of the northern portion of Ontario province in Canada clearly identifies it as an area of immense beauty. From Georgian Bay on Lake Huron across to Lake Nipissing and all points north, it is a land of...

December 2004 (Vol. 74, No. 4)
Melman on Gold & Silver

Well, the long-anticipated US election was held the first Tuesday of November. If you were a partisan of the Republican Party, victory was sweet, indeed. If you supported Kerry and his pals, our truest sympathies, for the electoral devastation was complete. Bush won in both the Electoral College and popular vote contests...

December 2004 (Vol. 74, No. 4)
Melman on Gold & Silver

When I was a college student, I remember participating in a huge religious rally and the theme song, sung by hundreds of participants, had this repeating line: “I ain’t-a going to study war no more...” Those days surely are gone as headline after headline now shouts out at us that we had indeed better study and prepare for war.

January 2003 (Vol. 72, No. 5)
Junior Miners and Investors Gather in Canada

Two landmark golden gatherings took place in Vancouver, British Columbia near the end of January, and while they both related to the world of gold, they each had a completely different emphasis.

March 2003 (Vol. 72, No. 7)
Melman on Gold & Silver

As the wags have been putting it recently, it looks like the United States is caught between “Iraq and a hard place.” Every day for the past month we have read headlines about the likelihood of immediate war, and, based on those headlines, gold, petroleum and the financial markets have gone off on their tangents.

March 2003 (Vol. 72, No. 7)
Melman on Gold & Silver

Never have I regretted the deadlines we must work with at this publication as I do this month, for events of tremendous significance are likely to occur between the time this column must be prepared and the time our readers will receive it.

April 2003 (Vol. 72, No. 8)
Melman on Gold & Silver

Strange, isn’t it, how our vocabulary has been expanding of late. Up until late 2001, the term “Twin Towers” meant either the combination of the Federal Budgetary Deficit and the National Debt or the two outstanding forwards of the NBA’s San Antonio Spurs. Suddenly, the only relevant meaning was the two destroyed buildings in New York City. By mid-2002, most of us who hadn’t given Afghanistan a second thought became familiar with names of towns and regions in that country.

May 2003 (Vol. 72, No. 9)
Melman on Gold & Silver

Well, the Iraqi War is over, at least the active, battlefield portion of it. “All” that remains is to create a democratic nation in a region where political freedom is a virtually unknown concept. With the conflict over, many observers now eagerly await the post-war boom that has accompanied some previous major wars, particularly World War II.

June 2003 (Vol. 72, No. 10)
Melman on Gold & Silver

One of the most interesting sayings I learned during my early years of observing markets was “Watch what I do, not what I say.” This thought came to mind recently regarding the comments of Fed Chairman Greenspan...

July 2003 (Vol. 72, No. 11)
Melman on Gold & Silver

During the past month, we have witnessed an orgy of buying on many of the world’s markets with Japan soaring by over 1,000 points (see Nikkei chart), Germany and France rallying strongly and here in America, the NASDAQ Index has risen to over 1,700 (see chart). However, when we look at the economic fundamentals, it appears to be a case of, as Sir Winston Churchill might have put it, “Never have so many become so excited about so little.”

August 2003 (Vol. 72, No. 12)
Melman on Gold & Silver

After months of war news, rising unemployment, declining economic activity and heightened world tensions, the news background took a decided turn for the better last month—at least on the surface. The war in Iraq has died down to only an occasional moderate outburst. Tensions between Israel and its Palestinian neighbors appear to be on the decline. New unemployment claims have fallen and...

September 2003 (Vol. 73, No. 1)
Melman on Gold & Silver

There was certainly no shortage of attention-grabbing headlines during the past month. First we had the successful initiation of a recall election in California, followed by enormous increases in the price of gasoline in the USA and Canada, then both nations suffered through the worst power blackout in decades, and finally we are witnessing what appears to be the unraveling of the “road map” to peace in the Middle East.

October 2003 (Vol. 73, No. 2)
Melman on Gold & Silver

While there may have been events of the past month that were more important, nothing captured the imagination of the nation and much of the world like the election of Arnold Schwarzenegger as California’s new governor-elect. After weeks of on again, off again judicial rulings and a campaign of astonishing muckraking and innuendo-laden accusations, he did indeed enjoy a resounding victory.

November 2003 (Vol. 73, No. 3)
Melman on Gold & Silver

“Scandals, scandals, everywhere, and not an end in sight!” might be the tag line of a musical depicting the financial markets as they near the end of a particularly tumultuous year. First we had the massive accounting scandals associated with the Enron collapse. This was followed by the corporate scandals where inaccurate and misleading research of one sort or another made headlines. But none of those compare in possible scope to the mutual fund scandals...

December 2003 (Vol. 73, No. 4)
Melman on Gold & Silver

What a difference a year makes. It makes one wonder if we still live on the same planet!

January 2002 (Vol. 71, No. 5)
Melman on Gold & Silver

Whatever else one will be able to say in later months about the year 2002, we can already state that there is no shortage of interesting and important news developments.

February 2002 (Vol. 71, No. 6)
Melman on Gold & Silver

Who would have thought it possible? According to a New York Times editorial in late January, they predict that the terrorist attack on September 11 will not be remembered by historians as the most significant event of the last half of 2001. Their new choice is the collapse of corporate giant Enron—and they just may be right.

March 2002 (Vol. 71, No. 7)
Melman on Gold & Silver

Well, will wonders never cease!? It appears that Fed Chairman Alan Greenspan actually smiled when giving his most recent testimony to Congress. Actually, he was so upbeat that he carried the whole stock market with him—as well as others around the world. In fact, if there was one over-riding characteristic of the past month, it was the return of optimism over the economic future.

April 2002 (Vol. 71, No. 8)
Melman on Gold & Silver

This was not a month for the weak-hearted. During the past thirty days, we have had an explosive intensification of the Middle East conflict, threats of OPEC using the “Oil Weapon” once again, a growing chain of events flowing out of the Enron collapse and...

May 2002 (Vol. 71, No. 9)
Melman on Gold & Silver

We are now seeing declines in gold followed quickly by rallies to new relative highs while powerful stock market rallies are met with aggressive new selling. Whether this pattern will continue into the future is debatable, but it certainly is a welcome background for the much-battered world of precious metals investing.

June 2002 (Vol. 71, No. 10)
Melman on Gold & Silver

The specter of nuclear war temporarily raised its ugly head last month, which prompted many nations to recall their citizens from both India and Pakistan, and sent shock waves through both the financial and metals markets.

July 2002 (Vol. 71, No. 11)
Melman on Gold & Silver

Yet another term has entered the lexicon of investment analysis and that term is “Fallen Angels.” No, we are not referring to religious icons or celestial bodies. Rather, the investment community has dubbed the debt instruments of once-prosperous companies that have now fallen on hard times with that moniker.

August 2002 (Vol. 71, No. 12)
Melman on Gold & Silver

Anyone looking for stability sure didn’t appreciate the financial markets of this past month as they fell, rose, fell and rose with dizzying swiftness, changing directions on the turn of a dime. This was as true of the gold share markets as it was of the financial markets in general.

September 2002 (Vol. 72, No. 1)
Melman on Gold & Silver

The world remains a fascinating place to watch, for it seems that just when some of the most serious problems appear to be on their way to resolution, a whole new collection crops up. We appear to have been in just that type of environment this past month.

October 2002 (Vol. 72, No. 2)
Melman on Gold & Silver

To paraphrase Shakespeare, “To war, or not to war, that is the question.” That was the question that dominated national and international headlines over the past month, at least those headlines that were not otherwise occupied by detailing information about one market collapse after another around the world. It is hard to know which was the more important story.

November 2002 (Vol. 72, No. 3)
Melman on Gold & Silver

If there was ever a month for the financial markets to rejoice, the one just past would appear to have been ideal. Oil prices declined sharply...the Fed revved up the economy by smashing short-term interest rates to their lowest levels since World War II...and, perhaps most important of all, the Republican Party now has possession of a clean sweep of American political power, controlling the Presidency, Senate and House while Conservatives dominate the Supreme Court.

December 2002 (Vol. 72, No. 4)
Melman on Gold & Silver

One of the consequences of the weakening economy and the sharp declines in NASDAQ securities was a sudden weakening of the US Dollar (see chart of D-Mark). As investors began to pull their funds out of the US and return the funds to their native lands, this resulted in sales of the dollar, reducing it in value.

January 2001 (Vol. 70, No. 5)
Melman on Gold & Silver

Seldom, if ever, have we witnessed as much financial upheaval or as rapid a change in sentiment as we saw in the first two trading days of the year...

February 2001 (Vol. 70, No. 6)
Melman on Gold & Silver

What a difference a little time makes. Just a few months ago the liberal left was celebrating one triumph after another. Tony Blair became Prime Minister of Britain, the Liberals won a resounding triumph in Canada and the left was rejoicing in a robust economic expansion under the leadership of President Clinton. But their theme song, “Happy Days Are Here Again,” has an empty ring now...

March 2001 (Vol. 70, No. 7)
Melman on Gold & Silver

Vanishing with equal rapidity is any belief that this onrushing economic downturn is a minor speed bump on the road to financial utopia.

April 2001 (Vol. 70, No. 8)
Melman on Gold & Silver

If this past month has proved anything, it is the reversible nature of the rule that “what goes up must come down” which now also can read “what goes down must come up.”

May 2001 (Vol. 70, No. 9)
Melman on Gold & Silver

We’re all familiar with the saying, “What goes up must come down,” but last month the markets took the opposite tack and the mantra became, “What went down must come up” as strong rallies moved the Dow, NASDAQ and even our world of gold higher.

June 2001 (Vol. 70, No. 10)
Melman on Gold & Silver

Our world of precious metals showed several conflicting trends. Gold fell sharply from last month’s highs to the area between 265 and 270 and then stabilized in that area.

August 2001 (Vol. 70, No. 12)
Melman on Gold & Silver

One of my favorite sayings has always been, “Do as I say, not as I do.” Perhaps that old adage could be applied to Alan Greenspan and the actions of the Federal Reserve of late. They are telling us that the economy is not in bad shape; that we are not in or headed to recession and that new strength is just around the bend. They are acting as if there is a looming catastrophe.

September 2001 (Vol. 71, No. 1)
Melman on Gold & Silver

Deadlines are something we must live with at ICMJ as with any other publication, and as this columnist’s deadline approached early Tuesday morning of September 11, I turned on the financial channel to get some last pre-market commentary before completing this month’s column. What I saw was virtually beyond belief. A jetliner had just crashed into one of the two towers of the World Trade Center...

October 2001 (Vol. 71, No. 2)
The Financial Repercussions of the WTC Tragedy

If the goal of the September 11 terrorists was to inflict maximum damage on the American psyche as well as American economy, they could hardly have picked a better target than the twin towers of the World Trade Center (WTC).

October 2001 (Vol. 71, No. 2)
Melman on Gold & Silver

Exactly one month ago—to the day—I was watching in stunned silence, along with billions of others around the world, as the immense tragedy of September 11 played itself out. Since that time, the President has issued a virtual declaration of war; actual attacks against the Taliban strongholds in Afghanistan have begun and the “other side” has threatened an escalation of terror.

November 2001 (Vol. 71, No. 3)
Melman on Gold & Silver

Those who declared that our world would be forever changed after the events of September 11 certainly appear to have been right. Not only is the evening news filled with the events of the anti-terrorist war, but even our vocabulary has changed—along with our geographic knowledge. People who did not know Afghanistan from East Timor—and who could have cared less—can now recite at will facts about Kabul, Islamabad, Jalalabad and Uzbekistan.

December 2001 (Vol. 71, No. 4)
Melman on Gold & Silver

Well, this is it, the dawning of the new Millennium. By the time you receive this issue, we will be on the threshold of a new year, decade, century and thousand years. The last people to enjoy such a time were those who lived in the year 999—but there was a staggering difference. At that time...

January 2000 (Vol. 69, No. 5)
Melman on Gold & Silver

After weeks, months, even years of eager anticipation, the New Millennium has dawned!

February 2000 (Vol. 69, No. 6)
Melman on Gold & Silver

The hoopla is over, the spectacular shows are just a memory. The fact is, we're stuck in the 2000s whether we like it or not! And the sad—or glad—reality is that changing the year's first number from a "one" to a "two" hasn't really changed anything other than giving us oldtimers some minor irritation now and then until we get used to things.

March 2000 (Vol. 69, No. 7)
Melman on Gold & Silver

What a disappointment! Just when things were beginning to get really interesting and both parties had seemingly hotly contested races for the presidential nominations, both Senators involved promptly said, "I quit!," took their bat and ball and headed home!

April 2000 (Vol. 69, No. 8)
Melman on Gold & Silver

If there is one word which seems to describe the past month on so many fronts, it is the word "dysfunctional." The tone was set when "American Beauty" won the Academy Award for "Best Movie."

May 2000 (Vol. 69, No. 9)
Melman on Gold & Silver

What a month this was. In just thirty days, the financial markets went on binges upward and downward that took the world's breath away.

June 2000 (Vol. 69, No. 10)
Melman on Gold & Silver

As many long time readers know, one of my favorite sayings is the Asian expression, "May you live in interesting times." We sure do and if you didn't believe it before, just consider the latest word from the international markets.

July 2000 (Vol. 69, No. 11)
Melman on Gold & Silver

Boy, do we ever live interesting times! What other conclusion can we come to when the only real excitement on the whole scene is a kids' book and a TV series about a bunch of people acting in a manner to make the word "weird" seem respectable!

August 2000 (Vol. 69, No. 12)
Melman on Gold & Silver

At long last the time of artificial quiet is over and the quadrennial political "silly season" is getting underway in earnest. The Republicans have just finished their convention in Philadelphia and (at press time) the Democrats are about to descend on LA-LA land.

September 2000 (Vol. 70, No. 1)
Melman on Gold & Silver

By the time you receive this issue of ICMJ, the November election will be only a few weeks away, and the campaign is finally heating up. Quite surprisingly, Vice President Gore has taken the lead in recent polls from the early front-runner, George "Dubya" Bush.

October 2000 (Vol. 70, No. 2)
Melman on Gold & Silver

While we have spent the past few years trying to adjust to wave after wave of new industries, new language and new influences in our lives, this past month the world's attention has once again returned to the cradle of civilization, the Middle East.

November 2000 (Vol. 70, No. 3)
Melman on Gold & Silver

October lived up to its reputation as a most unfriendly month for the stock market as hi-tech stocks took a huge battering, the NASDAQ and the Dow were hit by heavy selling and consumer confidence figures plunged.

December 2000 (Vol. 70, No. 4)
Melman on Gold & Silver

Throughout the years, there have been many arguments upon which a huge bull market in gold has been based. These include the rapid escalation of inflation, a destabilizing world in terms of war or international conflict or...

March 1999 (Vol. 68, No. 7)
Melman on Gold & Silver

As we traveled through the states of Washington, Oregon, California, Arizona, Nevada, New Mexico and Texas we saw the combination of mining towns in stagnation but otherwise, incredible displays of prosperity.

April 1999 (Vol. 68, No. 8)
Melman on Gold & Silver

For gold advocates, the theme this past month could have been Life should be beautiful!  After all, just consider some of the events of the past month.

May 1999 (Vol. 68, No. 9)
Melman on Gold & Silver

The morning of Friday, May 7 gave us a new chapter in gold's ongoing struggles which might properly be named "As the headlines turn!"

June 1999 (Vol. 68, No. 10)
Melman on Gold & Silver

Clearly, the single-most important reason for the latest decline in gold is the recently announced auctions by the British Central Bank. However, other news stories this past month also had negative implications for the yellow metal.

July 1999 (Vol. 68, No. 11)
Melman on Gold & Silver

...we are beginning to believe that there is a Grinch out there who steals every rally away from the gold market! There is almost no other explanation for what is going on.

August 1999 (Vol. 68, No. 12)
Melman on Gold & Silver

No single factor has been as important in the control of inflationary pressures over the past few years as the decline in commodity prices. As long as the cost of raw materials was declining, industry was able to produce goods with minimal increases in price.

September 1999 (Vol. 69, No. 1)
Melman on Gold & Silver

By the time you read this, the onrushing, unavoidable object which was once a little speck on the distant horizon will have grown into a modest-size attention-getter.

October 1999 (Vol. 69, No. 2)
Melman on Gold & Silver

Once you have had a chance to look at our charts and quotes for this issue, I have one bit of advice. "Don't go running off to see your optometrist!"

November 1999 (Vol. 69, No. 3)
Melman on Gold & Silver

The only phrase that comes to mind in reviewing this past month is "deja vu." We've seen all this before; falling gold prices, rising stock markets, soaring hi-tech stocks, crazy initial public offerings (IPO's) and a return to public confidence that all problems can be solved.

December 1999 (Vol. 69, No. 4)