The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
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Centamin plc
("Centamin" or "the Company")
LSE: CEY / TSX: CEE
RNS 26 April 2023
DIRECTOR/PDMR SHAREHOLDING
Under the shareholder approved Remuneration Policy and Centamin Incentive Plan ("Plan"), which aims to align Executive remuneration with that of the shareholders and long-term performance of the Company, contingent awards over ordinary shares of nil par value in the Company were made to the following Directors and Persons Discharging Managerial Responsibility ("PDMR").
Subject to clear performance conditions, the awards to the following participants will partially or fully vest after three years, on 24 April 2026 and are subject to a further two-year holding period. In the normal course, the Plan participants are required to be an employee of the Company at the time of vest.
For more details on the Plan, please refer to the Remuneration Report within the 2022 Annual Report and Accounts, available on the Company's website (https://www.centamin.com/annual-report-2022/).
Name Director/PDMR Number of Plan Awards
Martin Horgan Director (CEO) 835,800
Ross Jerrard Director (CFO) 667,300
Amr Hassouna PDMR (Country Manager) 400,000
This announcement contains ongoing regulated information.
(https://www.centamin.com/annual-report-2022/
European stock indexes declined in premarket trading on Wednesday as concerns about the banking sector re-emerged after a report claimed First Republic Bank is struggling to find a feasible solution for its financial issues, causing its shares to plummet over 40%.
The FTSE 100 lost 0.34% at 7:15 am CET, the DAX fell 0.46%, the CAC 40 slid 0.60% and the Euro Stoxx 50 was down 0.65% at the same time.
The euro added 0.08% against the dollar to sell for 1.09820 at 7:17 am CET and the pound rose 0.15% compared to the US currency to go for 1.24267 at the same time.
Baha Breaking News (BBN) / NP
Happy hump y’al
The miners?
For years the miners have struggled to achieve sustained outperformance against gold, but the winds of change may be blowing, in de-dollarized air!
https://www.kitco.com/commentaries/2023-04-25/Humpty-dollar-dumpty-gold.html
Gold has moved sideways for the past month (with an upwards bias), but the first week of May could bring some very big news from the fear trade side of the pond:
May 3 (next Wednesday) is the next US central bank rates decision day, and there's an important speech from Jay. May 4 brings an ECB decision and speech from Lagarde. May 5 is the US jobs report and a full moon.
How important are these events for investors? Well, it's important to note the difference between a professional investor and a professional fund manager. The professional fund manager has a phenomenal sales team. They are very good at securing a consistent flow of investor capital and they invest all of it immediately.
Fund managers get quoted frequently by mainstream media and offer what are mostly irrelevant prognostications about the future. They do well when the market rises and fail when the market falls.
In contrast, the professional investor has patience. They wait to buy significant price sales that offer substantial value at major support zones.
The gold market is unique because its professional investor class includes both COMEX commercial traders and hundreds of millions of citizens in China and India.
https://www.kitco.com/commentaries/2023-04-25/Humpty-dollar-dumpty-gold.html
The Government now owes a record £90,000 for every household in the UK after borrowing soared again in March to lift total public debt to more than £2.5 trillion.
Latest official data shows that Chancellor Jeremy Hunt was forced to borrow another £21.5 billion in the month — the second highest total on record for March — just to keep the wheels of Government turning.
https://www.lse.co.uk/ShareChat.asp?ShareTicker=CEY&share=Centamin-PLC
The Chancellor raked in £40 billion more in income tax and national insurance as stealth taxes hit millions of workers, experts warned on Tuesday.
Financial firm Hargreaves Lansdown said receipts from PAYE Income Tax and NIC1 (National Insurance) for April 2022 to March 2023 hit £378.2 billion.
It stressed that this was £40.2 billion higher than in the same period a year earlier.
https://uk.yahoo.com/news/jeremy-hunt-rakes-40-billion-084039052.html
UK public sector borrowing hit £21.5bn in March — the second-highest March borrowing figure since monthly records began in 1993.
Borrowing, the difference between spending and tax income, was £16.3bn more than in March 2022, the Office for National Statistics (ONS) said on Tuesday.
Over the same period, spending increased by 16.8% to £104bn, in part due to the cost of the energy support schemes for households and businesses.
Low-paid workers are struggling due to "rip-off youth rates" and a lack of employment rights, a trade union has said.
Workers such as retail staff and warehouse employees have seen their living standards squeezed and their families “suffer” as wages have failed to keep up with rising energy bills and costs.
https://uk.yahoo.com/news/cost-of-living-millions-of-workers-struggling-due-to-low-wages-and-lack-of-rights-155135543.htmlhttps://uk.yahoo.com/news/cost-of-living-millions-of-workers-struggling-due-to-low-wages-and-lack-of-rights-155135543.html
Worth a read, "Humpty Dumpy dollar and gold".
Are the cracks finally showing .
A little boy ,with finger in the dike ,maybe.
Kitco.
Reserve Bank needs to be held accountable...revolutionary? or evolutionary...
The Reserve Bank holds Australians in fear of a “dagger in the heart” if they were to openly speak negatively… about the RBA, according to independent economist Clifford Bennett. “Isn’t it nice that we can finally speak openly about our central bank, which has been relatively free of critique !
If the RBA cannot be held accountable, its independence will eventually prove politically unsustainable.
Establish a panel of fishmongers and they will tell you fishmongers deserve to be on top. Establish a panel of economists and they will conclude economists should run the world. Trouble is that none of them have much expereince in the world, they instead build theories of how the world should run, and the assumptions are ...interesting?
That prediction may seem simplistic; but the review of the Reserve Bank does nothing to disprove it. On the contrary, rarely have so few recommended creating jobs for so many – of their colleagues.
A new committee largely composed of economists will set monetary policy. Economists will also dominate a new expert advisory panel. So as to service those economists, yet more economists will be added to the RBA’s already massive staff. And a new program will fund university research in monetary economics, spreading some joy among those who don’t get the plum jobs.
Amazingly for a profession that prides itself on being evidence-driven, all this is proposed in a report that is essentially data-free. There is, in particular, nothing in the report to show that countries where monetary policy is set by a specialist committee outperform those where decisions are taken by a generalist board (as has been the case at the RBA). Nor is that omission surprising: particularly for the UK and New Zealand, the data suggests no such thing.
But the puzzle runs even deeper. One might have expected a report that mentions diversity nearly 100 times to prefer delegating responsibility to a more – rather than less – diverse body, which would muster a wider range of experience. And perhaps the panel didn’t notice that relying so heavily on one type of expertise could entrench the “group think” it rightly excoriates.
Some philology might have helped: when the noun “expert” entered common usage in the 1860s, the Germans promptly accompanied their term for an expert (“der fachman”) with the delightful neologism “fachidiot” – a person whose professional narrowness blots out common sense.
Well, at least the panel has taken its recommendation that the RBA concern itself not just with inflation but also unemployment to heart...
THEY JUST HAVE NO CAPACITY TO LEARN FROM THEIR MISTAKES
good luck to us all
the gnome
Here's another one from investing.com- I hope this comes true lol
https://uk.investing.com/news/cryptocurrency-news/bitcoin-could-hit-100000-by-end2024-standard-chartered-says-2994145?utm_source=responsys&utm_medium=email&utm_campaign=Daily_Digest&utm_term=Editorial_DailyDigest_V3_UK_962168&utm_content=cta_button
As always, there are as many bearish as bullish and vice versa- lol. Like I’ve always said, things can only go up to down , so people can write a millions words and provide a million charts or just a sentence or one chart- each has 50/50 chance of being right that’s about it lol. I prefer to thing of future events deciding what happens rather than past ones dictating the future… the world is littered with bad predictions based on past performance
https://www.investing.com/analysis/gold-price-invalidation-confirmed-whats-next-200637508
Though you may be interested.
Our Glorious Up His Own Rear End PM!
Rishi Sunak was escorted through central London by a motorcade featuring dozens of jogging police officers - with social media users slamming the procession as “over the top”.
https://uk.yahoo.com/news/dozens-jogging-police-officers-escort-165238086.html
Interesting though I didnt know that many coppers could run!
Stock indexes in Europe were lower in premarket trade on Tuesday following a string of corporate earnings reports. UBS, Banco Santander, Novartis and Nestle all revealed their respective first-quarter results earlier in the day. Meanwhile, European Central Bank Chief Economist Philip Lane noted he expects another interest rate hike at the ECB's meeting next week.
The DAX decreased by 0.20%, London's FTSE 100 lost 0.21%, the EURO STOXX 50 declined by 0.39% at 8:00 am CET. The CAC 40 was down 0.55% at 6:57 am CET.
Both the euro and the British pound were flat compared to the dollar at 7:59 am CET, trading at 1.10505 and 1.24820, respectively.
Baha Breaking News (BBN) / MS
Gold currently + 0.32% 1995.44
Luck ,pegging their BRICS currency to Gold would not make their exports more expensive, but others with not much Gold reserves in comparison to their money in ciculation , ie debt.
Those countries Fiat paper currencies would lose their value, that is inflation.
So it is clear their imports would be more expensive.
But if they need those commodities the only option is to pay.
Have to say agree and happy that central banks drop $ and buy gold, wise divesting at times when Fed rate is halting and especially because the combination of high inflation and high rates is choking the US economy.
But not just the US, dangers of defaults on debit are surfing all over the western world, for example I learned that Volkswagen is about to take on some $300 billions in debit, in trying to catch up with the EV wagon and not considering the internal combustion car assets they will have to write of...
But for U$D to lose its global currency status, have the feeling that gold wont be part of the equation, but a simple side effect of USA foreign policies including indeed sanctions.
The BRICS countries to create their own commune currency and challenge directly the U$D, they would have to value this currency, against a financial and economic equation among these countries, which take in consideration their current exchange rate against possibly the U$D itself. If they peg it against gold they would not have and metrics of comparison with the rest of the world with witch they also trade. Also pegging against gold would run the risk of creating a currency becoming too expensive for exports...
So far they have been doing only bi-lateral trade agreements which on its own doesn't challenge the U$D but rather is creating many discrepancy in commodities pricing....This also is a side effect which I am not so sure how will evolve within BRICS and around the wider world economies...Interesting times
It’s a no brainer at the mo, especially after the last set of results.
At some point the “drop” of inflation will accelerate and gold will shine as will this- gold has stayed well considering the hawks in the FED…
Hi Dasut,
I agree with your appraisal about why things went so wrong and how to put things right and I feel pretty sure that Kees Dekker would feel the same , especially about the strip ratio!!
Thank you as ever - check your post every day before markets open
European stock exchanges were lower in the premarket hours on Monday with investors anticipating the Institute for Economic Research (Ifo)'s report on Germany's business climate. In addition, Deutsche Bundesbank (Buba) will be revealing its monthly report later today. Philips N.V. and Credit Suisse Group AG both released their first-quarter financial reports earlier.
The Euro Stoxx 50 dropped 0.17% at 8:00 am CET. Frankfurt's DAX declined 0.24%. The CAC 40 fell 0.26%. London's FTSE 100 slipped 0.27%.
At 7:57 am CET, the euro lost 0.13% versus the dollar, to sell at $1.09776. The British pound traded 0.11% lower against the dollar, going at $1.24264.
Baha Breaking News (BBN) / AB
Happy Monday y’al
What strong gold says about the weak $US
Too confident in the indomitable dollar, the US saw sanctions as a cost-free way to fight Russia without risking troops. But it is paying the price in lost currency allegiances, with gold left as the main safe haven.
Today commentators overwhelmingly agree that a weakening US dollar cannot possibly lose its status as the world’s dominant currency because there is “no alternative” on the visible horizon. Perhaps, but don’t tell that to the many countries racing to find an alternative, and such complacency will only accelerate their search.
The prime example right now is gold, up 20 per cent in six months. Surging demand is not led by the usual suspects – investors large and small, seeking a hedge against inflation and low real interest rates.
The heavy gold buyers are central banks...
Instead, the heavy buyers are central banks, which are sharply reducing their dollar holdings and seeking a safe alternative. Central banks are buying more tons of gold now than at any time since data begins in 1950 and currently account for a record 33 per cent of monthly global demand for gold.
This buying boom has helped push the price of gold to near-record levels and more than 50 per cent higher than what models based on real interest rates would suggest. Clearly, something new is driving gold prices.
Look closer at the central bank buyers, and nine of the top 10 are in the developing world, including Russia, India and China. Not coincidentally, these three countries are in talks with Brazil and South Africa about creating a new currency to challenge the dollar.
Their immediate goal: to trade with one another directly, in their own coin. “Every night I ask myself why all countries have to base their trade on the dollar,” Brazilian President Luiz Inácio Lula da Silva said recently on a visit to China, arguing that an alternative would help “balance world geopolitics”.
Thus, the oldest and most traditional of assets, gold, is now a vehicle of central bank revolt against the dollar. Often in the past both the dollar and gold have been seen as havens, but now gold is seen as much safer. During the short banking crisis in March, gold kept rising while the dollar drifted down. The difference in the movement of the two has never been so large.
And why are emerging nations rebelling now, when global trade has been based on the dollar since the end of World War II? Because the US and its allies have increasingly turned to financial sanctions as a weapon.
Astonishingly, 30 per cent of all countries now face sanctions from the US, the EU, Japan and the UK – up from 10 per cent in the early 90s. Until recently, most of the targets were small.
Go gold, its about time the US$ was recognised for what it is ...a tool of US policy and hegemony
the gnome
Yes, and moral rectitude is amiss int he Middle East as well, which i the vhannel for the gold. The artisinal gold from West Africa goes through Dubai as well by the bucket loads.
Its the poor citizens who are fleeced, as there is no tax paid on the gold smuggled out. Nor the diamonds, And of coure in Zimbabwe we have the appalling mess made of farming as well by the political class. They could not do any worse if they tried
regards
the gnome
gnome I thoroughly agree there would have been a very detailed study carried out and such studies are easy to compile with the number of software packages that have been developed. All of which would be able to play what if analysis comparisons.
I am certain you are correct about some eye watering numbers that would have impacted the SP and ??? the seriousness of an unstable wall at any other time than when you have nowhere else to mine of a half decent grade.
Horgan must have been sh---ing himself when the pit boss said all of your nightmares have come at once.
That is why I feel the studies had already been done and the news of an unstable wall brought forward the planned cut back.
I have to agree with geologists running a mine and to then be replaced by an accountant? Experience has to count for an awful lot when running a mine and when Josef had Harry Micheal and Trevor Shultz on the team both of whom had experience in bucket loads I felt comfortable.
Like you I again agree that history can't be changed and we must look forward, as I have said looking forward to the Doropo PFS but really looking forward to the end of the waste contract.
Don't care what anyone says a 30% reduction in the strip ratio will positively impact the bottom line.
Yes very sad Mr Gnome, it is apparent that moral rectitude is a very scarce commodity in Africa!
Thank you Mr Gnome, seems to confirm just why Africa isn't the place to try to carry out any legal business!
New comedic is thin on the ground- social media puritans, pc puritans wrecking everyone else’s fun- the living for others and respecting the majority has vanished into the world of total naracism we now live in- we know longer have the truth, just “our own truths”, “you cannot offend me”… the world’s gone bonkers