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© 2018 by The Miners Table

NEWS

 
 

By Chris Marcus

Many who suffered losses in the gold and silver markets due to the bank’s illegal activity are wondering if there are options to for compensation?

With the Department of Justice labeling JP Morgan a “Criminal Enterprise” while charging it with the RICO Act, many who suffered losses in the gold and silver markets due to the bank’s illegal activity are wondering if there are options to for compensation.

At this point, the short answer is I’m not sure. But it’s looking like that will be the case.

Here’s an update with what I currently know, and I will report back soon. Because as I am writing this, I have just heard about some new positive developments in the case.

JP Morgan Gold And Silver Manipulation Case: Class Action Suit Update

December 27, 2019

(Bloomberg) -- Gold neared a six-year high after a U.S. airstrike killed one of Iran’s most powerful generals, ratcheting up tensions in the Middle East and driving demand for havens.

Bullion rallied as much as 1.6% to $1,553.52 an ounce in the spot market, reaching the highest since September. Platinum futures briefly topped $1,000 an ounce to touch the highest since early 2018 in New York, while silver and other haven assets rose.

The strike in Baghdad ordered by President Donald Trump killed Qassem Soleimani, the Iranian general who led the Revolutionary Guards’ Quds force. Iran’s supreme leader vowed “severe retaliation.” The U.S. now plans to add 2,800 troops to the 700 already dispatched to Kuwait.

The news helped gold to build on the biggest annual gain in almost a decade, a rally that was driven by a weaker dollar, lower real rates and geopolitical concerns.

“Market players are now afraid that this marks another level of escalation in a region that is characterized by tension,” Daniel Briesemann, an analyst at Commerzbank AG, said by phone Friday. “The U.S. airstrike in Iraq, that’s the one and only driver of gold prices today.”

Gold for immediate delivery was up 1.2% at $1,546.91 at 2:46 p.m. in New York, taking this week’s gain to 2.5%, the most since August. The metal jumped 18% last year. Futures settled 1.6% higher.

Last year’s advance marked a positive shift in investor attitude toward gold, according to RBC Capital Markets, which predicted further gains this year and next. Goldman Sachs Group Inc., Citigroup Inc. and UBS Group AG have said they’re looking for $1,600 an ounce.

“Today’s event has probably only brought forward the inevitable test of the September high,” said Ole Hansen, head of commodity strategy at Saxo Bank A/S. “Rising inflation concerns through higher input prices -- oil and food -- combined with geopolitical uncertainty is a potent cocktail which supports a market already on the move.”

Gold Nears Six-Year High as Mideast Tensions Spur Haven Demand

January 3, 2020

by Chris Powell

A treasure trove of 1,200-year-old ‘Arabian Nights’ gold coins have been uncovered in Israel…

A trove of 1,200-Year-Old ‘Arabian Nights’ Gold Coins Uncovered in Israel

https://www.jpost.com/Israel-News/Culture/Trove-of-1200-year-old-Arabian…

A Hanukkah present straight from the legendary One Thousand and One Nights has brightened the holiday of a group of Israeli archaeologists.

The Antiquities Authority announced today that a juglet full of rare 1,200-year-old gold coins was discovered in an excavation in Yavne just before the festival. The site is being excavated by the authority prior to the building of a new neighborhood in the city.

“I was in the middle of cataloging a large number of artifacts we found during the excavations when all of a sudden I heard shouts of joy,” Liat Nadav-Ziv, codirector of the excavation said on behalf of the authority. “I ran toward the shouting and saw Marc Molkondov, a veteran archaeologist of the Israel Antiquities Authority, approaching me excitedly. We quickly followed him to the field where we were surprised at the sight of the treasure. This is without a doubt a unique and exciting find, especially during the Hanukkah holiday.”“I ran toward the shouting and saw Marc Molkondov, a veteran archaeologist of the authority approaching me excitedly. We quickly followed him to the field, where we were surprised at the sight of the treasure. This is without a doubt a unique and exciting find especially during the Hanukkah holiday,” she added.

As revealed by authority coin expert Robert Kool, the coins date back to the early Abbasid Period, 9th century CE. The period marked the beginning of a golden age for the Muslim empire, with the Abbasid rulers acquiring international status and promoting art, science, commerce, and industry. According to Kool, among the coins was a dinar from the reign of Caliph Harun al-Rashid (786-809 CE) —

https://en.wikipedia.org/wiki/Harun_al-Rashid

— whose court was the setting of many parts of the renowned One Thousand and One Nights, also known as Arabian Nights.

“The hoard also includes coins that are rarely found in Israel,” Kool said. “These are gold dinars issued by the Aghlabid dynasty that ruled in North Africa, in the region of modern Tunisia, on behalf of the Abbasid Caliphate centered in Baghdad,” he added.

Ancient ‘Piggy Bank’ Found In Israel Contains 1,200-Year-Old (Gold) Money

December 31, 2019

ScrapMonster.com

December 09, 2019

Rock Collapse at

Gold Mine Kills

Four Mineworkers

SEATTLE (Scrap Monster): Four mineworkers were killed and one seriously injured following an incident of rock collapse at a South African gold mine. The accident took place at the Village Main Reef’s Tau Lekoa gold mine in North West province of Orkney in the country.

The National Union of Mineworkers (NUM) criticized the company, by pointing out that the workplace lacked escape route. It also alleged that the company’s trained staff failed to act quickly in saving the trapped miners. Moreover, the team was deliberately stopped from carrying out rescue operation. The NUM’s observations are based on briefing made by its members who were direct witnesses of the incident, it said. Also, the union expressed concerns over the safety practices followed at the mine site.

However, Village Main Reef spokesperson noted that the rock fall followed two seismic events- one measuring 2.3 and another 2.1 in the mine Friday afternoon. The company said that it is unwilling to comment on the factors that led to the mishap as well as the evacuation formalities followed in the mine, until the ongoing investigation is complete. Also, he declined to comment on the accusations made by the workers’ union.

A similar incident had occurred at the mine in 2017, which also had killed four mineworkers.

The mine accidents had resulted in 81 deaths in South Africa during the previous year, recording year-on-year decline when compared with 90 deaths in 2017.

December 10, 2019

South African mines grind to halt as floods deepen power crisis

JOHANNESBURG (Reuters) - Mines across South Africa shut down on Tuesday after flash flooding triggered the most severe power blackouts in more than a decade, threatening a key export sector in a further blow to the country’s already slowing economy.

Heavy rains across parts of South Africa have submerged entire neighborhoods, leading to evacuations and aggravating problems at state-owned utility Eskom, which has been struggling to keep the lights on since 2008.

Harmony Gold, Impala Platinum and Sibanye-Stillwater all said they had been forced to cut production since Monday because of power shortages.

The mining industry contributed 351 billion rand ($24 billion) to the South African economy in 2018, the Minerals Council says, equating to about 7% of gross domestic product (GDP).

Eskom said on Tuesday that it plans more load-shedding, referring to intentional power cuts, having cut up to 6,000 megawatts (MW) from the national grid on Monday after flooding triggered failures at its Medupi coal-fired plant.

The company’s operations chief Jan Oberholzer told the eNCA news channel that the crisis was “manageable”.

President Cyril Ramaphosa cut short a state visit to Egypt to meet Eskom officials, local news agency EWN said on Tuesday. The presidency did not respond to a request for comment.

“The ongoing load shedding is devastating,” Ramaphosa said in a statement earlier in the day. “The energy challenges in this country will not be resolved overnight.”

December 10, 2019

Terra Drone

Expands Into Mining

Japan’s Terra Drone is forming a new subsidiary in Canada, Terra Drone Mining, to provide unmanned mapping and inspection services to underground mines worldwide. The announcement follows an investment agreement between Terra Drone and Canada’s Unmanned Aerial Services Inc. (UAS Inc.), an inspection service provider for indoor industrial confined spaces and underground mines. UAS Inc.’s client roster includes mining companies Vale, Newmont Goldcorp, Barrick Gold, and Glencore.

Terra Drone’s investment will enable Terra Drone Mining to expand UAS Inc.’s business beyond North America to South/Central America, South Africa, Central Asia, Russia, and Australia.

Mine operators can use drones to obtain 3D models of the mines and prevent workers from entering hazardous locations. Terra Drone utilizes SLAM (simultaneous localization and mapping) to create highly detailed maps of underground areas. The company notes that mining remains one of the world’s most hazardous industrial occupations, with dangers that include falling material, flooding, and underground fires and explosions. More than 20 fatalities have been recorded year- to-date in U.S. mines alone.

Bloomerg.com

Gold’s been on a tear this year and its impressive gains look set to spill into 2020

December 5, 2019

As 2020 looms, BlackRock remains constructive on bullion as a hedge, while Goldman Sachs and UBS Group see prices climbing to US$1,600 an ounce

Gold’s impressive advance in 2019 — aided by trade war frictions, easier monetary policy across the world’s leading economies and sustained central-bank buying — may be set to spill into the new decade.

As 2020 looms, BlackRock Inc., the world’s largest money manager, remains constructive on bullion as a hedge, while Goldman Sachs Group Inc. and UBS Group AG see prices climbing to US$1,600 an ounce — a level last seen in 2013.

Bullion is heading for the biggest annual advance since 2010, outperforming the Bloomberg Commodity Spot Index, as a year dominated by trade war vicissitudes and a trio of Federal Reserve interest rate cuts propelled the traditional haven to the forefront. Still, with global equities remaining buoyant and the U.S. labour market proving resilient, gold’s outlook isn’t clear cut due to uncertainty over what central banks will do in 2020.

“Economic growth and inflation remain moderate and central banks continue to lean toward accommodation,” said Russ Koesterich, portfolio manager at the US$24-billion BlackRock Global Allocation Fund.

Ronan Manly - BullionStar.com

The Power of Gold in Times of Crisis

November 5, 2019

     While physical gold is a well-known safe haven asset which investors flock to in times of market turbulence as a way of protecting their wealth, gold is also the ultimate asset to own and possess in times of crisis and emergency. These crisis situations can range from episodes in which fiat currencies collapse, to times in which gold buys safe passage across international borders, and even to periods in which only gold can bail out and rescue an entire nation. Sometimes gold even ensures self-survival and can literally be the difference between life and death.

      History is replete with examples of gold being the ultimate asset in times of crisis and desperation, where time and time again, gold comes to the rescue and provides its holders with choice and freedom, choice and freedom that are not available to those who do not hold gold. This is not ancient but recent history, history in our lifetimes and in some cases even events ongoing now.

JP Koning - BullionStar.com

Life under a gold standard

November 27, 2019

What would it be like living under a gold standard?

Here are a few (but by no means all) of the features that would characterize it:

Banknotes, up until now irredeemable, would be convertible into gold. Bank deposits might also be convertible into gold.

The general level of consumer prices would be determined by the gold market, and not central bank policy. Which means that prices would no longer perpetually rise each year.

The gold market is unpredictable, however. And so from one year to the next, the movement of consumer prices would also be unpredictable.

Finally, something called Gibson’s paradox would re-emerge. (I’ll get into the specifics of this later on in this post).

The best way to illustrate some of the features of life under a gold standard is by reference to an historical illustration. On the chart below at left, you can see how consumer prices acted in the UK during the classical gold standard, which operated between 1815 and 1914. On the right, I show how consumer prices in the UK behaved from the end of the Bretton Woods system in the early 1970s until now, when the nation was on a fiat standard.

 

Historical News for Today

Knox Coal Company
River Slope Mine Inundation
(aka Knox Mine Disaster)

Port Griffith, Luzerne County, Pennsylvania
January 22, 1959
No. Killed - 12

 

Successful Rescue

One miner, Amadeo Pancotti, age 50, was awarded the Carnegie Medal for Heroism for leading 32 miners to safety.  As the flood waters rose, Pancotti scaled a 50 foot sand-stone wall which rose generally at an angle of 75 degrees making his way to the surface.  Once there, he summoned others, who raised Louis Randazza, John Elko, and Joseph Soltis from the shaft.  A rescue team entered the mine through the shaft and found James LaFratte, Jerome Stuccio, and Pacifico Stella.  Twenty-six other men later were located and removed.  Twelve miners perished and their bodies were never recovered.

 

 

The Knox Mine disaster was a mining accident that took place in the Greater Pittston, Port Griffith, Pennsylvania, near Pittston, on January 22, 1959.

The River Slope Mine, an anthracite coal mine owned by the Knox Coal Company, flooded when coal company management had the miners dig too close to the riverbed.  Tunneling sharply upwards toward the Susquehanna River, the miners reduced the thickness of rock between the mineshafts and the river bed to about 6 feet (1.8 m) -- 35 feet (10.6 m) was considered the minimum for safety.

It took 3 days to partially plug the hole in the riverbed, which was done by dumping railcars into the whirlpool formed by the water draining into the mine.

12 people died; 69 others escaped.  One miner, Amadeo Pancotti, was awarded the Carnegie Medal for leading 32 miners to safety.  The bodies of the 12 who died were never recovered, despite efforts of divers and an attempt to pump the water out of the shafts.  Their names were: Samuel Altieri, John Baloga, Benjamin Boyer, Francis Burns, Charles Featherman, Joseph Gizenski, Dominick Kaveliskie, Eugene Ostroski, Frank Orlowski, William Sinclair, Daniel Stefanides and Herman Zelonis.

Eventually an estimated 10 billion US gallons (38,000,000 m³) of water filled the mines.  Ten people, including the mine superintendent and August J. Lippi, the president of District 1 of the United Mine Workers, were indicted on a variety of charges, but only 3 (including Lippi) served jail time.

January 22, 2009, marked the 50th anniversary of the Knox Mine Disaster, with special ceremonies held at the site of several monuments and a National Historic Marker, erected in 1999, by the Pennsylvania Historical and Museum Commission.  This site is located in Port Griffith, Jenkins Township, PA, both on and near the property of the former Saint Joseph's Roman Catholic Church.  The church was closed in May, 2008, due to a consolidation of area parishes and put up for sale in July, 2008.

The deceased:

  • Samuelle Altieri, Hughestown

  • John Baloga, Port Griffith

  • Charles Featherman, Schickshinny

  • Joseph Gizenski, Hunlock Creek

  • Dominick Kavoleskl, Pittston

  • Frank Orlowski, Dupont

  • Eugene Ostrowski, Wanamie

  • William Sinclair, Pittston

  • Daniel Stefanides, Swoyersville

  • Herman Zelonis, Pittston

  • Benjamin Boyar, Forty Fort

  • Frances Burns, Pittston

 

 

Carnegie Medal for Heroism Award Recipient Amedeo Pancotti
Pittston, Pennsylvania 1959 Press Release

Amedeo Pancotti, 50, miner, helped to save Louis C. Randazza, 54, motor runner, and others from being trapped by floodwaters in a coal mine, Pittston, Pennsylvania, January 22, 1959.

Pancotti, Randazza, and 54 other men were in the mine when rock structure beneath the floodwaters of the Susquehanna River gave way, creating an aperture through which ice-filled waters flowed into the mine passageways, which ranged from 40 to 180 feet below the surface.  Eleven men escaped through an exit shaft before it was blocked by the rapidly spreading water.  Unable to reach any exit shaft, Pancotti and 32 other men moved into an adjoining mine and started toward an abandoned airshaft at a higher level.

Pancotti, Randazza, John Elko, Joseph A. Soltis, James M. La Fratte, Jerome Stuccio, and Pacifico Joseph Stella became separated from the group and reached the airshaft alone.  The shaft, which was 10 feet square, was blocked by debris.  While three of the men searched for digging equipment, Pancotti removed some debris and detected a current of air.  Pancotti, Randazza, Elko, and Soltis then cleared a tunnel upward until they broke through the debris 30 feet above the passageway floor.

Climbing through the tunnel, they found they were 50 feet below the surface and surrounded by steep sand-stone walls.  When their shouts failed to attract anyone, Pancotti stated that he would try to scale the wall which rose generally at an angle of 75 degrees to get help before the floodwaters reached the shaft.  Although the other men warned him that the wall was so steep that he probably would fall and he killed, Pancotti climbed onto the shoulders of Elko for an initial boost.  Moving only one hand or one foot at a time, Pancotti cautiously climbed upward, pressing his body tightly against the wall and securing purchase on small projections.  Occasionally he had to remove ice or loose dirt from the projections in order to obtain purchase.

Ten feet below the surface he found no further projection within reach.  Pancotti then took hold of a sapling, which was an inch in diameter and protruded 10 inches from an ice-filled crack in the wall.  He put as little weight as possible on the sapling, which did not give way, and moved upward to another projection.  Pancotti then continued to the surface and summoned others, who raised Randazza, Elko, and Soltis from the shaft.

A rescue team entered the mine through the shaft and found La Fratte, Stuccio, and Stella.  Twenty-six other men later were located and removed by way of the airshaft, but 12 men lost their lives in the mine.

Trade Water Coal Company
Tate Mine Explosives Detonation

Terrific Explosion in a Kentucky Mine
St. Paul Globe, Minnesota
January 24, 1895

Sturgis, Ky., Jan. 23. -- About 11:30 last night an explosion occurred at the mines of the Trade Water Coal Company, and five kegs of powder exploded inside the mines, killing five men and caving the mines on them.  About seventy-five men are now at work digging the bodies from the debris.  The bodies were recovered early today.

The names of the killed are:

  • Albert Hall

  • James Walthens

  • John Coffin

  • Robert Hall

  • Mino Fitzsimmons

The damage to the mine property will be $20,000.

All the dead men save one have families.

The force of the explosion was so great that it cracked the roof of the mine near the entrance.  Two mules were also killed.  When the charred remains of the victims were brought out and recognized by their families the cries were heartrending.

Not a few miners think the explosion was caused by dust, but the general opinion is that the gas which accumulated in the rooms while the mines were abandoned was rushed forward by the falling of heavy slate into the main opening, and there ignited by the lamps of the miners.  Three kegs of powder, one of which was open, were found in the mine untouched.

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