Updated: Oct 26
Saint Peter don't you call 'cause I can't go, I owe my soul to the company store.
The sole authorship of "Sixteen Tons" is attributed to Merle Travis on all recordings beginning with Travis's own 1946 record and is registered with BMI Broadcast Music international as Merle Travis.
The line "another day older and deeper in debt" from the chorus came from a letter written by Travis's brother John.
This and the line "I owe my soul to the company store" are a reference to the truck system and to debt bondage.
Under this scrip system, workers were not paid cash; rather they were paid with non-transferable credit vouchers that could be exchanged only for goods sold at the company store.
This made it impossible for workers to store up cash savings. Workers also usually lived in company-owned dormitories or houses, the rent for which was automatically deducted from their pay. In the United States the truck system and associated debt bondage persisted until the strikes of the newly formed United Mine Workers and affiliated unions forced an end to such practices.
"Sixteen Tons" refers to a practice of initiating new miners. In the mid-1920s, a miner tended to haul eight to ten tons per day, whereas for new miners, other miners would slack off so the new miner could "'make sixteen' on his very first day.
Bond Markets Send A Warning!
30 Year Yields Hit Highest Since 2007 One Day After CNBC's Santelli Suggests 10 Year Could Go To 13%
"In the grand scheme of things I think rates are going higher," Santelli says.
"We have a lot of potential room to the upside," he says, drawing a chart of bond technicals. "Worst case scenario, where are Treasury rates going to go? 10 year I'd say in the next seven years you should be able to see 13.5% or 14%."
"If you want to know where inflation is taking markets and why, just look at government spending. Vigilantes have new horses and they are riding and I really do think that is the answer. We are spending too much, we are not learning to cut back."
"I think we're out of control as we approach a $2 trillion deficit and this is the market's way to get Washington's attention," Santelli adds.
Current market conditions described in my interview with BOND BUYER January 2022:
Rising interest rates tops list of muni concerns in 2022
By Jessica Lerner January 11, 2022, 10:36 a.m. EST 5 Min Read Major challenges for the public finance industry abound but rising interest rates is the largest concern for business in 2022, market participants said in a Bond Buyer/Arizent Research survey. Nearly 60% of respondents said rising interest rates are their biggest worry, followed by regulatory requirements or changes at 45% and a lack of face-to-face communication and market volatility at 37% and 36%, respectively. Ongoing threats from the coronavirus, inflation and legislative inertia on muni issues in Washington, among other factors, also led a majority of those in municipal finance to believe a full economic recovery won’t be reached until at least July. Thirty-five percent of respondents said they believe a full economic recovery will happen in the second half of 2022, while 40% said they don’t believe it will happen until 2023. Fifteen percent believe it will occur during the first half of this year, and 10% believe the economy has already recovered. Rising rates “We've had an unprecedented era of low rates," said Stephen Akin, founder of Akin Investment, a registered investment advisor. "Inflation really could get away from the Federal Reserve; it's not out of the realm of possibility. https://www.akininvestment.com/post/preparing-for-liftoff
This afternoon I had the opportunity speak via telephone with Luke Norman , Chairman and George Bee, President and CEO of US Gold Corp.
Here is what we discussed:
U.S. Gold Poised to Benefit from U.S. Department of Energy's Inclusion for Copper on Critical Materials List
Company's CK Gold Project in Wyoming is expected to produce copper concentrate from its open-pit mine
December 2021 PFS demonstrates strong economic potential with proven and probable reserve of 1.01 million ounces of gold and 248 million pounds of copper
CHEYENNE, Wyo., Oct. 4, 2023 /PRNewswire/ -- U.S. Gold Corp. ("U.S. Gold," the "Company," "we," "our" or "us") (Nasdaq: USAU) provided an update on its CK Gold Project (the "Project"), which is positioned to become a domestic United States producer of copper concentrate. This aligns with the increasing demand for copper due to electrification and green technologies amid growing uncertainty about overseas supply sources.
Additionally, in July 2023, the U.S. Department of Energy (DOE) adopted copper to its Critical Materials listwhich assesses materials vital to global clean energy tech supply chains.
The Project was previously named Copper King but was renamed due to expectations that approximately 70% of the revenue from the proposed Project will be derived from the gold within the copper concentrate. The copper concentrate at the Project is expected to average around 20% copper and may include up to 2 ounces per ton of gold, making it readily marketable to smelters due to the absence of deleterious elements. Concentrate production can commence once commissioning and construction of the Project are completed following the current permitting effort, anticipated to conclude in 2024.
The Project lies within the Silver Crown Mining District approximately 20-miles west of Cheyenne in southeast Wyoming. It is situated 3-miles north of another mining operation, the Granite Canyon Quarry, operated by Martin Marietta Materials. Copper was discovered in the late 1800s as the railroad was being constructed enabling prospectors to recognize the green staining on rocks outcropping at the surface, indicating the presence of copper oxide minerals. Although it has been long abandoned, the mining district once hosted various underground workings where higher-grade copper, gold and silver values were mined. The Project's primary focus is on copper and gold ore recovered from an open pit mine. The December 2021 prefeasibility study shows robust economic merit for the initial operation focused on its proven and probable reserve of 1.01 million ounces of gold and 248 million pounds of copper.
In commenting on the strategic decision by the DOE, George Bee, President and CEO of U.S. Gold Corp. said, "The CK Gold Project stands to offer much in the form of royalties to the state from proposed copper and gold production, taxes, and employment. There are further potential benefits to the Project that we are still assessing concerning the beneficial use of the rock mined to expose the copper and gold mineralization and the potential for water storage in the reclaimed open pit at the end of the mine life. Along with the benefits that we have already identified, we're grateful for the opportunity to produce copper in the United States, where we know the rules of the game and have a deep understanding of the political and logistics landscape, considering the difficult times we are facing in the world. Unlike many copperrospects in remote or unstable parts of the world that require significantly larger resources to develop, the CK Gold Project is modest in scale, quick to develop, and provides an immediate source of copper for the growing needs of society."
On August 2, 2023, The Copper Development Association Inc. (CDA) released a statement applauding the DOE, commenting, "The Copper Development Association (CDA) congratulates DOE on its thoughtful, forward-thinking analysis that resulted in copper's inclusion on the Critical Materials list," said Andrew G. Kireta, Jr., CDA's president and CEO. "Copper is a major contributor to U.S. economic and national security, and with copper demand projections doubling by 2035, primarily due to plans for the clean energy transition, electrification, and clean water infrastructure. The nation would be defenseless without electricity and copper's vital role in its generation, transmission, and distribution. The U.S. should do all it can to protect and promote our domestic copper industry."
Please note the above information is from the US Gold Press Release and is in no way a recommendation to buy or sell this security. It has been provided for information purposes only.
"Green Metals," some of which are also "Rare Earth Elements," are gaining investor attention
"Green Metals", which include copper, lithium, tin, and zinc, among others, are integral in the production of clean energy concepts, including batteries, solar panels, and more. In other words, green metals have long-term tailwinds. The global transition from fossil fuels to a low carbon economy is the primary driver of demand. The difficulty of and environmental hurdles related to developing new mining projects are limiting supply. This dynamic has driven increased investor interest in the companies extracting and processing "Green Metals."
"Green Metals" and "Rare Earth Elements" like lithium and cobalt are often produced along with other metals. The widely-mined precious and base metals, such as copper, platinum, zinc, and nickel.
8 Best Green Stocks to Buy for 2023
US News and World Report
Matt Whittaker Mar 15, 2023
Green stocks at the forefront of the energy transition could be excellent long-term opportunities Ford Motor Co. (F)
"I like Ford and their electric vehicle strategy and believe it will help to preserve one of America's icons," says Stephen Akin, registered investment advisor with Akin Investments. Through 2026, the automaker is investing more than $50 billion globally in electric vehicles and plans to be able to build more than 2 million of them per year by the end of 2026. The annual run rate by the end of this year will be 600,000. "I like Ford and their electric vehicle strategy and believe it will help to preserve one of America's icons," says Stephen Akin, registered investment advisor with Akin Investments
Ford has already started electrifying some of its most well-known models, offering an all-electric Mustang and F-150. It also offers all-electric vans, a charging network with more than 75,000 chargers, and more than 2,700 EV-certified dealers in all 50 states. "This electrification strategy is a core component of Ford's goal to (achieve) carbon neutrality globally by 2050," the company says. "Ford is investing significantly to accelerate research and development of battery and battery cell technology."
Solutions for a Complex World
Whether you are restarting student loan payments. Comparing Medicare Advantage Insurance plans or simply want your money to work as hard as you do, we can help.
Experience our unique digital and personal approach to your financial future. Sign up for our free financial tools and schedule a complementary call with our financial professionals to get a personalized plan to help you meet your goals.
Our Free Financial Tools Make it as Easy as 1,2,3
As a Registered Investment Advisor we can help design a strategy to help you reach your goals smarter and faster. We'll help you establish a strategy that allows you to combine a variety of retirement plans into one.
Take the next step, schedule a free consultation and learn how we can help you. Asset and Cash Management Solutions