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Either winner>gold goes up, no winner>gold goes up5 Nov '20
Looks like a good result for gold, short and long term. The value of money is going down, as the supply of money goes up, and producitivty earnt by that money gets lost in the distributive chaos of governments
USA Elections should help us here tomorrow5 Nov '20
Some states are reporting they will not finish counting until at least next Tuesday - what with new ballot box's being found and Legal actions being taken against some states and not others this cannot help the USD but could help us for the end of this week. I have seen Comex futures is up for Gold and no doubt the far eastern markets might buy in the precious metals on the back of the goings on. Unbelievable.
Oh my Mrtibbles the dreaded bridging loan... it was like dancing with the devil. Expensive short term loan. By all you’ve listed I can conclude you came up the hard way but driving ex-government vehicles was common enough around our way. Nobody had any cash, it was all accounted for before it was earned. By the very nature of things kids have it easy. Cars were unreliable resulting in everyone learning how to lift the bonnet and sort it out. Now the cars are all really reliable and the youngsters haven’t a clue on how to fix anything. This way but once! Once is enough.
Like Hoc it took a long time in the day to get the cylinders warm and then we were off. I feel sometimes buyers are wrapped up in other shares and cannot come in until they have released their funds. However even when/if we have an update on results soon I seem to remember Centamin had some unsold gold at the last update well if the Gold price continues its upwards journey even the Stock in trade will be worth more. The hold was movement on a small section of the mine that was bringing out top quality gold and so it as felt production for the year will reduce as they investigate and move production to a lower grade, but they have said the movement was most likely caused by underground water and they have pumps working to see if that helps stabilize, if it does I seem to remember them saying they could continue underneath. After following Australian Gold miners water courses and gold seem to go together so it is one of the hazards to go with the better quality seam I suppose. Once we get to 2,000oz (if we do) I am sure we will be up and running.
Razor's for some reason my last message posted before I had finished, I also recall mortgage rates at 15%-16% , my wife had a decent job as a postal officer in a Crown office, I was a junior manager in municipal public transport ,also a reasonable job, but they would only take my salary into account when we applied for a mortgage as women were likely to have babies,so even though we had both saved on a regular basis with our building society the max mortgage offered was £16,000, with a 3 months wait before that money was available, in the meantime we were forced to take a bridging loan to cover the house purchase until the building society released the funds. I drove an old ex council escort Mk 1 van cost£130 at the auction,all our furniture was either from auction or other peoples cast off's the TV was a B+W ex radio rental cost £10 and our three piece suite was black vinyl on bought for £12 from a mate, we did have a new gas cooker from the gas board on instalments added to our gas bill. Then came along Thatcher with the privatisation of anything publicly owned and the systematic attack on negotiated terms of employment with the threat of redundancies in most sectors, apart from on the City exchanges where the yuppies changed their Porsche’s rather than wash them from the loads a money they made out of selling to the people what already belonged to them. Strange how some of today's politicians and even some journalists claim we are the generation that had it all so easy. No doubt today people’s expectations and attitude to debt have changed and second-hand is no longer acceptable when you can have everything new on the plastic and worry about paying for it sometime in the future or getting Mom & Dad to pay for it. As things stand the whole system is based on consumerism funded by debt with governments printing ever more fiat money and kicking the can further down the road in the hope they will remain in power
You are right Mr Bond, when mortgage rates were 15% the house prices were lower in comparison, as soon as the cheap mortgages appeared then the estate agents & developers whacked up the price of houses.
MrBond46 I wonder is there really shocks coming, I reckon as the vaccine is wheeled out and the lockdown season comes to an end everything will crank back up again. It’s like the economies of the various countries are hardship proof. I had some wonderful investments in commercial property. Best of fun when you figure something out and then put it into action and you are proved right..
Razor if you are not in soon you may miss the boat on Cenetamin? We have all been waiting patiently for this moment and no one will hold back the price if we continue the way we are with Gold now back approaching 2,000 oz - Biden is looked upon as a success it seems for closer ties with the rest of the world and increased trade will mean increased demand particularly from China the world biggest gold purchaser for use no doubt in the electronics industry.
Centamin share price is handicapped as the market awaits the mine report. It wouldn’t matter if the price of gold was dancing on the ceiling the pps will always take into account that the market has been told the production is restricted.
Rise in the price of gold fed by lowering dollar fed by the uncertain elections result isn't yet feeding into CEY. I'm not sure why. Other factors of course I mention the most pressing today. I feel current SP is a good entry point for CEY given the recent pullback because of Sukari
RazorsEdge, In the period of 15 % I bought an industrial unit, but interest did not matter, I was making it hand over fist, the opportunities were there then. also bought mobile phones, the bricks, for rapid communication. The difference now is cheap credit and cards maxed out, on wanting everything NOW. There are some big shocks on the way for many, and far less jobs and pay.
Things seem to continue regardless Mrtibbles, I know of one large country that has been broke for years. It doesn’t seem to matter... not like the 70’s /80’s when lolly was scarce and the bank interest rate was 17.5% I was getting more monthly interest than my girlfriend was getting paid as a nurse. They’ve all got £500 (@least) phones. Different era.
Without seeming pessimistic the gold price has to hold. Look back at Trumps win in 2016, gold also rose then fell straight back. Some people took a quick opportunist profit then sold. Though this time there are far more considerations in play. The virus ,state of the world economy, fall in dollar, and if Biden gets in a likely control of the senate by Republicans wanting to stop his changes. The FED may continue QE, as they will be forced to to stop a collapse of the paper mountain , otherwise the market bubble may burst. Then things will continue as is the norm, these days.
Agree with thought of Biden or a Trump win will help commodities5 Nov '20
I still see this as a strong buy at this price. We saw the other day when reports come strong of actually a Biden win most sticks including precious metals moving up on demand. I see if Biden is elected which now looks the most probable we will rise, as whoever wins like the Egyptian govt release will have to introduce stimuli. Also I see the USA more likely with Biden do deals with the Chinese who with Russian are the largest Gold buyers. Not long to wait in fact I am surprised CEY themselves are not using their own cash to buy back some shares but I suppose they are holding that with fingers crossed to be spent on new mining opportunities in Egypt or the Ivory coast or Burkina Faso if the political climate allows them to open up after their exploration project?
Agreed, I can't see World Quant wanting to remain short if they see Gold pushing back over $2000. I have watched their shorting patterns before ( on Oil stocks ) they are a Quant fund which means they short based on algorythim, order flow, market patterns etc. They are not a 'conviction' shorter so they haven't taken a particular dislike to Centamin, just taking advantage of the weakness in my view.
Good Morning Zambianminer, I think that we understand one another a little better now. Also interesting that we are of similar opinion on some issues but good that we are able agree to disagree on others. As I said previously I have greater confidence in our new CEO and his ability to improve the fortunes and future of Centamin than I ever did in his two predecessors.