Libya's Gaddafi: Heavy with Gold, Light on Cash and Time

Source: Bloomberg (6/14/11)

"Regime is likely to crumble within weeks; 155 tons of gold bars can't easily buy supplies."

Bloomberg

Libyan leader Muammar Gaddafi's rule may end in weeks as international sanctions starve him of funds and rebels and NATO-led forces cut off fuel shipments, said Mr. Farhat Bengdara, who ran Libya's central bank before defecting.

The Gaddafi government had US$500M in cash at the end of February, when Mr. Bengdara fled, the former banker said in Dubai yesterday.

"It's almost run out," he said. "They have no fuel for tanks. It's a matter of weeks" before Gaddafi is forced out of power, he said.

As a sign finances are being squeezed, Gaddafi's government has asked commercial banks to hand over whatever hard currency they have, Mr Bengdara said. Four top bank managers have defected, he said, though he declined to name them to protect their families. The regime also has 155 tons of gold bars that can't easily be used to pay for supplies, he said.

NATO planes are monitoring movement on the ground, and as a result, the Gaddafi regime "tried to import fuel by any means, but they couldn't," he added.

Gold Explorer Highlights 2020 Achievements and Outlook
Source: Streetwise Reports (01/29/2021)

Magna Gold Corp.'s CEO Arturo Bonillas issued a letter to shareholders outlining the firm's business and financial accomplishments in 2020 and its strategy and outlook for 2021.

Cabral Gold's channel samples at the JM target provide "further evidence that numerous high-grade veins occur within the Cuiú Cuiú district."

Explorer Completes Phase 2 Metallurgical Work for Palladium-Copper Project
Source: Streetwise Reports (01/28/2021)

Generation Mining intends to wrap up the feasibility study on Marathon this quarter.

Silver Firm Reports Q4/20 Processing, Production Numbers from Mexico Project
Source: Streetwise Reports (01/28/2021)

MAG Silver's joint venture project Juanicipio produced 230,000 ounces of silver during the quarter ended Dec. 31, 2020.

Explorer Reports High-Grade Gold-Silver Intercepts at BC Golden Triangle Property
Source: Streetwise Reports (01/27/2021)

Scottie Resources Corp. advises that the target remains open in most directions.

Golden Arrow Resources Out Exploring Again After COVID-19; Hits High-Grade Gold at Tierra Dorada in Paraguay
Source: The Critical Investor for Streetwise Reports (01/27/2021)

The Critical Investor explains why he believes "investors have an interesting opportunity to invest in a pretty derisked, undervalued and experienced explorer with three chances for success."

Junior Mining Sector 'the Best Value in the Space'
Source: Streetwise Reports (01/27/2021)

The StreetSmart Live! Broadcast on Jan. 26, 2021, focused on metals and why now is a good time for investors to be looking at them and the mining space. John Newell, independent analyst and portfolio manager, and John Feneck, mining sector expert and president of Feneck Consulting, addressed the status of the current metals market. CEOs of the three metals-focused companies comprising the Metallic Group of Companies—Group Ten Metals, Metallic Minerals and Granite Creek Copper—discussed their projects.

Shenanigans Abound: Gold, Silver and Cryptocurrency
Source: Michael Ballanger for Streetwise Reports (01/26/2021)

Sector expert Michael Ballanger explores the generational trends currently shaping investment markets, including the precious metals.

MMT Survey Helps Explorer Identify New Large Target at Ecuador Property
Source: Streetwise Reports (01/26/2021)

Aurania Resources reported that data from an ongoing Mobile MT Survey identified an extensive target at Tsenken at its Lost Cities - Cutucu Project in southeastern Ecuador.