The Phaserl


The Silence of the Precious Metals Miners

by Dr. Jeffrey Lewis, Silver-coin-investor:

Recently, we hosted Andy Hoffman of Miles Franklin on a live call. I mean “we” literally because I polled the community before the Q&A, so that we could focus on your questions. 

We covered a wide of range of subject matter. Rather than dumping the entire interview into one transcript, I decided that breaking out the individual questions and answers might be more efficient for consumption. However the full interview is here

In time, most investors and some informed observers find themselves contemplating the collective silence of the precious metals mining sector.

Indeed, it is as if they’ve been forced (with the rare exception) to keep quiet about the forces that wreak havoc on the price of their primary product.

Not surprisingly, the overall health of the sector has fallen mightily.

With prices manipulated at or below the cost of production, how do you characterize the overall mindset of the mining sector and leadership? Are they slaves to finance? Could they ever rise up as a collective force against all of this, or is that … ?

Andy: If they were ever going to raise up as a collective force, they should’ve done it back when their finances were much better. It’s like the poor people now, the 99%. There’s nothing you could do to raise your standard of living when you’re hopelessly in debt, and right now, the mining sector, not only their balance sheets have been decimated by years, and I’m not just talking about precious metal. I’m talking about all mining, pretty much all commodity producers. Now we’re talking about farmers, we’re talking about anyone in the business of producing commodities, but particularly precious metal miners because they’re the only ones who have had a cartel that had to purposefully push the price down, as you said, to not just …

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