Ann: Carosue Dam and Thunderbox only - Reserves rise to 3.7Moz, page-70

Still not go the message. The pull back on all equities including gold equities is going to be massive once the markets fail again. The only thing holding the equity markets up is confidence in the Fed and their ability to keep printing money.

According to data from the U.S. Treasury, the Treasury borrowed an unprecedented $2.753 trillion in privately-held net marketable debt in the second quarter. Treasury said it expects to borrow $947 billion in the third quarter; followed by a massive issuance of $1.216 trillion in the fourth quarter of this year.

The US government based on these figures is borrowing at a rate of $546 billion per month. During the GFC, between Nov 2008 and June 2010, the rate of money printing averaged only about $68 billion per month, an order of magnitude less. The crisis in the US is such that they can't afford to print at this staggering rate and they can't afford to stop printing at this staggering rate. Catch 22, which means there is no option but for markets to crash again. The US bank stocks are still in bear market territory but their corporate clients are making new share price highs, that should be the biggest red flag of them all but market participants big and small are too blind to see the wood from the trees. When stock prices fall the next time there will definitely be no more money printing to come to the rescue, this is assured because instead of taking the opportunity in March to reprice assets lower the markets have re-inflated in a senseless melt up that will only beget the need for more money printing once equity values crash again but the US can't keep going printing at a rate of about a one third of what its economy actually produces. Otherwise everyone may as well just stop working. What is the purpose of work if you can just print your GDP?

When the next equity crash happens it will make March this year look like a school girls picnic because it will convolve the US banks which are intricately bedded into the real economy through commercial and retail mortgages, credit card debts, money markets, and worst of all derivates that are supposed to insure the pile of bets made by these banks. As soon as the bond market starts to unravel and US treasury yields rise the whole system is going to crash because US bonds can't support the weight of the monkey of printed money on their backs. At that stage all the "smart" investors who are piling into risk assets like equities, and companies like SAR which is fundamentally just another risk asset, will learn the real lesson of markets.Esh