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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Technically, this is overbought and will fall back below 100, potentially to 94. If Gold can remain above 190p and head to 2000 the CEY will bounce off 94.
I think it was back in June on another LSE board, don't know if it includes all LSE boards but hasn't posted anywhere here since, I see his penultimate LSE post was on EUA when he was rather disparaging about the share and its then market cap, it looks like it is now about three fold lower, he can be found over on the ADVFN boards including Tharisa and currently appears keen on Evraz for the brave
I hadn't realised either. - That's a pity. - How does he get unbanned?
Hi Sotolo,
Didn't realise Tiger had been banned from this forum?
Yep Halfpenny- hopefully gaining pace now
Just a reminder that the cey sp can and does rise rapidly just looking at the past chart, if you're out you'll lose out.
i'm heavy PMs, have been for some year now for many different reasons. if institutes choose to buy then back to the average mean of 1.5% invested in PMs against all asset classes will push the prices forward massivley. i think for many reasons including now a commodity run and inflation coming through massively we are going to see high inflation and urkraine has a long way to play out
Thank you Viable, I continue to think Tharisa is a well run and undervalued company, though who knows where Platinum group metals will go, as fear and a coming recession fight it out. Happily the market is catching up, and it is up 60% in little ove 3 months, and this week just passed its old all time high so hopefully in blue skies, somewhat making up for my Centamin losses. However my interest is entirely thanks to a most informative post here a year ago by Tiger on the Tail, sadly banned from LSE for his honesty, a bit like in Putin’s Russia. I for one miss his posts here, along with the likes of Uncertain, and other appreciated stalwarts, like Prof, who now posts so rarely.
Equities in Europe traded mostly higher in the premarket on Wednesday ahead of the second round of peace negotiations between Russia and Ukraine, scheduled for later in the day. Earlier, the United States and the North Atlantic Treaty Organization (NATO) reaffirmed they will not be joining the clashes in the crisis-hit country.
Traders will also keep an eye on the latest results in Britain's housing prices, Germany's unemployment rate, and the Eurozone's Harmonised Indices of Consumer Prices (HICP).
The DAX rose by 0.06% at 6:59 am CET. At the same time, the FTSE 100 rose by 0.31%. Meanwhile, the CAC 40 stood flat. The euro lost 0.17% to the dollar to sell for $1.11120 at 7:10 am CET. In the same minute, the pound sterling fell by 0.14% against the greenback to go for $1.33050.
Baha Breaking the News (BBN) / JR
Happy hump y’al…
In my experience Geologist have neither the training, depth of experience or financial knowhow to manage feasibility studies or mining development programs, or in fact mines. What qualification did the previous Centamin CEO have? A PhD in geology is defintely not a requirement for doing feasibility studies, in fact it seems to act it he opposite direction.
The litany of mistakes in mining companies is gigantic.
Some of my "quiet" experiences
the CEO who had no idea what the cost of mining was? He had asked sevearl times.
the mine development which followed the wrong quartz vein (it was barren), and then they checked for gold ...geologist got in front of the cart? too smart???
the mine manager who put the tailings dam on the ore extension
the major company which shorted on the metalurgical studies and only sampled the oxide ore, and so designed the processing plant. It was later found that >80% of the ore was refractory.
the major company which made a new discovery, did some preliminary scoping drilling and work, decided it was too small at 150k ounces, and sold it for a song. It was later found to have dearer 5 m ounces of gold, a slight miscalculation?
the major company which discovered a massive porphyry deposit in the philipines, and then found out the levels of corruption, not to mention local terrorism , were outside the boards stringent guidelines (tail wagging the dog???), prohibited the company from doing any development of what they found...
and so on, and so forth
say no more...
the gnome
Goldgnome - thanks for sharing that eye-opening study
As a side note - that Hope Bay mine that Agnico Eagle just shut down - guess who did the original feasibility study and went on to build and commission it as CEO of TMAC Resources in 2013 to 2017?
Dr Catherine Farrow
https://www.linkedin.com/in/catharine-farrow-78535617/details/experience/
Perhaps the TMAC/Hope Bay mine's extensive history of poor performance and failure was a valuable learning experience for this Dr Farrow?
Actually, it must have been a superlative lesson because some genius saw fit to reward Dr Farrow's failures by hiring her as one of Centamin's non-executive directors in late 2019 - where she still sits... (Rebess - your last post was so on the money!)
One can review Dr Farrow's mine building catastrophes as CEO of TMAC/Hope Bay here:
https://www.juniorminingnetwork.com/junior-miner-news/press-releases/1727-tsx/tmr/32370-tmac-resources-reports-operating-and-financial-results-for-q1-2017.html
The mining idustry is not good at talking about its boob-ups, even within a company. Net results are
1. it never learns and
2. shareholders tend to suffer.
An insightful study on the success or more commonly faiings of Feasibility studies can be found at below link. I bet you cant find too many reports/presentations like this?
https://vdocuments.mx/why-feasibility-studies-fail-melbourne201302presentation.html
good luck
the gnome
There are two important and immediate questions to consider:
Will this war extend beyond the Ukrainian-Russian borders to include Russian responses that hurt one or more NATO countries in significant enough ways that could lead to tit-for-tat escalations that could lead the war to become between Russia and NATO countries? Or, will cease-fire talks lead to some sort of cessation of fighting?
How supportive will China be to Russia?
Classically and currently the world’s leading power (which typically has the leading currency) is spending much more money than it is earning, which is leading it to borrow a lot and print a lot of money to buy the debt, which is reducing the value of the debt and money relative to the value of goods, services, and non-debt investment assets. This is producing inflation in goods, services, and investment assets. History has shown that when the coffers are bare and this sort of money printing takes place, financial weakness is near, and financial weakness causes all sorts of problems and precedes declines. When the coffers are bare and there is the need for more spending on both “guns and butter” there is a lot more printing of money, inflation, and political reactions to inflation.
We are havng to suffer an election in Oz, which is depressing. Tweedle Dumb and Tweedle-a-lot-dumber. We all have our corsses to bear.
Good days for gold, Good years ahead for gold
best
the gnome
@ Mon 07:38
Sotolo, I noted your THS entry. Combining it with related post, I had a rethink over the weekend, leading to heavy take-up of PGMs. The bottom line is if Putin fails he is likely to further cripple the Russian economy.
And climbing I guess it’s £1.10 here tomorrow…let’s hope the dividend does not get cancelled/reduced @ current Gold price I doubt it.
It's the old story Cowichan - I think it was a Mark Twain quote. -" A Gold-mine is a hole in the ground with a liar at its entrance" - Mine management is a travelling circus, they seem to flit between mining companies, picking up 'Golden hellos, large salaries and bonuses in between before picking-up a 'Golden goodbye', moving on to the next mine for a rinse-n-repeat. Like bumble bees flying from flower to flower. -
January 2021 - AgnicoEagle pays $286 million for TMAC, which operates a gold mine in Hope Bay (Canada) for a 26 per cent premium to the $1.75 per share that Shandong Gold was to pay
https://financialpost.com/commodities/mining/agnico-eagle-to-buy-tmac-resources-after-canada-rejects-chinese-suitor
- The acquisition price is “reasonable given the stable jurisdiction, and is within typical valuation ranges,” said Fahad Tariq, an analyst with Credit Suisse
Feb 2022 - AgnicoEagle decides to shut it down
"And after all the consideration, we thought that it was making more sense to stop operating and just focusing and putting all our energy into exploration."
- When it was fully operational the Hope Bay mine had 689 employees
https://www-cbc-ca.cdn.ampproject.org/c/s/www.cbc.ca/amp/1.6363802
---------------------->>>
My Thoughts:
Perhaps if boards/management at various mining companies were more forthcoming with the actual state of affairs with shareholders, the market and thus potential suitors - such boob-ups would be less frequent.
Also, it seems to me last week's sudden (forced?) departure of former Kirkland Lake CEO turned AgnicoEagle CEO Tony Makuch may also signal things weren't all they were talked up to be at various Kirkland properties prior to Agnico's $13.5 billion purchase of said company.
In particular the Detour Lake gold mining complex which recently got a stunning 10 million ounce upgrade to its mineral resources from its new-but-very-short-term owner Kirkland Lake
https://www.mining.com/kirkland-lake-gold-adds-10m-oz-gold-to-detour-lake-resources/
Awaiting announcement of a resource 'recount' soon - but will there be repercussions or just a shrug of the shoulders ? It seems to be acceptable to blame the geologists, blame the resource estimate contractors or blame the actual geology but never blame senior management.
https://financialpost.com/commodities/mining/agnico-eagle-announces-surprise-exit-of-ceo-tony-makuch-amid-earnings-miss
Thank you Robbie,
Mining Billionaire Pierre Lassonde discusses the #SilverSqueeze , gold mining business and offers key advice for speculators. Pierre comments on the silver price in historical perspective and where it might be headed.
He shares his number one advice for executives of gold producers as well as what type of mining investment he likes now outside the precious metals. Pierre talks about the current-day gold royalty sector and what is necessary for a start-up royalty company to succeed. He discusses a couple key traits mining speculators must have in order to succeed. Finally, Pierre discloses that he believes “that we are ripe for massive new discoveries…And I think we're due for one. And if and when it happens, it's going to juice up, the energy of people. And I would be looking very much for that kind of event over the next few years. I just know in my bone, it's going to happen.”
https://www.youtube.com/watch?v=XDzpXcdjlwY
The misconceived and deeply damaging invasion of Ukraine by Putin has not only exposed the dictator is his true colours but has transformed the long term outlook for gold. This is a turning point for cey which can lead to a fundamental reassessment of its prospects for the future. Google Pierre Lassonde for a detailed analysis of the consequences of Putin`s actions for the gold price in the short to long term.
If shareholders were lied to by Pardey and the rest then the toothless regulators in the CITY should hold them to account and block their current shareholdings or impose massive fines. Let them appeal at their own cost.
Hi Paul,
Agreed , seems like the bad mining practice for short term gain by Pardey & Co has taken us back in time by around 4 years, that's the really galling thing about this, we were lied to and the BOD & NED's claim they were unaware of the true state of Sukari!
I had a quick scan through the first bit ( running late today--late breakfast after doing the shopping). It struck me that Sukari is down as 160km so even without the court case being settled , it looks like is is agreed about the size of Sukari. The case has being going on for so long , Centamin could probably claim "Squatterrs rights" on the land anyhow :-)
The cost cutting seems to be going well and while ounces mined is good, if they are expensive to mine that is not so good. Get the costs down and its better than working harder to stand still.
Looking at the predicited ounces going to be mined, it doesnt look like any rash predicitions, but lets hope the targets are met and exceeded.
Im not gettng any younger. It would be nice to get the flip flops before a shroud!
Crypto continues to rise … google for possible rationales…
“ Russians worried about the stability of their currency and financial system may see bitcoin as a way to protect their savings, he said. ”
Conversions between bitcoin and both the Russian ruble and Ukranian hyrvnia spiked to their highest levels in months immediately after Vladimir Putin ordered the invasion last week, according to data released Monday by Kaiko Research.
“We see some evidence of an increase in bitcoin-ruble volume,” Blockchain.com research chief Garrick Hileman told The Post, cautioning that it was unclear if Monday’s price movements could be completely attributed to such trades.
“There’s certainly a big uptick there compared to what the norm was historically,” said Hileman, who’s also a visiting fellow at the London School of Economics. “Is it significant enough to kind of move the price to this degree? Can’t say.”
Hileman added that bitcoin’s surge could also potentially be attributed to people converting fiat into cryptocurrencies in order to donate to the Ukrainian military and Ukrainian charities, which have raised more than $22 million in crypto over the past five days, according to data from crypto compliance firm Elliptic.
Ukrainian Territorial Defense fighters test the automatic grenade launcher taken from a destroyed Russian infantry mobility vehicle.
Russia-Ukraine news: 70 Ukrainian soldiers killed in artillery strike, says official
It could also potential be due to non-war-related factors like a short squeeze, he said.
“It’s very hard to make a clear interpretation here,” he said.
Many major crypto exchanges including Coinbase and FTX do not operate in Russia. Therefore, many Russians have turned to Cayman Islands-based Binance, which is the world’s largest crypto exchange and offers trades between the ruble and bitcoin.
After Ukraine’s vice prime minister Mykhailo Fedorov called on crypto exchanges on Sunday to block Russian users, Binance refused.
“We are not going to unilaterally freeze millions of innocent users’ accounts,” a spokesperson for Binance told CNBC. “Crypto is meant to provide greater financial freedom for people across the globe. To unilaterally decide to ban people’s access to their crypto would fly in the face of the reason why crypto exists.”
Russia
Crypto exchange Binance has refused to block accounts belonging to Russians.
Bloomberg
Cryptocurrencies fell in tandem with stocks last week when Russia initially invaded Ukraine but have since outperformed. Bitcoin is up 10.8% over the past five days, while the Dow Jones Industrial Average is down 1.0%.