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Why not just leave the numbers in the garage bin and then just chuck them out altogether once a month .
Fair comments Mr Bond, good or bad news or even manipulated NFP results and retail spending figures, any reason you could possibly mention , even those that are really not connected in any way to Cemtamin or gold they are all an excuse for the market to churn the shares!
Be very interesting to see how the share price stabilised if it were possible to stop constantly waiting on and putting such emphasis on NFP and all the other unrelated crap that changes every minute and hour of every day and report once a month, it may well result in more stability to the markets and share prices
Fair comments Cowichan !
Also yesterday GDP Price Index was lower than expected at 2.2%
Indeed the important numbers are coming out today
PCE
Gold currently + .38% at $1953
Major indexes in Europe were mixed in Friday's premarket trading as investors digested the European Central Bank's (ECB) decision to raise interest rates by another 25 basis points and continued to focus on incoming quarterly earnings. Standard Chartered and Sanofi reported their results this morning, while Eni, AstraZeneca and NatWest are also set to publish earnings before the bell.
The Euro Stoxx 50 slid 0.28% at 8:00 am CET, the CAC 40 traded flat, while the DAX was up 0.08%, and the FTSE 100 climbed 0.26%.
The euro added 0.06% against the dollar to go for 1.09843 at 7:58 am CET, while the pound lost 0.06% compared to the US currency to sell for 1.27887 at the same time.
Baha Breaking News (BBN) / NP
Happy Friday y’al
Enjoy your weekend
Gold currently + .38% from last nights close at $1958
The clue is in your message Tony... "spend up" figures everywhere and what do people generally associate with "spend up"? Inflation... and what is the tool for attacking this? Interest rate rises....
It doesn't matter what we think, the market downer on gold had to happen after this data, based on what the FED said yesterday.
As always, trade within the system, and it's irrelevant what I think of the system, I have to trade within it, and the rules surrounding it.
27/07/2023
Egypt's prime minister announced a number of measures Thursday, including planned power cuts, to cut down on energy consumption
Civil servants will work from home one day a week in an attempt to ease the load on local electricity networks, Mostafa Madbouli said in televised remarks
He also confirmed that planned power cuts announced by the government last week will continue, with residents warned not to use elevators at certain times of day.
Last week's measure sparked a backlash, with many people complaining that the cuts -- frequently coming at the hottest time of day -- often lasted longer than two hours and occurred outside of the planned time slots.
A similar energy crisis during the short-lived presidency of the late Islamist Mohamed Morsi led to widespread anger and protests before he was removed by the army in July 2013.
In 2015 the authorities struck a deal with German electricity giant Siemens to build three major power plants with investments estimated at six billion euros ($6.5 billion) in a bid to improve the network.
But the country has since struggled with depleting foreign reserves and mounting debt
https://www.france24.com/en/live-news/20230727-egypt-announces-planned-power-cuts-measures-amid-heatwave
------------------------------->>>>
Practically speaking, Centamin should think twice about putting their independent power generation in mothballs and becoming dependent on the reliability of Egypt's power grid
Even though Egypt has touted many times that it has become energy independent and a net exporter it's obviously just one of Sisi's many exaggerations
Yes Tony you are right.
How they consider those figures have any relevence is beyond me ,but now am used to US need to maintain theystus quo with dollars.
Of course more excuses for trades for profit and commissions.
Never mind ,in a few days it will all be forgotten.
Then wait for something else to spin.
Rnse and repeat.
The real reason of course on why so many people on Bloomberg are mystified on a lack of dissent amongst the FED Board is significant parts of the USA are in serious recession and other parts are booming away. Nobody wants to talk about what is happening on the West Coast and just maybe the FED has decided that part of America is a different country and does not fit well with their hawk narrative. It also hides how useless the national data sets are in which central bankers set policy if of course they had a strategy to pursue one.
I found the article on Janet Yellen earnings post FED Chair enlightening (Zero hedge) in which she was paid millions to give talks sponsored by bailed out banks. I guess Jerome is getting his copy book ready to get his $7M for a few hours of useless chat.
The usual monkey hammer on gold after garbage data sets.
USA GDP data;
The report gave clear warnings of insufficient sampling data. (Very typical in July and August on voluntary submissions) The leading causes for GDP growth were the following;
1. Personal current transfers (led by government social benefits) up 2.5% on improved disposable income.
2. Local government spending up.
3. Federal Government spending up.
4. State spending up.
5. Consumable spending on non-residential fixed investment. (Not sure what that is)
6. Increased rental income growth.
Export and importing activity is declining in several reports as an impact of re-shoring and mentioned in GDP and durable goods reports.
Durable goods orders also up. However it is mainly in computers and electronic products. The second increased area is in fabricated metals associated with transport equipment. Most other sectors outside of defence are flat.
None of the above is influenced by interest rates putting out inflation pressures. It certainly shows supply chains moving back to USA and using higher rates to deal with the impacts of re-shoring is counter intuitive. It also shows fiscal spending is pulling in the opposite direction of what the FED monetary policy is trying to do. The headline number however, is used to pull down gold and Centamin.
Hoping tomorrow we go the other way as we drift through original reports behind the numbers.
Yes I agree Steve, I’d tend towards “a data driven market” though.
You’re right about high risk, cash exposed all the time.
I was half expecting Egypt to comment on endorsing Russia earlier in the year but thankfully it didn’t happen. That would have been lovely! 🤗
No, I disagree.
It was the US Data released today at pre-determined normal times that caused the issue- the FED said again yesterday that would watch data and do what was necessary", which they have been consistent with for ages.
The upshot assumption meant that should the positive economic data, further tightening is more likely than it was. We live in a data driven world, which is why I follow the data.
Equally, as I've posted many times before, this stock has a massive driver, gold. As such, like most miners, it remains a great , high risk/reward trading stock and not a good holding one.
Possibly you took my comment out of context, it was addressed to everyone as I was agreeing with your point in general that nationalising the other 50 % of the Sukari agreement as very unlikely, especially as at present and no doubt for the foreseeable future Sukari Cenatmin is the Eygptian mining industry!
It will be years down the road before any of the other concession winners will be producing anything, possibly never!
The prices of gold and silver lost footing on Thursday after central banks across the globe continued to tighten their monetary policy.
Both the Federal Reserve and the European Central Bank increased their respective interest rates by 0.25 percentage points, which seemingly took the attention away from the non-interest-bearing metals.
Gold dropped 1.29% to go for $1,947.16 per ounce at 9:44 am ET. Silver plunged 3.04%, selling at $24.16 per ounce simultaneously. Platinum tumbled 2.72% to $941.48 per ounce at 9:45 am ET. Palladium plummeted 2.11% at the same time, going for $1,220.67.
Baha Breaking News (BBN) / AY
😬😬😬😬😬
Your input is greatly appreciated
Can do!
Hence gold parting back a little
Hi Steve. It took me a little bit of focusing to get to the correct window.
When I clicked on twitter today, thought the "X Factor" had made an unwelcome return lol
Https://twitter.com/centaminplc/status/1684480850241396736?s=61&t=wPRUR5w_YhDaiuhBs7gRKQ
Not worried, this is my point.
Hi Steve,
Why worry as I explained previously the Sukari operation may be regarded as 50% nationalised or 50% privatised.
At the end of the concession licence Sukari and all the equipment is handed over to the government.
It has always been a partnership that has worked up to a point and is very unlikely to change because it suits all concerned.
Hi Cowichan,
Perhaps you bring this to the attention of some of your fellow caring Canadians as past events the world over show these mining companies are not to be trusted to care about the environmental impact of their quests for profits!
Permission has been given to a Canadian mining company to drill for oil in Angola which will decimate the environment and the tourism tourism industry by poisoning and destroy the Okavango Delta, which animals and people alike depend on.
https://www.bbc.co.uk/sounds/play/w3ct4m79
Tibbs