DB

Two days before a potential historical default, Puerto Rico Governor Alejandro Garcia Padilla made it clear that the commonwealth won’t pay bondholders even as Congress votes on a bill allowing the island to restructure its $70 billion in debt.

“On July 1, 2016, Puerto Rico will default on more than $1 billion in general obligation bonds, the island’s senior credits protected by a constitutional lien on revenues,” Garcia Padilla wrote in a editorial posted on a CNBC website.

The lapse will mark the first time the U.S. territory has failed to pay what it owes on general-obligation debt, a $13 billion swath that its constitution says has the top claim to the government’s funds. Garcia Padilla previously said the commonwealth couldn’t raise enough to cover what’s owed to bondholders even if he shut down the government. The island has about $2 billion in principal and interest payments due Friday.

“All the efforts up until now have already damaged relations with investors,” said Daniel Solender, who oversees $19 billion, including Puerto Rico securities, as head of municipals at Lord Abbett & Co. in Jersey City, New Jersey. “By taking a step to break the constitution, it makes it more definitive.”

The default signals the depths of the crisis on the island, which had been tapping whatever funds it could to avoid missing payments on securities backed by the strongest legal pledge. The escalating strain prompted Congress to create a bill that would give Puerto Rico the ability to cut its debt and put a hold on bondholder lawsuits that could jeopardized its ability to pay for schools, police officers and health care. The Senate voted 68-32 Wednesday morning on the measure, setting up a final-passage vote as soon as this evening.

Cont. http://www.bloomberg.com/news/articles/2016-06-29/puerto-rico-says-it-will-default-even-with-congressional-help

Darn Tootin!

Re: Puerto Rico Debt … that’s a slippery slope. How can Congress deny the states and big cities aid now? Better crank up those presses! Terrible decision IMO.

The lawmakers in the states must be thinking “Let’s go ahead and spend that money the Feds will bail us out.”

EXCLUSIVE: Slush funds to pay ‘personal consultant’ Huma Abedin, a $34,000 a night Caribbean holiday for daughter Chelsea and payoffs to silence Bill’s sex accusers – How Hillary has used donations to the Clinton Foundation as her ‘personal piggy bank’

• Jerome Corsi claims in his book, Partners in Crime, that the Clinton Foundation is ‘a vast, criminal conspiracy’ and ‘a slush fund for grifters’
• The money that was donated to help earthquake victims in India and Haiti and HIV/AIDs sufferers has mostly enriched the Clintons, Corsi claims
• The Clinton family also schemed to monetize the White House 
• Hillary used her position as Secretary of State to leverage lucrative deals for the Foundation as well as six-figure speaking fees for Bill Clinton
• The scheme engineered through the Foundation has enriched the Clintons by hundreds of millions of dollars
• It also added $2billion to the Clinton Foundation and raised $1billion for Hillary’s second run for the presidency
• Corsi claims that the Clinton Foundation is ‘a philanthropic foundation the Clintons appear to use as a personal piggy bank’ 
• Corsi is a political commentator and author of two New York Times bestsellers that criticized the Democratic party

Read more: http://www.dailymail.co.uk/news/article-3659123/Slush-funds-pay-personal-consultant-Huma-Abedin-luxe-Caribbean-holiday-daughter-Chelsea-payoffs-silence-Bill-s-sex-accusers-Hillary-used-donations-Clinton-Foundation-personal-piggy-bank.html#ixzz4D4Iwo6oY
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Lundin Mining Announces Eagle East Mineral Resource, PEA Results and Project Commencment

http://finance.yahoo.com/news/lundin-mining-announces-eagle-east-210000686.html

Canadian Zinc Announces Filing of Final Prospectus for $9,000,000 Financing

http://finance.yahoo.com/news/canadian-zinc-announces-filing-final-230400214.html

Torex Announces Effective Date of Share Consolidation

http://finance.yahoo.com/news/torex-announces-effective-date-share-100000525.html

Newmont Enters Agreement to Sell Interest in Indonesian Assets

http://finance.yahoo.com/news/newmont-enters-agreement-sell-interest-100400441.html

Comstock Mining Announces Business Update

http://finance.yahoo.com/news/comstock-mining-announces-business-104500687.html

Paramount Gold Nevada Corp. Stockholders Approve the Issuance of Paramount Shares to Acquire Calico Resources Corp.

http://finance.yahoo.com/news/paramount-gold-nevada-corp-stockholders-120000960.html

Gold Lakes Corp Acquires 100% of the 2,846 Acre “Big Monty” Property within the Abitibi Greenstone Belt

http://finance.yahoo.com/news/gold-lakes-corp-acquires-100-130000818.html

https://youtu.be/dGFwUMQA_iY

US weekly jobless claims total 268,000 vs 267,000 estimate

http://www.cnbc.com/2016/06/30/us-weekly-jobless-claims-june-25-2016.html

Randgold Resources Limited (GOLD)
107.66 Up 2.14(2.03%) Jun 29, 4:00PM EDT

Pre-Market : 111.34 Up 3.68 (3.42%) 8:33AM EDT – Nasdaq Real Time Price

Senate passes Puerto Rico “Debt Relief” Bill (aka bailout) and sends to Obama for signature.

This should open the floodgates for the likes of Illinois and CA. at taxpayer expense. Republicans buckle to the money power yet again.

Knowing that Soros is funding many of those protestors at Trump meetings, I cannot help but wonder if Soros or like kin are stirring up the pot of low information young people in Britain.

Generation Snowflake = Dumb As Dirt

http://www.cnbc.com/2016/06/30/brexit-is-a-negative-shock-soros.html

Lucara failed to sell that BIGGG Diamond today   …its going back to the Vault in Botswanna  or somewhere where its safe .

Then DE BEERS sez it wants to FLOOD its BIG DIAMOND MINE  because of LOW DEMAND ……

Holy COW Bat Man   !     Obama succeeded in making the RICH POOR  …NOW WHAT  !    Are they gonna Cannibalize each other  ?    Will they treat everybody equal  will they eat one black & one Hispanic for every white  ?  Thats FAIR !

Or do they prefer white Meat !  Wont  that be Racismmmm ?     Back to the Future !

I remember when they ate that guy Michael  Rockefeller son of Nelson Rockefeller , in New GUinea ..They sent a search party looking for him  when they got to his last known place… they found a Black native guy smacking his lips and pickin his teeth   ..

Nobody really complained because he was a Rockefeller …Watch for the MOVIE coming out next year by Netflix  another Hollywood Liberal moneymaker ..Obama will no doubt Celebrate Hollywoods  Extravaganza   “The Search for Michael Rockefeller” ….His Father was a Republican …

We’ve heard “The Cartel is in Trouble” so many times over the years that none believe it… until it really happens.  We can only hope it’s true, and time will tell.  Meanwhile… silver is looking like it wants to get out of town fast!  Like the Santa Fe leaving Chicago…

http://www.railpictures.net/photo/581156/

http://blog.milesfranklin.com/spread-the-word-gold-cartel-in-deep-deep-trouble

You bet!

I bought some today. I think they’re very good mine developers and operators but obviously suck in their speculation skills. I doubt they’ll try and hedge and outsmart the market again. One of the reasons I bought was because they are a decent take over candidate.

Cheers

Ipso,

Thanks for posting the KLDX info. I have been tracking this stock and have been waiting for an entry point. If the Cartel mark stocks higher and the PM’s lower, it could be a good opportunity to start nibbling on KLDX and a few others.

Klondex Provides Exploration Update at True North; Now Expects Production Decision in Third Quarter

VANCOUVER, BC–(Marketwired – June 29, 2016) – Klondex Mines Ltd. (TSX: KDX) (NYSE MKT: KLDX)(“Klondex” or the “Company”) is pleased to announce partial results of its initial drill program at its True North Gold Mine (“True North”) in Manitoba, Canada. Additionally, based on historic drilling and the positive results of this initial drill program, the Company now expects to be in position to make a production decision in the third quarter of 2016.

True North Drilling Highlights: (see TABLE 1 for complete results)
•630-16-015: 3.56 opt Au over 23.6 ft, or 122.1 g/t over 7.2 m (710)◦Including 4.69 opt Au over 16.6 ft, or 160.6 g/t over 5.1 m (710)

•630-16-002: 1.40 opt Au over 3.7 ft, or 48.0 g/t over 1.1 m (710 HW)
•625-16-007: 1.18 opt Au over 3.0 ft, or 40.3 g/t over 0.9 m (710A)
•625-16-009: 0.97 opt Au over 3.0 ft, or 33.4 g/t over 0.9 m (710A HW)
•630-16-004: 0.78 opt Au over 6.5 ft, or 26.7 g/t over 2.0 m (710 HW)
•630-16-005: 0.57 opt Au over 10.1 ft, or 19.4 g/t over 3.1 m (710)
•630-16-005: 0.48 opt Au over 8.9 ft, or 16.6 g/t over 2.7 m (710 HW)
•630-16-002: 0.43 opt Au over 56.0 ft, or 14.7 g/t over 17.1 m (710)
•630-16-001: 0.20 opt Au over 11.9 ft, or 6.9 g/t over 3.6 m (710)◦Including 0.61 opt Au over 3.1 ft, or 20.8 g/t over 0.9 m (710)

cont. http://www.marketwired.com/press-release/klondex-provides-exploration-update-true-north-now-expects-production-decision-third-nyse-mkt-kldx-2138813.htm

up sharply today with silver. Maybe gold ran too far by itself and the others are catching up.

rno

Take that back about twice this week, three times now. Might be a good wage negotiation but in my case it’s principle again not helping those starting out by feeding into it, The problem for most is they don’t have options anymore and just feeding into this abuse. So is mass immigration. Like someone said here no more cheap nanny a and plummers anymore. This is not the stone ages and even then they rebelled and dragged tyrant leaders out of their homes.

Just wait till Killary gets into office hopefully not. The banksters will run the world. Id make a bet on short market long hopefully gold if Trump gets in although like Britexit will stabilize. If KIllery gets in probably the opposite, initially unless globally people aren’t as clueless about her as the media wants them to be. Another user of people to promote herself along the way. Did you hear how some guy can’t remember who just died who was set to testify against her? They found him on a bench with a barbell on his neck, they ruled it a accident.

Awesome that you were able to manage your money as some not so smart about that, They spend like theres no tomorrow then tomorrow comes. Then used to to spend some what they call quality time now with the kids. That’s good. Problem with Maya though is no in off work like Union or teamsters. In fact they don’t even see people as a team working together anymore. There just something to use for their own bottom line. That has what it’s degenerated to complicated with gov regs and Obama  care. No teams just expendable  slots to fill and bottom like numbers. I quit a job like that because I wasn’t going to contribute to the abuse and get used to promote themselves in the process. Those promotions didn’t last and there still calling me, twice in one week lately. I’m not coming back. Besides making more money now. Didn’t start out that way because at a point I didn’t care up ended up that way. Funny how things can happen like that even if you didn’t plan it.

They are in trouble and they know it. Only hoping to get a weaker prices for quarterly closings tomorrow. They are in desperate straights. Three cheers for ZZ Top. Amazing how the old guys are still having concerts. Look at the the Stones too. The Baby Boomer generation is a feisty lot eh?

watch your language, folks!  i’m a recovering workaholic. i love lay – offs!

years ago, following a mid-life crisis (divorce at age 30 etc) i was visiting my home town, and i ran into my old scoutmaster.  he suggested that rather than looking for professional work, i might learn a trade.  he helped me get hired with the pipefitters at the shipyard in tampa.  long story short, i ended up as a union instrument technician.  most folks don’t know much about instrumentation, but it’s industrial controls.  kinda like the dashboard for a factory, or  a power house, or  a mine…  etc.  lots of it is done by pneumatics, and thus it is a specialty of pipefitting.  it was a wonderful change from anything i had ever done with my liberal arts degree.

most industrial construction projects come to an end, and everybody gets laid off.   to many a lay-off is a bad thing.  i came to cherish them.  the controls usually go on in the latter portion of a project.  projects are almost always behind schedule by then, and project managers deal with being behind schedule by putting on as much overtime as the law allows.  this led to the following situation:

i would get sent to a project (journeyman=you go to the job) where i would work seven days a week, twelve hours a day for two or three months straight.  with union wages and all that overtime, the paychecks are ASTOUNDING.   suddenly, when it all came together, and they started the puppy up, we were all laid off.  there i was with a basketfull of money (no opportunity to spend anything for months) and time on my hands.  time to go home and spend a few weeks (or months) catching up on my fishing before going down to the union hall to find out where i was going next.    a rough life?  puleeeze don’t throw me in that briar patch.

another benefit:  since everybody understood we were temporary, loyalty to any employer wasn’t expected.  i could “drag up”  (quit) anytime i wanted time off.   during the period my kids were little, i had them for six weeks every summer.  we formed a habit of long, rambling roadtrips – usually camping trips.  we did the rockies and the west several times,  the canadian maritimes once, and europe twice.  try taking off six weeks at a time from a white collar professional job.