1. FSR.TO FSLVF.PK (FIRST SILVER)   4.0 up  --producer, (not profitable '03 3rd q.) unhedged, owns bullion
   
2. GRS GAM.TO (GAMMON LAKE)            4.1 up --producer, owns 26% of Mexgold
3. * TM.V TUMIF.OB (TUMI RSCS)            4.4 up -- (24 EXPT) recent bonanza grade silver discovery
4. WTZ WTC.TO (WESTERN SILVER)          4.6 even  -- (14 EXPT) large mine development cost. copper & zinc bonus
5. MFN MFL.TO (MINEFINDERS)                4.9 up  --significant gold bonus, $35 mil cash on hand.
6. PAAS (PAN AMERICAN SILVER)                5.2 up  --large market cap, cash rich, producer.
   
7. IAU.TO ITDXF.PK (INTREPID MINRLS)    7.4 up --exploring in Mexico & Argentina.
8. FAN.TO FRLLF.PK (FARALLON RSCS)   7.6 down --(13 EXPT) low grades, silver 1/3; also gold & zinc bonus.
9. * CFTN.PK (CLIFTON MINING)                 7.7 up -- (186 EXPT) (order their colloidal silver now online 10% off)
   
10. ORM.V OREXF.PK (OREMEX RES)          8.3 down  (35 EXPT) --Discovery! 20 oz. of silver/T over 292 feet!
    
11. * PLE.V (PLEXMAR RES INC)                     10.1 up --has options on 2 new projects
12. SSRI SSO.V (SILVER STANDARD)             10.2 down --large company, 20+ properties, owns silver bullion
13. CZN.TO CZICF.PK (CDN ZINC)               10.7 down  --large zinc bonus, high grades, low start up costs, great EXPT
14. FR.V FMJRF.PK (FIRST MAJESTIC)           11.6 up (39 EXPT) --producer in Mexico.
15. * IMR.V IMXPF.OB (IMA EXPL)               12.6 up --(47 EXPT) in Argentina 83 oz. of silver/T over 35 meters!
16. SHSH.PK (SHOSHONE SILVER)                    14.1 up  --leased properties; need payments; in Coeur d'Alene
17. * SVL.V STVZF.PK (SILVERCREST)           15.0 up  --Silver in Central America, 11.5 oz. of silver/T over 313 feet
18. * YZC.V (Yukon Zinc)                               16.0 down  --huge zinc bonus 60% zinc, 25% silver.
19. RDV.TO RDFVF.PK (REDCORP VEN)         17.5 up --60% gold bonus
20. * ABI.V ABMBF.PK  (ABCOURT MINES)    19.4 up --large zinc bonus, + existing infrastructure
21. GGC.V GGCRF.PK (GENCO RECS)              20.3 even --producer in Mex.  Plans to expand and acquire
22. HDA.V HUSIF.PK (HULDRA SILVER)           21.0 up   --very tiny, zinc bonus, low start up costs.
23. CHD.V CHDSF.PK (CHARIOT RSCS)           22.0 up  --explorer, with inferred resources
24. * CSG.TO CSGLF.PK (CAPSTONE GOLD)    22.7 down (84 EXPT) (In Mexico, resources are historical)
25. * SRLM.PK (STERLING MINING)                   23.2 down --(55 EXPT) acquired the Sunshine in Coeur d'Alene
26. * MGN (MINES MGMT)                                 26.7 up  --60% copper bonus (low grades), start up cost ~ $250 mil
27. * ASM.V ASGMF.PK (AVINO SILVER)      30.4 down -- to own 100% of the Avino mine
    

1. MGR.V MGRSF.PK (MEXGOLD RSCS)       -- bonanza grade discovery on Jan 13th, 2004
   
2. CDY CDU.V (CARDERO RSCS)  --silver, copper, & iron explorer, 19 properties
   
3. AOT.V ASOLF.PK (ASCOT RSCS) -- owns percentage of Cardero, CDU.V
4. * OTMN.PK (O.T. MINING)  very large exploration potential; recently discovered copper porphyry 1200 ft. long.
5. MCAJF.PK (MACMIN LTD) --In Australia
6. MAI.V MNEAF.OB (MINERA ANDES)  (gold bonus)
7. TVI.TO TVIPF.PK (TVI PACIFIC) --A PRODUCER of a dore silver bar 96% silver, 4% gold
8. * EDR.V EDRGF.PK (ENDEAVOUR SILVER)  A PRODUCER in Mexico
   
9. * MMGG.OB (METALLINE MINE) --zinc/silver (historic high grade silver) (low cost revolutionary oxide zinc process)
10. ECU.V ECUXF.PK (ECU SILVER MINI)  --A PRODUCER 50% gold bonus
11. SPM.V SMNPF.PK (SCORPIO MINING) 

1. CAUCF.PK (CALEDON RES)
2. * CBE.V CBEFF.PK (CABO MINING) --Historic Silver and Cobalt district
3. MAG.V MSLRF.PK (MAG SILVER)
4. EXN.V EXLLF.PK (EXCELLON RSCS)  
5. * KRE.V KREKF.PK (KENRICH ESKAY)  --Near Eskay Creek   
6. BCM.V BCEKF.PK (BEAR CRK MINING)   
7. EGD.V EGDMF.PK (ENERGOLD MINING)

1. SDR.V SDURF.PK (STROUD RSCS) (partners with Amerix) --in Mexico
   
2. * APM.V  (Amerix Precious Metals Corp) (partners with Stroud) --in Mexico
3. EPZ.V ESPZF.PK (ESPERANZA SILVR)
4. QTA.V QURAF.PK (QUATERRA RES)
5. SSV.V (SOUTHERN SILVER EXPLORATION)
   
6. PXI.V  PNXPF.PK (Planet Exploration Inc.)
7. ROK.V ROCAF.PK (ROCA MINES INC)     --Near Eskay Creek  
   
8. *KG.V KDKGF.PK (KLONDIKE GOLD)
9. NJMC.OB (NEW JERSEY MIN)
10. SRY.V (STINGRAY RSCS)

1. APE.V (Apogee Minerals Ltd.)
2. * CMA.V CRMXF.OB (CREAM MINERALS) --Low grade, large "exploration potential"
   
3. MMG.V MMEEF.PK (MCMILLAN GOLD)
4. GPR.V GPRLF.PK (GREAT PANTHER)
5. SML.V SMLZF.PK (STEALTH MNRLS)
6. GNG.V  GGTHF.PK (GOLDEN GOLIATH)  --Historic silver district in Mexico
7. * PDO.V (PORTAL DE ORO RS)  --New Discoveries in Argentina

1. IPT.V IMPJF.PK (Impact Minerals)
2. LEG.V LEGCF.PK (LATEEGRA RSCS)     --Near Eskay Creek  
3. TBLC.PK (TIMBERLINE RES) --in Cour d'Alene
   
4. TUO.V TEUTF.PK (TEUTON RES)     --Near Eskay Creek  
5. * AUN.V AUNFF.PK (AURCANA CORP)
6. ASLM.PK (AMER SILVER MINI)  -- In Cour d'Alene
   
7. PCM.V PAOCF.PK (PAC COMOX RES)
8. BGS.V BLDGF.PK (BALLAD GLD SLVR)
9. * GRG.V (GOLDEN ARROW RESC)          IMR.V spin-off. 35 properties
10. MTB.V (Mountain Boy Minerals Ltd) 
11. BBR.V BBRRF.PK (BRETT RES)   
12. CLZ.V (Canasil Resources Inc)
13. LSM.V LASCF.PK (Langis Silver & Cobalt Mining Co Ltd)
14. CBP.V CPBMF.PK (CONS PAC BAY MIN)

You are right to wonder about the availability of records in much of
the world. Even the government of many of these nations may not know
the money supply. The only organization able to track such things is
the World Bank. But while they track many pieces of financial data,
they do not track the money supply. However, I have come up with one
way to estimate the world money supply using reliable data. I’m going
to get the money supplies of large economic powers and extrapolate
them into a world money supply based on their combined control of the
world economy.


According to the Federal Reserve, here are the M1, M2, and M3 money
supplies as of January.

M1 - $1.353 trillion
M2 - $6.430 trillion
M3 – $9.467 trillion

Obviously, you’re familiar with these numbers. Unfortunately, the M3
money supply is really impossible to calculate in many countries. The
European Central Bank keeps similar statistics, however.  According to
the ECB ( HYPERLINK "http://www.ecb.int/press/pdf/md/md0412.pdf"
http://www.ecb.int/press/pdf/md/md0412.pdf), the M3 money supply for
the European Common Market was 6.529 trillion euros at the end of
December, the latest month for which data is available.

Based on the Feb. 23 spot exchange rate of $1.3211 per euro, the
European M3 money supply is $8.625 trillion in U.S. dollars. European
M2 is quite similar to the American M2. In U.S. dollars, the European
M2 is $7.352 trillion.

This article in the International Herald Tribune ( HYPERLINK
"http://www.iht.com/articles/2005/02/17/bloomberg/sxbriefs.html"
http://www.iht.com/articles/2005/02/17/bloomberg/sxbriefs.html) lists
the Chinese M2 money supply for January at 25.8 trillion yuan, or $3.1
trillion in U.S. currency. I visited the site of the People’s Bank of
China ( HYPERLINK "http://www.pbc.gov.cn/" http://www.pbc.gov.cn/ - a
useful site) and was not able to find the January 2005 number.
However, I checked out the growth of the money supply in 2004 at 
HYPERLINK "http://www.pbc.gov.cn/english/diaochatongji/tongjishuju/gofile.asp?file=2004S14.htm"
http://www.pbc.gov.cn/english/diaochatongji/tongjishuju/gofile.asp?file=2004S14.htm
and determined that the newspaper’s figure is probably correct.

According to the Japanese central bank, the M2 money supply plus CD
balances totaled 700.3 trillion yen at the end of January ( HYPERLINK
"http://www.boj.or.jp/en/stat/stat_f.htm"
http://www.boj.or.jp/en/stat/stat_f.htm). Assuming an exchange rate of
104.89 yen per dollar, the Japanese money supply was $6.677 trillion.

Let’s recap:

M2 money supply:

U.S. 	$6.430 trillion.
EU	$7.352 trillion.
China	$3.1 trillion.
Japan	$6.677 trillion.

While the definitions of the M2 money supply differ from country to
country, they are fairly similar. And that’s going to have to be good
enough, because there is no way to effectively strip out portions of
the numbers provided by the government, at least not without a team of
auditors with extremely high security clearances.

I have no idea about the money supply of Bangladesh or Botswana, but
the economies above represent the four largest economic forces in the
world. We could visit the central banks of a dozen countries to
further refine our estimate, but the four numbers listed above should
be sufficient for our purposes.

According to the CIA Factbook ( HYPERLINK
"http://www.cia.gov/cia/publications/factbook/geos/xx.html#Econ"
http://www.cia.gov/cia/publications/factbook/geos/xx.html#Econ) the
world’s gross domestic product was estimated at $51.48 trillion in
2003. In 2000, the CIA estimate was 2000 was $43.6 trillion. That
makes for an annualized growth rate of 5.69% from 200, through 2003.
Let’s assume a similar growth rate for 2004, and the estimated world
domestic product is $54.4 trillion.

We're going to determine the percentage of the world domestic product
that comes from the four powerhouses above. We'll use that percentage
to extrapolate the money supply for the world. Money supply tends to
be highly correlated with GDP, but the ratio of money supply to GDP
varies greatly from nation to nation, depending on their growth rates
and the composition of their economies.

However, while differences in growth rates and economic maturity of
developing nations will make future predictions very difficult, what
we’re doing is taking a snapshot of the global economy at a particular
moment in time. It's an inexact estimate, but one we can defend
logically and economically.

So, here is the GDP: 

* Japan's GDP as of December 2004 was $530.8 trillion yen, or $5.061
trillion in U.S. currency.
* The U.S. GDP in the December quarter was $10.976 trillion.
* The EU reports GDP by quarter
(http://www.ecb.int/stats/prices/accounts/html/index.en.html#data),
with the latest figure available being the September 2004 quarter. The
trailing 12-month GDP for the EU is 7.470 billion euros, or $9.868
trillion in U.S. currency.
* China's GDP was $1.65 trillion for 2004
(http://www.chinadaily.com.cn/english/doc/2005-01/25/content_412097.htm)

I collected the Japan and U.S. GDPs from a proprietary database,
though they must be available on the Internet. I just grabbed them
from my database because it was faster.

The U.S., European Union, China, and Japan combine to generate about
$27.555 trillion in gross domestic product, which represents 50.65% of
the world domestic product.

For estimation purposes, we'll assume they also control 50.65% of the
world money supply. The four regions combine for an M2 money supply of
$23.559 trillion. That translates to a world money supply of $46.513
trillion.

V


Other interesting links:

Economists’ estimates of the growth of the Chinese money supply.
 HYPERLINK "http://news.xinhuanet.com/english/2005-01/06/content_2421706.htm"
http://news.xinhuanet.com/english/2005-01/06/content_2421706.htm

Japan Central Bank page.
 HYPERLINK "http://www.boj.or.jp/en/" http://www.boj.or.jp/en/

Financial data for central governments.
http://www.worldbank.org/data/wdi2004/pdfs/Table4_11.pdf

Unfortunately, the most interesting currency/gold price chart that I know of, does not appear at kitco.  This is the yen/gold chart that extends more than 30 years into the past.

Sharelynx has a yen/gold chart, and it's beautiful.  With his permission, here it is:


http://www.sharelynx.com/

http://www.sharelynx.com/ has a lot of great gold charts--charts on everything you could imagine! 

Just look at the steep slope of the yen/gold curve in '79-'80!  It's like a total wall! 

The yen/gold chart shows that the high price for gold, in yen, in 1980, was over 160,000 yen/oz.  Today, the number is 45,624 yen/oz.  The point is that the prior yen price was 3.5 times greater than today.

The U.S. prices are $850 and $430, so the U.S. dollar 1980 price is only 1.97 times greater than today. 

Now, another point is that because the U.S. has increased M3 substantially since 1980, we can expect our gold price to rise well above $850/oz., by about the same factor as the increase in M3.   In my very first article at gold-eagle in June 2000, I wrote about this.  M3 has risen from $1.8 trillion in 1980, to $9.5 trillion today.  That's an increase of 5.2 times.  Thus, if we expect gold to hit it's former high price, the inflation adjusted gold price is now $850 x 5.2 = $4486/oz.

Similarly, but more dramatically, there have also been increases in Japanese Yen since 1980!  I believe they have inflated their own currency more than we have inflated ours.  Their gold price chart shows a very dramatic and very steep slope for 1980.  Furthermore, in 2002, when we were often reading about the end of the FDIC-type insurance on Japanese bank accounts, we saw the Japanese buying more and more gold in a gold market that was rising in terms of Yen.  I believe we will see the Japanese Yen gold price rise by a factor of 3.5 times to exceed the prior high, and also by another factor greater than 5.2 times, due to the continued inflation of the Yen.  This means a Yen price of 45,624 yen x 3.5 x 5.2, which would be a price of 830,000 yen/oz. gold, which is a rise 18 times greater than today.

Thus, the Yen is no alternative to dollars.  Both will fail.  And similarly, the Euro is no better.

-----------------------

My commentary last week on the liberty dollar upset about 3 people.  To one such email to me, I responded, but it bounced.  But I think it provides a good look at why our nation has gone so wrong for so long.  So many so-called Christians, it seems, just can't stand arguing and controversy, and so they avoid denouncing the wrongs that we should have been denouncing for generations! So, this man wrote to me, and I responded within his letter, as follows: (my comments are preceded by "Jason responded:")

Jason,

Christianity has already been dragged through the streets as a legalistic,
judgemental religion - which is what it has become in the 2,000 years since
Christ died - tens of thousands of denominations prove it's faulty
structure.

 Just another religion among other world religions.  I consider
myself a passionate follower of Jesus, but have disassociated myself with
the label "Christian" for the very reason that today people run away from
Christianity, rather than flock to it as when Jesus walked on this earth.
As a follower of Jesus I was hoping I could see less self-righteousness "I'm
right, you're wrong" in your responses.  It's a real turn off to people who
are sincere in what they are doing, and especially to people who already
have written off Christianity.

You say: "I'm troubled on whether he will even be saved.  I fear he is one
of those men who thinks they will be saved, but to whom Jesus will say, "I
never knew you", as he did in Matthew 7 and Matthew 25."

WOW! I am absolutely floored.  You are TROUBLED?  You don't even know him,
let alone care for him.

 If you did care for him, you would not publicly
make him look like a thief and a liar, the way the pharisee's did to the
sinners of their time.

 You FEAR he is one of those men who won't be saved?
Jason, just listen to yourself!  Luke 18:11-14 comes to my mind when I read
crap like that coming from other "Christians".

 How do you think all the
sincere, God following, hard working, under-priviledged Christians feel
after reading that you rent and have no mortgage, and have payed off your
car? Kind of gives them a lump in their throat, wondering if they are living
in sin by having a car loan.

And then you charge people to view your portfolio activity.  Why charge?

 If
your service is unvieling a corrupt system, don't you think God will provide
the means for you to keep it going without looking for handouts?