We chatted to IronRidge Resources' CEO Vincent Mascolo who explains why the company has become a lithium explorer. Watch the video here.
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So anyone have any idea why Gold up and Sp down and that there are so many single figure purchases and considerable trades of 100 and 200 shares it looks as though deliberate push at keeping the SP down?
Thanks Gnome. Yes we are now 145th biggest company and rising a place or two each week, this will be speeded if the market falls but we don’t , As posted recently, I believe that we are ripe for a rerating to a PE of 15 which would mean a share price of around 230p with gold as now around its high of £1440 an ounce, and should get there quicker if gold rises especially to £1500 or breaks its dollar high
Interesting news re Yamana. - It's possible that with continuing momentum, Centamin could become a FTES 100 candidate.
I tipped them in the past to replace Randgold's popularity with the possibility of a re-rated P/E as a consequence. Yamana adds a new dimension and should be good for gold-mining interest amongst FTSE 100 investors. - IMO
Well done Sotolo
I see HOC has a lot of gold which will not been mined until there is a more substantial gold price ...
Well done on exiting ... I think a good move
Having yesterday sold some of my very flighty Hoc which are soaring (up 40% in 4 days and since I reinvested the Cey April divi there 70%, since March 300%) to buy mor Cey, I hope yes. We’ve broken through the all time high, with a lot of effort, now let’s hope 200 is less of an impediment and we sail through , though gold hasn’t risen in a month in sterling which is what ultimately counts for us, hopefully the dollar roll will be big enough to more than counteract the dollar exchange rate fall
GOLD TO GO HIGHER! No one knows how much gold China owns, but according to gold foundries in Switzerland and Belgium, whatever they offered to the market over the last decade was snapped up by China and shipped to the country. In addition, China is the world’s biggest gold producer, so it will have large undeclared holdings.
As I look at what China has done in the last 15 years to make the renminbi a credible currency—just as the old deutschemark emerged from the 1960s onward—I conclude that it wants to put gold back at the center of the global payments system using Bretton Woods-era type arrangements. Back then, if a country acquired too many US dollars through current account surpluses and was not happy buying treasuries, the Federal Reserve would exchange its dollars for gold. The system began to crumble when the US closed the “gold window” in 1971, before moving in 1973 to freely floating exchange rates.
Having secured control over Hong Kong, I believe that China will fairly soon move to offer a gold-renminbi exchange standard. The key difference with the Bretton Woods-era arrangements will be that gold gets exchanged at a market price, rather than at a fixed price, as the US did after 1944. This implies that over the medium term, the return on gold should match the returns of a 10-year CGB, which is more or less what we have seen since 2008.
A tactical question for China is whether it holds fire on this plan until the effect of western economies monetizing huge deficits plays out. It seems likely that open-ended spending will be funded using Modern Monetary Theory-type policies (see Not Modern, Not About Money, And Not Much Of A Theory). In this regard, there is a case for China moving only once these Western fiscal and monetary policies are seen to have failed. If Beijing acts in the midst of the Covid-19 crisis, the move could spur huge capital flows from the US and Europe towards Asia. The action could likely “create” a financial crisis in the US and Europe and be treated—rightly—as a hostile act.
My bet is that China waits for Western policy responses to visibly fail before activating its renminbi-gold exchange plan; the point is that the strategic moves are in place. The investment conclusion is to BUY CGBs, PHYSICAL GOLD and GOLDMIINING EQUITIES. In Asia bonds and currencies will do well, as will long-duration assets generally. Commodity producers should also thrive.
....and the world will be a better place?
As the international trading and monetary order of the last 50 years continues to crumble, the endgame must be the US dollar losing its lofty position at the apex of the system. The argument has been that this process began in and around 2005 as the US moved to “weaponize” the dollar, thereby ensuring the renminbi’s emergence as a competitor. China has learnt the lesson that one cannot run an empire on someone else’s dime and its tough action in Hong Kong seems in part aimed at securing national financial security. In the next two years, I expect a fairly rapid acceleration of renminbi internationalization.
Aggressive US action has forced China to build a renminbi-based international payments system, which for legal reasons had to be Hong Kong-based. Whatever the rights and wrongs of the new national security law, China’s need to undertake foreign currency settlements in a place it controls compelled Hong Kong’s “capture”. In time, renminbi settlements will likely be run by the Hong Kong Monetary Authority and “guided” by the People’s Bank of China, which already has swap lines with foreign central banks. Those foreign institutions will be reassured by the use of Hong Kong laws and the HKMA being the custodian of their renminbi reserves. Amusingly, this offshore yuan market could develop as the Eurodollar market did in London in the 1960s.
China’s financial agencies have worked hard to make the 10-year Chinese government bond the payment system’s vital “risk free” asset. They have also facilitated smooth trading in bond maturities from three months out, which is a must-have in a top-tier payment system. This will spur all manner of hedging activity in local derivative markets, with settlement in Hong Kong—again, just as happened in the City of London from the 1970s onwards.
To this end, the institutions and market infrastructure are also being developed, notably the Asian Infrastructure Investment Bank. Also in place are futures markets for oil priced in renminbi and gold. These can be developed to provide deep two-way trading.
The skeptical rejoinder to this view is that the Chinese Communist Party will never open the country’s capital account and so the system will remain half built. Overseas holders of renminbi will not be able to easily buy assets in China, and in any case the country’s weak legal protections will militate against large-scale investing there. This view, however, belies the fact that international payments systems have operated without capital accounts being open. This was due to settlement between countries occurring in gold.
It seems likely that settlement for an excess of renminbi in foreign hands could occur by (i) flows into private-sector Chinese financial assets, (ii) central banks depositing excess savings at the HMKA to buy CGBs, and lastly by (iii) gold being offered freely in exchange for renminbi. No one knows how much gold China owns...
Can it get any better?
European stock market indexes were higher in premarket trade on Tuesday after the European Union finalized its agreement on the next long-term budget for the bloc which includes a €750 billion coronavirus relief package. Meanwhile, Novartis and UBS posted their quarterly results before the bell.
The DAX jumped 130 points, increasing 1.02% while the FTSE 100 gained 0.66% at the same time, both at 7:44 am CET. The CAC jumped 0.86% at the same time.
The euro fell 0.12% to 1.14335 against the dollar at 7:44 am CET and the pound was flat compared to the greenback as it changed hands for 1.26657 at the same time.
Breaking the News / VP
Whoops I hit post before including the subscription only link:
Wall Street analysts expect yellow metal's surge to continue as investors seek safety
20 July 2020 • 12:22pm
Gold prices could surge above $2,000 (£1,587) per ounce this year for the first time amid a flight to safety as markets are battered by the fallout from Covid-19....
Whilst on GOLD and that interesting man Churchill ...
William Manchester in The Last Lion: Winston Spencer Churchill Visions of Glory 1874-1932 (Sphere Books, 1983)...
"When Britannia ruled the waves and the Pound was regarded with respect and awe in all the world's money markets. They assumed that the restoration of the Pound's parity with the American Dollar would re-establish Britain's pre-war prosperity. None seemed to realize that England had squandered its wealth between Sarajevo and Versailles, or that the country's shrunken export trade could no longer provide the surplus needed to re-establish London's fiscal ascendancy over the rest of the world."
What we can learn from this is that, just like the despotic Nero or Henry VIII – who debased their currency to enrich their Treasury – Churchill through vainglory (and a puffed-up belief in the importance of the role of our nation in the world) sought to overvalue money, leading to a massive outflow of money as people would move their gold to where it was sold for more purchasing power, as Gresham's law dictates.
So it is argued by some that this moment in the 1920's (realising the UK's net income was not a lot! crica 1920''s, lead to the creaiton of new form of income and utility for the good men of the CITY of LONDON...the creation of the marvellous web of deceit and ROBBING OF THE POOR TO PAY THE RICH... TAX HAVENS ...(to capture the final breath of the empire experience)
... we must credit the British courts with the technique of 'virtual' residencies, allowing companies to incorporate in Britain without paying tax - a development that at least one commentator believes is the foundation of the entire tax haven phenomenon.
Many trace the origins of the practice to a series of rulings in the British law courts. Most significant among those was the 1929 case of Egyptian Delta Land and Investment Co. Ltd. V. Todd. It was demonstrated that although the company was registered in London it did not have any activities in the UK and hence was not subject to British taxation. This case created, argues Picciotto, "a loophole which, in a sense, made Britain a tax haven". Companies could now incorporate in Britain but avoid paying British tax. The ruling of the British courts proved significant because it laid down the rule not only for the United Kingdom but also for the entire British Empire, a point later exploited by jurisdictions such as Bermuda and the Bahamas and perfected in the 1970s by the Cayman Islands.
A good description is at
Go gold, hold them to account ...
Yes, Churchill had a lot of innovative thoughts and actions, LOL
And whilst we mention bribery and corruption, cant help but think of some of Churchill's shortcomings..as a man who should have nown better
""In return for a fee of £5,000 two oil companies, Royal Dutch Shell and Burmah Anglo-Persian Oil Company [later BP], asked him to represent them in their application to the government for a merger," Gilbert's official biography stated.
By modern British political standards, the 1923 payment would be considered highly inappropriate. (!!!!)
Churchill, whose "political career was in the doldrums" at the time, according to a history of British Petroleum, agreed to use his parliamentary influence to raise the issue in return for money.
"But I'd be careful about calling it a bribe," Toye says. "He accepted all sorts of gifts, which in today's culture of full disclosure would get you expelled from the Commons. But those rules were not in place at the time."....
His view on the use of poisnous gases was interesting "I am strongly in favour of using poisoned gas against uncivilised tribes," he continued....didnt' name any tribes but the Afghans and Kurds didn't do well.
His response to the famine in NE Bengal in 1943, where he appeared to blame the Indians for the famine, claiming they "breed like rabbits". WheAT from Australia went to storage in the UK rather than feeding the rabbits. ...
and on that forever nuisance Mhatama Ghandi..."It is alarming and nauseating to see Mr Gandhi, a seditious Middle Temple lawyer, now posing as a fakir… striding half-naked up the steps of the Vice-regal Palace," Churchill said of his anti-colonialist adversary in 1931.
...from Churchill's 1899 book The River War, in which he wrote: "How dreadful are the curses which Mohammedanism lays on its votaries! Besides the fanatical frenzy, which is as dangerous in a man as hydrophobia [rabies] in a dog, there is this fearful fatalistic apathy.
"Improvident habits, slovenly systems of agriculture, sluggish methods of commerce and insecurity of property exist wherever the followers of the Prophet rule or live."...would have made a great foreign minister ...
His strategy in the Dardanelles was disasterous for the Ozzie and NZ troops (so he was not racist! and we have never forgot), and it was said he made so many mistakes in WWI, that he could not help but learn an enormous amount!?
A most unusual man was Churchill.
Yes, Churchill had a lot of innovative thoughts and actions.
Corruption in Nigeria operates at Olympic gold medal standards. Endemic, Systemic, entrenched. They were taught well.
Despite several "invitations" I have never invested a cent, and never will. Its pleasing to note the legislative changes now in effect in UK, Canada, and USA which places corruption and bribery in the spotlight...but the penalities are still too slight...will make it far more difficult for any company to do business in this country.
Nigeria rans only 146th in the world, but then perhaps someone took some money on this
Mr Tibbles when has it been different,they learned from the corrupt ,bastards occupying them.
Get real it's a pigstie.
But pigs did not invent pigsties.
Churchill was the innovator of concentration camps for Boer families in south Africa.The rest of the colonial powers followed suit,
So they learnt .
Corruption and bribery or kill them for land rights pays, big time.
A good example,don't you think..
Money money money.
(Alliance News) - Yamana Gold Inc on Monday said it is in advanced stages of the listing process on the London Stock Exchange and intends for common shares to be admitted to the standard segment of the Official List and to trading on the LSE's Main Market in "the next few months".
The company, already listed in the US and Canada, has a market capitalisation of USD5.1 billion according to a US Security & Exchange Commission filing.
Yamana, one of Canada's biggest gold producer, said that in addition to its other listings on the New York Stock Exchange and the Toronto Stock Exchange, it believes that a listing on the LSE will bring European investors on to the company's share register. It added that is not intending to raise equity capital in conjunction with the LSE listing.
Yamana is a Canadian-based precious metals producer with significant gold and silver production, exploration properties, and land positions throughout the Americas, including Canada, Brazil, Chile and Argentina.
Quite so Dasut,
Strange isn't how these counties fight for self rule and then when they get it those at the top are greedier and more corrupt than the previous occupying power!
Tibbs all I can say is the article is in my opinion political rhetoric.
Thank you for posting on this, I hoped you would because this is certainly not the impression other people have given me, your personal professional experience and recollections confirms things.
Wow this needs some personal research because I had many meetings over the years with Nigerian officials relating to the Solid Mineral opportunities is Nigeria but always ended up with a sore head after too many brick walls.
$3 billion losses from smuggled gold ? Where are these mines and I suggest artisan mining is all that will ever happen given the lack of transparency and the one for you and two for me attitude.
Reminds me of the joke told to me by a very senior Nigerian "When the Americans were looking to put the first man on the moon and the first applicant was an English man who offered his services for a $1 million to go to his wife if he didn't return, the next applicant was a Frenchman who wanted $2 million with $1 million to go to his wife and $1 million to go to his mistress if he didn't return, in came the Nigerian who asked for $3 million and explained that there is a $1 million for himself, $1 million for the guy doing the interviewing and they would send the silly Englishman."
Seriously I am certain that Nigeria is awash with minerals including Gold but they really struggle to coordinate a meaningful strategy involving the large mining houses or even encouraging the tried and tested International second and third tier mining companies to get out there and do the ground work .
Safety would also be something that would worry me even though I travelled pretty much the whole of Nigeria in my time Boko Haram weren't in existence , but it was still not overly comfortable.
I always like the idea that unexpected positive news can’t be priced in. So when a stock closes on a 52 week high, if something unexpected is published at 7am the share will pop since the market can’t have the info priced in already.
This may or may not have any bearing on anything BUT I have noticed Centamin has cleaned up/revised their Twitter page...
Now their 'bio' statement reads
'Our driving purpose is to create opportunities through responsible gold mining.'
Also, I haven't noticed this in the past so I presume they started to follow this Twitter handle lately...
@argentinamining http:// www.argentinamining. com/es/
Total speculation abounding here but I found one interesting exploration company with a low-key/under-the-radar-project - high grades, low capex with potentially big upside... and loads of Aussie connections...
I hope management is looking abroad for growth opportunities at the earliest stages - that's the only way to maximize shareholder returns long term IMO
ut trade @ 16-35
Hi Winston, thanks for the update, good news!