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Inflation not deflation in previous.
They include huge numbers of part time jobs for example weekend working jobs that people take on on top of a normal 5 day week job. What some people are doing to cope with inflation is to work more shifts or two jobs. This of course is not sustainable for more than say 6 months. The job numbers are simply measuring stress of main street in dealing with deflation as their savings are getting wiped out. The real growth or inflationary effect of the numbers is zero. It may however dampen recessionary impacts in some areas. The housing sector is clearly in recession and getting ignored.
This needs to be called out as the numbers are portrayed as a means to justify more rate hikes and deepen main street recession further.
In the title
There are no limits on the amount of fiat money which can be issued, and this has been going on for decades. It is the only way the economies can be managed. Money is an efficient payment mechanism for goods and services and not store of wealth. Why people are continually confused about this is beyond me. The results are a continual depreciation of the value of the exchange mechanism (money) ...
Gold is a store of weath, an exchange mechanism, and has utility because of its exveptional physical and chemical
characteristics
Major stock indexes in Europe traded lower in the premarket on Thursday as more economic releases lined up. Today, investors will be focusing on German factory orders, the United Kingdom's construction PMI and the Eurozone's retail sales.
Meanwhile, yesterday, the Federal Reserve's minutes showed that "almost all" policymakers of the world's largest economy are expecting further interest rate increases. However, "many" of them also said that "a further moderation in the pace of policy firming was appropriate."
The DAX fell 0.28% at 8:02 am CET, while the Euro Stoxx 50 lost 0.58% and the FTSE 100 declined 0.49% at the same time. The CAC 40 decreased 0.23% simultaneously.
The euro and the pound were both flat against the dollar at 7:59 am CET, selling for 1.08549 and 1.27109 respectively.
Baha Breaking News (BBN) / AY
Follows on from a point made by Sotolo earlier as to why things may be changing.
Courtesy of gold eagle which do scribe some good articles occasionally.
https://www.gold-eagle.com/article/despite-declining-price-gold-strengthening
In my own opinion, so many are on the other side of the boat trying to short gold when sentiment has collapsed. I still think Sovereign debt issues really piling up in a bad way if central banks keep firing up interest rates. There is huge problems in both USA and UK economies and both are suffering with Main street recession. Wall street and central banks are in another universe. The correct policy on rates is to go flat and re-examine the fiscal side are doing and calibrate the damage being done in the wider economy as a result of it and that is a difficult discussion to have between them. I question the point of higher interest rates when governments print money for whatever they want to kingdom come which is mainly to serve their pet interests.
As FED utters further rate rises , got to keep the currency going.
Though it may cause more Banking panic - Rock and hard place comes to mind.
Poor old FED .
Of course inflation is transitory.
Best ignore-
So says you.
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After a 2019 feasibility study, Centamin plc, a gold mining company listed in London and Toronto, has decided to implement a 30MW AC solar power installation at its principal asset, the Sukari Gold Mine in Egypt, according to International Mining. The mine is currently powered by captive generators that burn up to 100 million liters of diesel.
The study indicated that a minimum of 36MW DC / 30MW AC peak power hybrid solar plant would be the optimal capacity for an initial staged integration to the processing plant. Notably, Sukari is located in Egypt’s Eastern Desert, which enjoys some of the highest levels of solar irradiance globally, annualizing over ten hours a day of sunshine. Nevertheless, battery storage of 7.5MW is needed to manage start-up and shut down surges.
The solar project, which is scoped over 85 hectares, would cost $37 million and meet about 25% of Sukari’s energy needs. Its capacity can be expanded in the future if so required.
Annually, it would save 18-20 million liters of fuel and reduce CO2 emissions by 48,000 – 53,000 tonnes.
The project is expected to complete by 2021 and payback in about three years.
https://energyandmines.com/2020/06/centamin-plc-planning-30mw-solar-power-for-sukari-gold-operation-in-egypt/
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3bear,
note above is a June , 2020 article ( Mr Horgan became CEO of Centamin in April 2020 ) and it simply reflects the contents of Centamin's own press releases (of which there were numerous over successive quarters )
So as far as 'on time' - no, the board's plan was to have it in place in 2021 from an already delivered 2019 feasibility study. Who authorized/requested a second PFS? Why? Talk about wasted time, diesel fuel & money paying 3rd parties to study what was already decided.
And as far as 'on budget', it cost more too, $34 million in 2021 & $15 million in 2022 , however the exact breakout costs for 2022 weren't included in the sustainability report here:
https://www.centamin.com/media/2539/cey-2021-sustainability-report.pdf
(see page 62 )
- so unless somebody can get confirmation of the total actual cost for the solar project - one must assume it's $34 + $15 = $49 million - that's far more than the $37million allotted on the original PFS. Why? Who got the contractor changed? To who's benefit? Mr Horgan did not explain to shareholders why they ended up paying so much more.
You know, it's tiring babysitting shareholders , why Centamin shareholders in particular are clueless as to timelines, costs, PFSs and Mr Horgan's deficiencies is beyond me. Wake up and take responsibility for your investments. The company belongs to you, therefore the decisions/actions of the CEO should reflect as much.
Cowichan - enrich his ESG buddies (solar project) ???
This project is displacing 20million litres of diesel a year at 80-90c the litre. it will pay for itself in two years. It was executed flawlessly on time to budget and is delivering nameplate capacity. Diesel has to trucked out to sukari 30,000 litres at a time in tanker trucks. This is a win win win and is rightly being expanded. Surely you can't moan about that?
Hi Mr T. The garden is not doing too well. Some of the little apple trees have very few apples on them and the same with a few of the plums. Probably due to winter dragging on?? I've had a few black and red currants and with the cuttings I took, hopefully next year will be better. No luck at all with turnips or onions growing so far??? At lease the courgettes have finally started to produce and the tomato plants are still alive so far. The garden is a bit like these shares----always hoping that next year will be better.
I actually think I'll go for gold toe capped boots instead of flip flops. :-)
What follows is a comparison of gold miner CEO pay as a cost (an expense) per ounce of gold. In other words the total CEO compensation divided by the total number of ounces produced in the year 2022 (where companies mine copper etc. the sales were converted to equivalent gold ounces) Drum roll please ....
Northern Star $ 0.39
Newmont $ 2.28
IAMGOLD $ 2.88
Kinross $ 2.97
Barrick $ 3.17
Centamin $ 4.16*
B2Gold $ 5.59
Endeavour $ 7.75
Alamos $ 7.95
Eldorado $ 8.06
Centerra $ 21.00*
You'll notice neither Centamin nor Centerra originally appears on the graphic link, they are included in the LinkedIn comments. https://www.linkedin.com/posts/jftduncan_ive-put-this-quick-chart-together-to-hopefully-activity-7077644511136428032-xQL2
Now before somebody dismisses the comparison as a simple 'you get what you pay for' or 'returns are based on profitable ounces not total production' - consider Northern Star Resources, the lowest CEO pay, generated shareholder return of 14% in 2022. Meanwhile Eldorado lost 9%.
I suppose Centamin's place in the middle is neither good or bad , except that CEO's paid both less and more outperformed Centamin across the board (ever since Mr Horgan arrived.)
Just what are the metrics by which Mr Horgan was to be compensated? Production growth? ROE? Reduced AISC? New ounces discovered?
So far he's been rewarded to enrich his friends at Capital Drilling, enrich his ESG buddies (solar project), appoint friends from his previous life onto the Centamin payroll (FTI Consulting), abandon West Africa deposits (Batie) and run-out-the-clock on the final hope of diversification (Doropo.) Yippee!
Hi Paul,
I hope that you are still enjoying your garden!
Our golden flip flops must be very dusty now considering how long they have been buried under all that open pit Pardy crap !
Doesn't natter how many analysts put a spin on this or how many more slick presentations on what might be take place, we need some measurable progress and a finishing date for the waste contact, that's what's killing the share price because market confidence has been well and truly destroyed by the previous bunch of carpet baggers running Sukari!
So come on Centamin or FTI consultancy let's have some news!
Best
Tibbs
Sotolo,
I think Gold gets a six week bounce and then drops back. Rates unlikely to go up in August and for many central banks are not going up in July either. The picture on rates and inflation will be clear by September and both probably go up. We shall see if my call is right. There is less risk shorting gold if the price was over $2000 an ounce. Tony
Tornado slightly disagree on the reason, I think it is because real interest rates are rising again, now around 2% in the USA on the 10 year TIPS, the norm for calculating, and many investors see this rising further putting pressure on gold. The whole sector is down on anticipation of this, though investors may be right or wrong predicting the future, but that is what markets do
CEY closed at 91.15 on Friday and i suspect with USA off line until they open this afternoon is probably why it drifted back. Production is now 22% higher if following the company guidance over H1. Current futures price matches the average of H1. Centamin average H1 price for many months was holding 103p. In theory if the gold price holds we should see Centamin near 120p. The stock is undervalued because of hedge funds shorting GDX ETFs where volume is light. We just need the herd to start buying heavy again and have any short positions toasted.
Well I think , without checking, my last lot were 105 so I'm well down on them. I'm also down on some post office (IDS) I bought as well. BUT I did get some IDS at 206 and sold them yesterday for 230 so made a few hundred quid on those. I left an order for some Centamin at 92.4 which went through this morning-----and I'm now down on those a little. I did want to get them below 92 but didn't want to wait and lose out on a possible rise. I'm hoping for a rise from here but it would be nice if the dividend reinvestment went through first.
The rough plan is to trade with the ones i got today and maybe a few thousand more and try to time getting in and out with a couple of hundred pounds profit-------and maybe dip back into IDS if they fall----although I'm expecting them to go up to round 250.
I suppose as always we are waiting on the next update. A slow and steady would be ok but a good one would be better.
I'm guessing the next dividend will be paid in October and will be around the same but I'm hoping higher!
I haven't got the money of the nerve to deal in 50,000 or 60,000 at a time like some people and would be scared of missing out on a big rise.
So it looks like trading a few thousand and hoping that if I do miss out at least I've got my core holding.
Fingers crossed for the golden flip flops.
I remain completely unclear too- as far as i know they’ve never said it’s done and moving forward this is the new amount which is on-going for normal operations and so on.
European indexes declined in premarket trading on Wednesday as investors awaited a string of economic data reports from across the continent, including service PMI figures and the Eurozone producer price index.
The Euro Stoxx 50 fell 0.30% at 8:01 am CET, the DAX lost 0.11%, the CAC 40 was down 0.12% and the FTSE 100 traded 0.15% lower at the same time.
The euro was flat compared to the dollar, going for 1.08819 at 8:02 am CET and the pound decreased 0.06% against the US currency to sell for 1.27051 at the same time.
Baha Breaking News (BBN) / NP
Happy hump y’al
Of course he is smiling when considering the nice little earner Capital are on for clearing away a decade of Pardy crap at Sukari!
Thing is how much longer before this gargantuan task is finished!
Thank you Cowichan!
It would make sense to re-join the EU, \although I doubt we will get the same generous rebate deal we before the Liars and the other Brexiteers s persuaded the gullible, stupid and lazy to vote to leave !
Gove used to talk about "A Golden Age" post Brexit, so where is it?
The UK is now "The English Patient !" of Europe!
From Capital Sukari Gold Mine With Mr/Jamie Boton❤❤❤
https://www.linkedin.com/posts/radwan-ahmed-nasr-191106227_from-capital-sukari-gold-mine-with-mrjamie-activity-7081542775539646464-0xDm
Disclaimer : Personal Opinion
Judging from the selfie, Mr Boyton looks much happier than the average Centamin shareholder - perhaps it has something to do with his financial arrangement with Mr Horgan and co.
We cut off our nose to spite our face - simples
I am old enough to remember when being 'shackled to a corpse' was one of the pro-#Brexit arguments.
Now, seven years later, the UK's bond yields have just hit new record highs, so that UK has to pay significantly more for debt not only than Germany, but also Greece.
https://twitter.com/NvOndarza/status/1675867946151731202
reference point here (chart link below) UK 2Y vs Greek 2yrs… UK spread on Greek borrowing is also approaching 200bps - 194bps… similar levels it briefly got to at mini budget, but haven’t seen on sustained basis since early 2000s…in between it got to -3600 bps in UKs favour during Greek crisis
https://twitter.com/faisalislam/status/1675852351024898049
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of course, what's bad for borrowers is good for savers wanting higher yields on deposits
what do the UK people think ? (without relitigating the Brexit debate) do higher interest rates for savers outweigh higher cost of borrowing ? my take: net bad for businesses , ok for retirees
A US court has ordered two precious metals companies to pay almost $146m (£115m) after more than 500,000 American Silver Eagle coins went missing.
https://www.bbc.co.uk/news/business-66094057
How is this different from paper gold?