• Podcast

    John Hathaway: Things Look Very Bullish For Gold Mining Stocks

    Declining supply, rising demand & positive cash flows
    by Adam Taggart

    Thursday, December 13, 2018, 11:53 PM

Since gold topped out in 2011, the precious metals mining sector has been where investor capital goes to die.

Mining stocks have performed miserably over the past seven years, missing out completely on the central bank-created liquidity-fest that has raised nearly every other equity sector to record highs.

But the long winter of abuse is over, claims highly-respected mining analyst John Hathaway, co-manager of the Toqueville Gold Fund. To John's veteran eye, the conditions in this beleaguered industry have improved substantially. Mining supply is tightening while demand is rising, and the surviving companies have achieved positive cash flows at today's depressed prices. 

Claiming that we are now past "peak gold", Hathaway expects gold prices to move higher vigorously, propelling the shares of mining companies multiples higher from where they are today:

The industry hasn’t been able to issue equity to any substantial degree for five or six years. And, so they’ve gone more and more to streaming royalties, that sort of thing. But the industry is capital constrained and they always seem to be able to get capital, but what we see is a shrinking industry, shrinking gold production on a global basis and a wave of mergers and acquisitions. We’ve seen quite a few recently, the combination of Barrick and Randgold would be the first. We recently saw Pan American Silver take over Tahoe, and that wasn't as big a deal, but certainly it was significant. And then there have a been a lot of little private deals you don’t hear about.

The industry is running out of reserves. The reserve to production ratio is the lowest it has been in 30 years. We’ve seen peak gold. And we expect that the supply of newly-mined gold will continue to decline for several more years. If you were to say to me, “Gold is going to trade tomorrow at $2,000,” I wouldn’t change that forecast, because it takes so many years to build a gold mine. It’s a lot different than shale oil, where you get small increments from a lot of different producers. Not to mention host countries — even Mexico recently, which used to be thought of as a good mining province, good mining country — are becoming tougher and tougher on the capital they want to enter their countries and build mines. So, the hurdle rate, the investment return is going higher and higher.

So, to try to tie that together, you have a very bullish supply and demand outlook. Declining production, declining supply, and steadily rising demand —  simply coming from a rising middle class in parts of the world that most of us don’t even go to. I'm not talking about the kinds of things that happen in the thought process of western capital markets. We’re just talking about more babies, more families, more marriages, growing population. Where do you, where do you, how, if you live in India or Sri Lanka or Indonesia or Egypt and you want to salt something away, you don’t do it in local currency. You do it probably in some form of physical gold. So that's in the DNA of the emerging markets of the world. And, that’s not going to change. So you definitely have very bullish supply and demand situation.

And  the financial condition of the mining companies is quite decent. I would say many of them are generating cashflow, even free cashflow at these low levels. What they can’t do, and which is probably a very bullish thing for supply and demand, is issue a lot of equity, because nobody, nobody will buy it or it’s too expensive. So, I think we have a window here where the supply and demand imbalance coming from the mining industry itself is exceptionally bullish. And, believe me, I think when this cycle advances, that's going to be a one of the major reasons why people jump back in.

Click the play button below to listen to Chris' interview with John Hathaway (45m:41s).

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29 Comments

  • Fri, Dec 14, 2018 - 5:41am

    #1

    Olduvai.ca

    Status Member (Offline)

    Joined: Jan 08 2014

    Posts: 9

    Environmental Consequences?

    My initial thought on this subject of increasing investment exposure to precious metals miners is how does such a move balance/reconcile with the other major issues raised on this site; that of environmental impacts and degradation that are so vital to our survival. Mining and related activities are so destructive to our environment yet we externalise (both physically and psychologically) this significant cost, and it’s not even raised in this discussion; to say little of the moral/ethical problems created by some mining operations in 3rd world countries. 
    One of the last things I wish to do with my limited wealth is contribute to furthering ecological crises and increase one of the feedback loops that is killing important species and adding to our pollution problems. 
    This is certainly a dilemma worth considering. Perhaps wealth investments should be focused on longer-term projects such as improving local sustainability and food production rather than short-term personal profits…

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  • Fri, Dec 14, 2018 - 8:37am

    #2
    PaulJam

    PaulJam

    Status Bronze Member (Offline)

    Joined: Dec 04 2016

    Posts: 67

    miner investing: holding one's nose

    Olduvai.ca:

    Thanks for pointing this out. I’ve wrestled with this issue for years.  Extreme water pollution, slavery, deforestation, displacement of native peoples, ecological degradation are all associated the various forms of gold mining currently practiced.  The higher the prices go, the greater the scope of abuses.  A decision to invest is to implicitly support these activities, or at least forces one to explain away the unpleasant realities with rationalizations.

    I’m invested in gold miners and fully cognizant of this issue.  My own decision to investment in gold miners is something that I am honestly ashamed of.  I persist to hold these investments, as the decision to invest is in a very narrow sense a rational response to the macroeconomic pathologies that we all know are in part responsible for driving our society to ruin.  

    Selfishness comes into play here too – I have a health condition that will likely to force me to stop working long before I have even a fraction of the financial resources that I will need in the future – I’m strategically investing so I have a chance to make it in the future.  My rationalization that the small sum of investments that I have will not make any difference where they are invested comes into play here.  So much about our way of life contributes to ongoing ecological crises – I’ve oriented my life in other ways that my footprint is lighter than your average american (not driving much or flying for work, limiting my material goods consumption, buying local/organic, etc etc).

    Again, I’m hardly proud of my decision, but I’m holding my nose, and for what it is worth, am making an effort to be fully conscious of what I am investing in, morally reprehensible or not.  If I end up making gains from the investments, I’m hoping that I will have enough time/resources in part because of this decision to make some positive contributions to the future.  Bad smells and all, that is my own personal calculus.

    Check out these video:

     

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  • Fri, Dec 14, 2018 - 9:04am

    #3
    Jeffleonard90@gmail.com

    Jeffleonard90@gmail.com

    Status Member (Offline)

    Joined: Aug 17 2012

    Posts: 36

    E waste recycling

    Here is a company that bypasses extraction and uses a toxic free solution to recycle e waste.  Seems like a win/win https://www.streetwisereports.com/pub/na/two-companies-whose-innovative-technologies-could-disrupt-mining

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  • Fri, Dec 14, 2018 - 9:41am

    Reply to #1

    sebastian

    Status Member (Offline)

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    Posts: 2

    Wealth accumulation

    Seems obvious to me that most if not all wealth accumulation be it fiat or precious metals etc comes at the detriment of someone or something else. I would love to have a discussion about what is truly sustainable rather than trying to extend the status quo and the short term security it offers. It’s a false sense of security after all if it can only last for a generation or so.
    Seb.
     

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  • Fri, Dec 14, 2018 - 10:41am

    #4

    davefairtex

    Status Diamond Member (Offline)

    Joined: Sep 03 2008

    Posts: 3082

    dollar confetti

    I’m just going to say one thing.  During the last recession, the buck rallied.  It didn’t turn to confetti.

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  • Fri, Dec 14, 2018 - 11:29am

    Reply to #1
    MillenialFalcon

    MillenialFalcon

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    Posts: 6

    You could stick to old pre

    You could stick to old pre 1933 us currency. I don’t think the environmental damage was as bad back in the day. Especially if you go back to pre industrial times. Think gold rush of 1849. Things minted around that time just try and pay as low of premium as possible. Might be higher than 2018 eagles but you will not be supporting bad mining practices.

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  • Fri, Dec 14, 2018 - 5:50pm

    Reply to #1

    sebastian

    Status Member (Offline)

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    Posts: 2

    Land tools plants and animals

    I’m in the thinking that tangibles will be the long term go to. Gold/silver might eventually become the norm for transactions but at the moment I don’t think the masses have any phisical PMs.  
    Seb. 

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  • Sat, Dec 15, 2018 - 7:51am

    Reply to #1

    cmartenson

    Status Platinum Member (Offline)

    Joined: Jun 07 2007

    Posts: 4469

    On the consequences of mining...

    Olduvai.ca wrote:

    My initial thought on this subject of increasing investment exposure to precious metals miners is how does such a move balance/reconcile with the other major issues raised on this site; that of environmental impacts and degradation that are so vital to our survival. 
    (…)
    This is certainly a dilemma worth considering. Perhaps wealth investments should be focused on longer-term projects such as improving local sustainability and food production rather than short-term personal profits…

    Those are excellent points.  We get a lot of requests from people to know how to manage and direct their funds so their (paper) wealth can be protected and grow.
    We recommend all sorts of things that are utterly unsustainable and unsupportable when viewed through the lens of the Three Es.
    US Treasury bonds/bills?  That’s supporting the US war machine and the many transgressions of the US government.
    Investing in alternative energy?  That’s the same as buying oil companies because fossil fuels are what are used to make the alt-energy equipment, transport it, and install it.
    I could go down a very long list and they sum up to this conclusion; using any form of what we call money (actually federal reserve notes) is participating in an exponential system of extraction and destruction.
    I’m not at all sure what to do about that, and I don’t like it one bit.
    So like any good human I rationalize it by trusting that the increase in paper wealth gathered by anyone on this site will be put to better future use than if it went to people who did not share our insights or values and would only consume more if they had more.
    As a second point, I think I whiffed by not asking about which mining companies are doing a better job of being environmentally responsible than others.  All mining is extractive and causes some amount of damage, but some companies are far worse than others.   This would be a good list to have ranked.
    If it were up to me I’d say “no more!” to mining all sorts of metals that we probably have plenty of above ground and enforce a better system of recycling and using them wisely.
    For example, I’d fine the living daylights out of any company that made washing machines designed to break in anything less than 30 years.  
    I think there’s plenty of gold above ground for any and all possible future uses.  No matter how many more people end up on the surface of the planet, there’s enough gold to operate a money system in perpetuity.  If we have to value it by the grain instead of the gram or the ounce, so be it.  Of course, I say that after obtaining ‘my’ stash.
    Mostly, I am acutely aware of how ‘unpure’ my own lifestyle is, and I note this mentally and emotionally every time I drive a car, hop on a plane, buy groceries, or take my trash to the end of the driveway each week.
    It’s ridiculously difficult to live a balanced, sustainable lifestyle, and I would submit it’s entirely impossible if you happen to own a home in a US municipality which demands that you pay an outrageous rent to the local mafia, er government, that can register as high as 4.2% of the “value” of the home.  

    That means in some places you have to 100% re-buy your home from the local government every 25 years or so.  In other words, it’s a second mortgage.
    There’s literally no way to “opt out” from participating in the extractive system of economy and money if you “own” (honestly, rent it from the local enforcement agencies) a home in the US.  Even if you happen to work at a local organic CSA, you are still part of and feeding into a larger system of extraction and depletion.  
    Your local taxes go towards roads, school bus fuel, and other projects which may sound better than gold mining, but really probably aren’t.  Just more socially accepted and distributed so the impacts are less apparent?
    It’s time to overhaul the entire system…and if we don’t it will happen anyways under different terms.

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  • Sat, Dec 15, 2018 - 8:01am

    Reply to #1

    Michael_Rudmin

    Status Gold Member (Offline)

    Joined: Jun 25 2014

    Posts: 825

    Do we have any chemical engineers here? Chemists?

    Question is, how could we process waste to reclaim precious/toxic metals?
    Starter: nicads; alkalines (not too toxic, but people will bring them, so may as well figure out how to handle it), lead acid, lithium (there’s a good one).
    After that, how can we increase the process to include electronics waste? Mercury? We want one output, clean waste, and another set of outputs, valuable metals.
    And we want to do it in an environmentally friendly way.
    Is that too hard?

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  • Sat, Dec 15, 2018 - 8:32am

    Reply to #1
    PaulJam

    PaulJam

    Status Bronze Member (Offline)

    Joined: Dec 04 2016

    Posts: 67

    cmartenson wrote: It's

    cmartenson wrote:

    It’s ridiculously difficult to live a balanced, sustainable lifestyle, and I would submit it’s entirely impossible if you ahppen to own a home in a US municipality which demands that you pay an outrageous rent to the local mafia, er government, that can register as high as 4.2% of the “value” of the home.  
    It’s time to overhaul the entire system…and if we don’t it will happen anyways under different terms.

    Exactly!  Even when perfectly conscious of our current predicament, people are going to draw lines differently in terms of what, where, when, and how they will be engaging in unsustainable practices, according the needs of their own situation.  I’d go so far as to say that this dynamic is part of the predicament itself – that the rules of the game are such that its nearly impossible to avoid doing something that you know is in some way part of the ongoing pathology.

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  • Sat, Dec 15, 2018 - 12:24pm

    Reply to #1

    Waterdog14

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    Posts: 125

    Pre-1933 mining wasn't kind to the environment, either

    MillenialFalcon wrote:

    You could stick to old pre 1933 us currency. I don’t think the environmental damage was as bad back in the day. Especially if you go back to pre industrial times. Think gold rush of 1849. Things minted around that time just try and pay as low of premium as possible. Might be higher than 2018 eagles but you will not be supporting bad mining practices.

    Hydraulic mining started in the 1850’s in California.  Miners used high-pressure water hoses (“water cannons”) to jet all the soil and rock and plants from hillsides, leaving piles of sand and gravel from which to separate the gold.  Miners devastated the landscape and choked rivers with sediment. 
    Hydraulic mining was done in Colorado, too.  Here’s a photo from the Library of Congress  http://www.loc.gov/pictures/resource/cph.3c10833/  We can still see the scars on some of our hillsides, here.  Nature has reclaimed some of the damage over the last 100 years – unlike the mountaintop coal mining that is currently taking place in Appalachia.
    I don’t mean to pick on you, MillenialFalcon.  Just pointing out that much of the historical mining wasn’t much prettier than some current mining methods.  As for me, I still work in the mining industry (when I’m not tending my organic farm) and I do hold some PMs, so it’s a complicated personal dilemma.   

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  • Sat, Dec 15, 2018 - 12:39pm

    Reply to #1

    Waterdog14

    Status Member (Offline)

    Joined: Jan 18 2014

    Posts: 125

    Property Taxes in dollars

    cmartenson wrote:

    … if you happen to own a home in a US municipality which demands that you pay an outrageous rent to the local mafia, er government, that can register as high as 4.2% of the “value” of the home.  

    Chris – if you show that chart in dollars, it paints a somewhat different picture of how property is taxed:
    https://money.cnn.com/interactive/real-estate/property-tax/
    The tax rate is applied to the assessed value of the property.  In my county, the rates aren’t so high but the assessor is out of control with jacking up the assessed value of both residential and commercial properties.  Here, families might struggle to afford a modest home for $400,000 and the taxes are “only” $1,400 per year (on a median income of $43,000).  Your point is valid — most of us are tax donkeys and we’re going to pay one way or another.
     

    cmartenson wrote:

     
    It’s time to overhaul the entire system…and if we don’t it will happen anyways under different terms.

    Right on!

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  • Sat, Dec 15, 2018 - 12:45pm

    Reply to #1

    Waterdog14

    Status Member (Offline)

    Joined: Jan 18 2014

    Posts: 125

    delete

    Duplicate post – oops!

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  • Sat, Dec 15, 2018 - 2:06pm

    Reply to #1

    CleanEnergyFan

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    Joined: Jan 29 2012

    Posts: 103

    It's an economic challenge not a technical challenge

    I am a Chemical Engineer (although not practicing as such presently).  As Chris often says, we have to change the incentives if we wish to change the behavior / outcomes. It costs too much presently to recover diluted and mixed materials in people’s trash to compete with virgin raw materials.  Eventually that will change as the source virgin ores get too diluted themselves (but I think that will be too late).  It would help tremendously if we taxed raw materials derived from ores (but not from waste streams) to help account for the fact that we are raiding the piggy bank of our future ancestors so that we have it a little easier right now. My fear is we will not have the net energy available to process future waste streams unless we start collecting and concentrating the waste we have currently.  My company attempted to turn organic waste streams into power but we’re not able to do this at a low enough cost to compete with low cost Nat gas and wind generation so we discontinued all efforts in that area (or we would have gone bankrupt had we persisted).  

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  • Sat, Dec 15, 2018 - 3:05pm

    #5

    sand_puppy

    Status Platinum Member (Offline)

    Joined: Apr 13 2011

    Posts: 1816

    Property Tax in Dollars

    I was very curious about property tax in dollars, like waterdog14 above.

    Very high property valuations are closely linked with property tax rates in the big cities.
    As an aside, one of the urgent care doctors I used to work with came into a big inheritance and was able to buy in cash a large beach house On the cliffs overlooking the ocean in Aptos, CA (Santa Cruz County, CA).  However, despite owning the house outright, he continued to need to work almost full time to pay the $44,000 / year property tax.
    Chose carefully where you will retire.  Property tax, rather than income tax, becomes the big issue.

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  • Sat, Dec 15, 2018 - 8:00pm

    #6
    Uncletommy

    Uncletommy

    Status Bronze Member (Offline)

    Joined: May 03 2014

    Posts: 508

    Agrarian values?

    Perhaps it’s time for a land tax:
    https://en.wikipedia.org/wiki/Land_value_tax
    Conversion would be difficult from a property tax basis, however.

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  • Sun, Dec 16, 2018 - 2:27am

    #7
    robie robinson

    robie robinson

    Status Gold Member (Offline)

    Joined: Aug 25 2009

    Posts: 850

    Land tax?

    Been one here in rural south side VA. If I remember correctly, my farm is 3800.00$/yr.
     

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  • Sun, Dec 16, 2018 - 3:27am

    Reply to #7

    Michael_Rudmin

    Status Gold Member (Offline)

    Joined: Jun 25 2014

    Posts: 825

    and my 1/16 acre in southside virginia

    … is worth $5k, valuated at 20k, and taxed at 4%/yr $800.
    And state law, which requires that I be able to challenge it in circuit court, resulted in a judge upholding a demurrer (suing the city of portsmouth treasurer/assessor … wrong party), state law notwithstanding.
    The City attorney ASKED the judge to also charge me city legal fees (he didn’t), and dismiss with prejudice (can’t ever challenge again… he didn’t) despite the fact that this was my first time ever before a circuit judge.
    No explanation.
    Which might prove the point that it is very possible for taxes to rise through the roof without explanation.
    The assessor is at least now offering to walk me through their evaluation methods… maybe this week; if I find anything out, I’ll post what I find.

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  • Sun, Dec 16, 2018 - 3:40am

    Reply to #1

    Michael_Rudmin

    Status Gold Member (Offline)

    Joined: Jun 25 2014

    Posts: 825

    CEF, suppose you presorted the waste?

    Suppose you don’t start large scale, but start with a scalable small scale, just — say — nicd/nimh batteries?
    I’d almost want to start you on Pb, but that’s perhaps too easy, and therefore without a profit margin.
    And as long as you identify the battery, you can handle it?
    But you still have all the toxins mixed in with the waste materials.
    Then, you add a line (per se), and increase the flow?
    So you expand your handling of Cd to other consumer product waste, but then you also figure out how to handle an entirely new line, such as Li, americium, mercury, and so on.
    The definition of your product recycle lines could be had by walking the aisles of home depot, lowes, or whatever you have. Who knows, maybe auto junkyard owners would be a better start.
    Eventually, maybe you could handle landfill excavation, but that’s a maybe.
    It just seems to me that the best sources of ore are found on homeowner’s basement shelves.
    Even if the output was still toxic 99% pure resource and 1% toxic waste, but in a properly sealed and contained and safe-to-handle form, that would still be better than loose batteries in a landfill.

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  • Sun, Dec 16, 2018 - 4:16am

    Reply to #6

    Michael_Rudmin

    Status Gold Member (Offline)

    Joined: Jun 25 2014

    Posts: 825

    There's an easier way to valuate properties.

    It’s actually very simple: each person valuates their own property an a price that the will be willing to accept. The valuation is a public For Sale/Make Me Move sign.
    Let’s say right of transfer can be forced at ten percent over previous valuation.
    The buyer must pay the court a registration fee, and the value of the property as an adverse posession.
    And ALL that transfers is the property, its resource rights, and any structures that happen to be standing at the end of one year. The previous owner has a year to figure out what he’s going to do with the property, or to settle with the buyer to reclaim his rights.
    The biggest argument against this method, with a land tax, is that “well, then you never truly own your property!”. Of course, when I point out what Chris noted — that when you have to buy your property every twenty five years anyways, you still never truly own your property… and here you also get taxed for your right to work (to enrich others)… the next argument is “well, I still don’t like it”. That, or just ending the conversation.

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  • Sun, Dec 16, 2018 - 5:52am

    #8
    sapsucker

    sapsucker

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    Posts: 11

    Property value

    https://www.duluthnewstribune.com/news/4441858-property-valuation-hikes-

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  • Sun, Dec 16, 2018 - 8:17am

    Reply to #6
    mntnhousepermi

    mntnhousepermi

    Status Bronze Member (Offline)

    Joined: Feb 19 2016

    Posts: 149

    land/property tax

    They are way ahead of you out here — we are taxed on both. Land value, and also “imprvements” value f houses/structures on it.  Then they add the 2 amounts to gether and take a percentage, and then have a very long list of “parcel tax” ( same amount for any parcel) add ons that amount in themselves to 20% of what I pay that is added to that.
     
    As far as the idea of bidding your own prperty up, Michael Rudman, well that would be exceedingly unfair, that would mean anyone could force you out of your home, or just pretend they want it to force you to counter to keep your home, this culd be abused in so many ways by people who dont like you, developers, etc….  The bidding is already done in any case by those who want to sell and who want to buy, as values are based on what things are selling at and people who dont car too much about their particular house do sell if the are gets expensive enough to have those high offers.

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  • Sun, Dec 16, 2018 - 8:19am

    Reply to #6
    mntnhousepermi

    mntnhousepermi

    Status Bronze Member (Offline)

    Joined: Feb 19 2016

    Posts: 149

    land/property tax

    ..

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  • Sun, Dec 16, 2018 - 8:46am

    #9
    QQQBall

    QQQBall

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    Posts: 12

    Chris,Actually the State's

    Chris,
    Actually the State’s claim is senior to a lender’s; it is primary, not secondary… but your point is well taken.

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  • Sun, Dec 16, 2018 - 9:50am

    Reply to #7

    cmartenson

    Status Platinum Member (Offline)

    Joined: Jun 07 2007

    Posts: 4469

    Assessed "value"

    Michael_Rudmin wrote:

    .The assessor is at least now offering to walk me through their evaluation methods… maybe this week; if I find anything out, I’ll post what I find.

    I went in to contest my property taxes on my new house.  The house is assessed at a value 17% higher than the price I paid for it.  
    Was told that the assessor uses a formula based on surrounding houses, etc, blah, blah, blah,and that there was no recourse except to to wait for the next assessment cycle.
    If I pressed for an abatement, I was warned that might trigger a new spot assessment that could very well result in my house being appraised at an even higher value.  Wink, wink, nudge, get it?
    It’s a farce and a racket.  Legalized theft without any recourse except “if you don’t like it vote in a new mayor” or some such nonsence when the entire suite of institutions involved in this scam are staffed with unelected officials all spouting the same “just following the rules” mantra.
    Eventually, the goose is killed and then all these public “servants” get shafted and complain bitterly about how unfair this all is, when it was their own unbridled sense of personal entitlement that did the deed.

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  • Sun, Dec 16, 2018 - 3:38pm

    Reply to #7

    Michael_Rudmin

    Status Gold Member (Offline)

    Joined: Jun 25 2014

    Posts: 825

    In my case...

    … I compiled ALL the transactions in the last five years. I pulled them page by page, then transferred them into excel, then identified all the ones that were half an acre or less unimproved, then went through and hand checked the rest, driving to locations. The highest sale price was something like $7000, with the exception of a single piece of property that HUD took off a bank’s hands.
    $22k was a fiction. (I gave you round numbers before; the mean was $4700)

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  • Sun, Dec 16, 2018 - 3:38pm

    Reply to #7

    Michael_Rudmin

    Status Gold Member (Offline)

    Joined: Jun 25 2014

    Posts: 825

    In my case...

    … I compiled ALL the transactions in the last five years. I pulled them page by page, then transferred them into excel, then identified all the ones that were half an acre or less unimproved, then went through and hand checked the rest, driving to locations. The highest sale price was something like $7000, with the exception of a single piece of property that HUD took off a bank’s hands.
    $22k was a fiction. (I gave you round numbers before; the mean was $4700)

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  • Mon, Dec 24, 2018 - 9:38pm

    Reply to #1
    jomurphy09

    jomurphy09

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    Posts: 2

    the predicament before us is survival

    personally, i’m concerned with everything every one has put out but at this point I just don’t want my female family members having to “hook” out in the street like they do in Venezuela to feed the fam bam.  It’s quite possible that if you don’t make the right moves now you could be dooming your family to generational serf-dom.  

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  • Mon, Dec 24, 2018 - 9:38pm

    Reply to #1
    jomurphy09

    jomurphy09

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    Joined: Jul 02 2016

    Posts: 2

    the predicament before us is survival

    personally, i’m concerned with everything every one has put out but at this point I just don’t want my female family members having to “hook” out in the street like they do in Venezuela to feed the fam bam.  It’s quite possible that if you don’t make the right moves now you could be dooming your family to generational serf-dom.  

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