Mining Companies See Billions in Value lost

The mining sector's bellwether companies were all beaten down on Thursday as the price of metals and minerals continued to slide and economic indicators from across the globe painted a bleak picture for the mining industry.

The market was very much influenced by several things, among them:

Bad news out of China and a new survey that showed manufacturing activity in the country is set to decline for the eighth month in a row in June.

The same survey conducted in Europe also released on Thursday supplied more reasons to sell – Europe’s banking and sovereign debt crisis is now dragging down even the powerhouse of the region Germany with factory output contracting at its fastest pace in three years.

As if that was not enough US manufacturing data released as the New York market opened also indicated an already tepid recovery was losing steam.

More at Mining.com

Not very good news for prospectors or anyone in the mining industry. We'll have to keep our boots to the ground and wait out the storm.

Gold is a currency

Was just reading Jim Sinclair Oct 24th.

Here is a quote:

Gold is a currency.

Paper currency insures nothing.

Gold is insurance.

Gold is not a commodity.

Gold will trade at a minimum of $1650 MUCH SOONER THAN I HAVE ANTICIPATED.

The shorts in gold shares will get what they deserve - financial decimation.

Your friend,
Jim

I like this type of thinking. Makes a prospector want to head back out to the claims and find some more. Happy Hunting.