5.5 Million Ounces of Gold with an Economy in Decline: Patrick Donnelly
5.5 Million Ounces of Gold with an Economy in Decline: Patrick Donnelly by Rory – The Daily Coin
Patrick Donnelly, President First Mining Finance, has a unique perspective of the economy. He lives in Canada, spends a lot of time in Denver and travels to Mexico on a regular basis. Patrick sees a slice of the North and Central American economy that most people do not get to witness for themselves. We sat down with Patrick to discuss the economy, all the latest news surrounding physical gold and the latest on the Springpole Gold Project,
The economy continues to show signs of depression. More companies file for bankruptcy everyday, pension problems surface, everyday, while government and monetary “authorities” continue to show their ignorance about the reality of these situations.
The OPERS (Ohio Public Employee Retirement System) is now cutting the benefits of 1 million members as the latest pension ponzi comes unglued and the greater fool refuses to show up. If you are a member of this fund and still have the option of taking a lump sum payout it may be time to consider that option – not financial advice. If you are a member of any public pension program and have the option of a lump sum payout it may be time consider your options and think about getting out – once again, not financial advice.
OPERS is the latest pension fund to announce their ongoing financial problems. This is in the shadow of Toys-R-Us filing bankruptcy on the eve of the “party season” and shopping season. It seems that Toys-R-Us doesn’t even have enough gas in the tank to make it through the time of year when approximately 25% of their annual revenue and profits will be generated – but, they’re hiring!!
If you we look at the housing market, especially in some of the individual markets across the country, we see nothing but bubbles. San Fransisco bubble is beginning to burst, Denver housing prices drop and our friends to the north in, Vancouver and Toronto. These are just a few examples of what is happening across North America.
The pension programs, corporate bankruptcies and housing market are just some of the “big ticket items” within the economy that are screaming something is wrong. This is to say nothing of the fact that inflation is rising almost daily. The Federal Reserves claims we need more inflation to stimulate the economy, which is nothing but a lie. In my opinion, more inflation, at this point, would be as stimulating as more bankruptcies.
I still believe the best way to protect my family from all this economic madness is with physical gold and physical silver. Physical gold and physical silver have been money for thousands of years and have protected wealth for thousands of years. This is not going to change anytime soon. Both of these forms of money are decentralized, anonymous and off grid. The real question at this point is – the same question I have been asking for almost 5 years – where is the gold and silver going to come from? The mining industry has been decimated over the past 5-6 years and production is either slowing or stopping at many of the large mining operations around the world.
Patrick Donnelly and his team at First Mining Finance have just announced one of their 25 projects has hit pay-dirt with an estimated 5.5 million ounces of gold in the ground. Just to insure this project is world class they also discovered 19.5 million ounces of silver along side all the gold. This one project is not going to elevate the coming mining shortages, but it will certainly disappear into the hands of gold and silver bugs as quick as it comes out of the ground.
Not only does Patrick offer his perspective on the current state of gold and our economy, he gives us a nice overview of his latest gold project.