$IRX Monthly

By far the most important chart or statistic to be watched in coming days will have to be the $IRX.

In order to illustrate just how low rates have fallen, and at what point we happen to be at, the stockcharts.com monthly chart of the $IRX demonstrates most clearly.

Stockcharts.com acknowledges that rates are displayed at 10X their actual rate, for some reason, as you can see when rates were 5%, they show at 50% on the chart.

A rate of 0.03% would then actually be 0.003%. The Federal Reserve reports 0.03%.

Or, you can assume that rates have actually fallen into the negative, as they have on previous occasions when rates had fallen to this level on stockcharts.com charts.

http://scharts.co/177QcIi

Yahoo Finance has:

http://finance.yahoo.com/bonds

Market Watch has (click on 5-day):

http://www.marketwatch.com/investing/bond/3_MONTH?link=MW_story_quote

Market Watch has by now edited out those times when rates were actually negative.

ECB Yield curve short term bonds are showing negative rates along 11-month to 2-year treasuries, along with a -0.10 deposit rate:

http://www.marketwatch.com/investing/bond/3_MONTH?link=MW_story_quote

One More Kick At The Can

You'll want to try the following demonstration of how gold produced out of escrow can cover costs of production of all the rest.

The production in the first fiscal year was a complete and utter fabrication in the news releases and quarterly reports, where it was actually produced out of the escrow account. Gold being poured at the mill was immediately sent off to escrow, while gold reportedly produced during fiscal 2011 had actually been poured in months prior, and used in a prepaid fashion. I believe this matches the balance sheet closely enough, and accounts for commitments.

There is also an explanation along this thread from last week about how accrual-type balance sheets can exist with no cash flow. The company has had no reported cash flow for years and astronomical accounts payable far exceeding any possible cost, leading to an asset-liability mismatch.

- There is no payback period under such a scheme, thus no deficit.

- Engineering reports, such as the PEA, or even perhaps NI 43-101 complaint reports contain subordinated production numbers, and were only valid as an amortized production figure for the first year of commercial production.

Precious Week's Thread

-F6