via 321Gold.com - Rosen

I have to agree that we are in a macro condition where it looks as if the major indeces such as the Dow and S&P are prepared for a major reversal while gold prices are set to advance. Bond markets continued to sell off during the topping process, making a futures trade for equity swaps impossible.

It remains an open question just how GBN.V management will overcome the accumulated opportunity cost of long-term de-risking, without having advanced the project. Some things that need to be done and are long overdue is a reverse split, financing for a larger project, a sea change in reserve calculation, a major change to chronic disclosure problems.

I think we'll see lower overall yields in long term bonds, while short term bills see negative nominal rates. German and Swiss bonds had seen negative nominal rates up to two-year treasury bills.

http://www.321gold.com/editorials/rosen/rosen110713.pdf

Hamilton

http://www.safehaven.com/article/31737/gold-futures-buying-returns

BCA Research

In the yr. 2000 internet bubble collapse, a U.S. dollar decline was precipitous, leading to commodities bubbles in nickel, oil, uranium, and soft commodities. If there is a subsequent collapse in 2013 - 2014 with all of the warts and features of the previous two collapses in 2000 and 2008, then the dollar will probably see a decline again.

Perhaps the Chinese will finally de-peg their currency, convinced that Austrian economists are right.

If gold is 'over-owned' as BCA Research suggests, gold mining stocks are certainly 'over-pwned'

http://blog.bcaresearch.com/gold-play-the-coming-countertrend-rally

GBN.V:$Gold weekly

We are at the very end of a long-strangle period this month, though attempting to discover an exact date for recovery in stock prices will be impossible. The last insider buy by N. was Nov. 12, 2012. A year after this date falls on Tuesday this week. I had presumed that something might come out of the Mining Excellence In Saskatchewan meeting, but no news has emerged.

GBN.V shares are probably being priced as a ratio to $U.S. dollar gold prices as well as a ratio of $USB prices. Instead of a project with a Net Present Value and a 10-year business outlook priced in Canadian dollars, GBN.V shares are a vehicle to build notional values to a leveraged equity swap position. We have a project that has outlived the usefulness of its 2009 PEA, which was meant to last 4 years, though it was never applied.

Then again, none of the major developments such as discoveries at the Bingo deposit, Komis deposit, Rod Zone, Mallard, Tailings Management, mill refurbishment led to a move in the stock. It could be just something as simple as the size of the float, which compares favourably with other companies, but wards off investors.

http://scharts.co/1cdbG7V

-F6