Hecla is Offering Buying Opportunity - Rest in the Lord!

After being stopped out of a portion of my Hecla Mining, I am buying HL at 2.86 & 2.88 today. It continues to be priced in that range. For my portfolio, I want to build up my holding in HL as it continues to be a star performer. My stopped out price was about 3.06+. Thus, there is room for pocketing a bit of profit and then adding to the portfolio at a lower price before the next rise.

Gold is still holding to a level above 920. The recent high was about 930, so it is holding its own at present. That is one reason why I am buying HL. Gold has yet to be hammered again. It still may be, but if that happens, I will be adding even more HL. Gold is now at 925.90 and thus in a narrow trading range which is giving some support to the miners.
Silver is off a good bit to 13.94, but still holding in a trading range of about 13.85 to 14.10. It seems to be lagging gold, but holding fairly well.
From Bloomberg:

GM Retirees Bully Bondholders With Obama’s Help
David Reilly

May 13 (Bloomberg) -- General Motors Corp.’s likely bankruptcy filing is being cast in some quarters as a fight between “money people” intent on making a killing and honest efforts by the government to save a company and jobs.

In reality, GM’s demise comes down to a fight between retirees.

On one side are GM’s unionized retired workers. On the other, are the rest of us -- either in retirement or saving for it. Guess who will lose as things now stand?

Under the restructuring plan on the table, GM’s retirees would get 39 percent of the company, along with the promise of a $10 billion payment into their health-care trust fund. That is in exchange for $20 billion GM owes the fund. Read the article HERE.

This is serious information. Remember that many mutual funds and retirement funds are heavily invested in GM bonds and stock. The intervention by the Obama government and the Fed are ignoring the small investors. Thus, we are to shoulder a good bit of the losses of GM and likely other failing entities. Of course, we are not too big to be allowed to fall.

From GoldMoney's James Turk on the gold cartel:

May 4 2009 2:32PM

A Short History of the Gold Cartel

This week Bill Murphy and Chris Powell, co-founders of the Gold Anti-Trust Action Committee , will be in London, England. Their trip is part of GATA’s ongoing effort to raise awareness of the gold cartel and its surreptitious intervention in the gold market.

Bill and Chris will meet with the British media to explain GATA’s findings. They will also attend an important fund raising event being held in support of GATA’s work. Their trip is another important step by GATA aimed at creating a free market in gold, one which is unfettered by government intervention.

Governments want a low gold price to make national currencies look good. Gold is recognizable the world over as the ‘canary in the coalmine’ when it comes to money. A rising gold price blurts the unpleasant truth that a national currency is being poorly managed and that its purchasing power is being inflated.

This reality is made clear by former Federal Reserve chairman Paul Volcker. Commenting in his memoirs about the soaring gold price in the years immediately following the end of the gold standard in 1971, he notes: “Joint intervention in gold sales to prevent a steep rise in the price of gold, however, was not undertaken. That was a mistake.” It was a mistake because a rising gold price undermines the thin reed upon which all fiat currency rests – confidence. But it was a mistake only from the perspective of a central banker, which is of course at odds with anyone who believes in free markets. This is an important article that you can read HERE.

If you are one who is skeptical about intervention in the precious metals markets by the bullion banks and the Fed. Read this and you will no longer be skeptical. Intervention is fact, and there is no longer a free market in precious metals.

A scare for Britain in the Emirates Business:

DMCC vault may store region's gold reserves

ch of the region's gold that has so far been held in London may soon return.

The new vaults of DMCC will be a home to the gold allocated to the Dubai Gold Securities (DGS) Exchange Traded Funds (ETFs). The vault may also become a natural choice for storage of gold reserves by central banks in the regional market, analysts said.

While the gold allocated to DGS is kept at HSBC's vaults in London, the gold reserves held by GCC's central banks are held by various other vaults in London, market sources said. Gold vaults have existed in London for more than 150 years. Read the article HERE.

This sounds to me like a different type of run on the bank. Are the Arab Emirates beginning to distrust London's banks?

Hecla remains below 3.00 at 2.97-2.98. The DOW is up almost 50 to 8336.66. Gold is now 926.50 and silver 14.01.

In these volatile markets one can only find peace and stress less life in the Lord Jesus Christ. Father God has placed everything under His absolute control. So He is working all things for the good of His people and nothing in Heaven or earth can bar us from His love. Thus, we are in peace amidst any type of challenge.

Best to each, Doug