Melman on Gold & Silver
August 2016 by Leonard MelmanIt is hard to imagine any month during the thirty years I have been writing this column which had more bombshell headlines than the past thirty days.
Although the risk of a federal tax audit remains low, thanks to the Internal Revenue Service’s secret audit selection process every prospector, miner, and mining-related business owner has good reason to fear an audit, but only if they are not prepared.
This past month has been filled with headline-grabbing news events and, for a change, it was not only politics that dominated those news stories, but rather financial markets themselves, with gold and mining shares grabbing a major share of attention.
On a similar vein, while the number of new non-farm jobs created rose by a modest 156,000 in September, it must be pointed out that Goods Production Payrolls rose by only 10,000 jobs while much lower paying service jobs accounted for the other 146,000.
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.
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.
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.
The Bawl Mill • Legislative and Regulatory Update • Ask The Experts • Ask The Experts • Revisiting the Rocker Box • Can You Recognize Valuable Ores? • Follow Up to "Just One More Time" • The Highs and Lows of Drywashing • Successful Detecting Requires Attention to Detail—Part I • Panning for Gold on Canyon Creek • China Closing More Than 1,000 Mines • Habits, Procedure, and Where Is The Gold? • Exploring A Historic Lode Mine • Mining Stock Quotes and Mineral & Metal Prices
MMAC & PLP Update