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Centamin shareholders should read & understand page 13 of 2022s full year results titled Capital Allocation.
Centamin's dividend policy is now legally subject to additional fiscal hurdles to safeguard the line of credit from the banksters , the most obvious of which is holding a minimum $100 million cash in the bank. And that caveat applies whether or not any credit has even been withdrawn. The cash flow 'available for dividends' will be greatly constrained by the new flowchart.
IMO finding ways to lower the bar is one of Mr Horgan's greatest talents.
https://www.investis-live.com/centamin/63eb959d33aa1a120095c6ee/gqruu
And for those who still doubt, notice Centamin's IRR threshold has been reduced to 15% , in anticipation of Doropo's actual capex requirements. The outdated Batie West PEA (circa 2013) which was copied & pasted onto Doropo's PEA should never have been used and management are forced by the banksters to own it.
Steve think of it this way,if Gold carries on up to new all time highs.
Ceys lost production is in the ground to be sold at a much better price.
I wonder if that has been the plan ,all along.
;-) HA Ha.
;A cunning plan Mr Blackadder.;
Good job on Mr Horgan? Time will tell- below are some stats I've pulled since he took over CEY:
(the figures below do not include divis paid which you can work out for yourselves if you wish, you can also add in AISC against each line..)
CEY down ~20%
FRES up ~7%
Hochs down ~36%
Barrick down ~7%
Newmont down ~3%
Dow up ~50%
S and P up ~58%
FTSE 100 up ~25%
US inflation was around zero at the time he took over, then rose to a peak of about 9% and last figures show it at about 6%.
Damn inflation...
Interesting on the back of gold up ~21% and silver up ~50% on same timeframe.
Hi Paul,
Absolutely and you are still entirely right and I agree 100% with all you say!
Tibbs
As I've said before Mr T ------if they had done the job properly or even a bit better, we would probably have received the same total dividends over the years (lower earlier but higher now) . Also the share price would be higher due to confidence and that we should be getting the gold out of the ground now.
The way to try to look at it, while the price of gold is high, is that the dividends should go up and if you are reinvesting them, then with the lower share price you get more shares for your money. Then hopefully when the share price does climb, they will seem like they were at a discount price.
I've also said before that Martin Horgan could walk away with no loss of face, so it is encouraging that he wants to stay in the job and must think he can make a decent fist of it.
Lets hope we live long enough to get and enjoy the golden flip flops.
Seems like analysts are hedging the bets on POG,but then what's new!
It is after all about creating trades to churn the market!
https://www.kitco.com/news/2023-03-17/Is-the-gold-market-oversold-Main-Street-investors-say-no.html
Friday, 3/17/2023 15:30
The GOLD PRICE jumped to an 11-month high in Dollars today and set new all-time records in a raft of other currencies as European and US financial shares sank yet again while longer-term interest rates steadied after their sharpest weekly drop since the Black Monday stock-market crash of 1987.
Touching $1963 per ounce around this afternoon's price-benchmarking auction in London, gold showed its strongest weekly gain since mid-November at its 5th highest Friday finish ever.
Gold priced in Euros touched €1848 – its highest outside the peak of €1900 hit when Russia invaded Ukraine in early 2022 – while a UK gold price in Pounds of £1617 topped this week's previous record high, as did the gold price in Australian Dollars, Japanese Yen and Indian Rupees.
Shares in US lender First Republic (NYSE: FRC) meantime plunged by 1/5th despite 11 of America's largest financial firms putting $30 billion into the troubled bank – 6 times its current stock-market value – to "reflect their confidence in the country’s banking system."
Thanks to record emergency lending, plus funding for the FDIC's rescue of all SVB depositors of any size, "The Fed balance sheet has jumped by $297bn," says Holger Zschäpitz, finance writer at Germany's Welt newspaper, "the largest weekly increase since the pandemic [as] financial institutions took billions in short-term loans."
With some (but not all) pundits, investors and traders widely calling this the end of 'Quantitative Tightening' if not the restart of QE asset purchases ahead of next week's Federal Reserve decision on interest rates, that figure includes $152.9bn borrowed by commercial banks from the Fed's discount window in the week-ending Wednesday, a record call on the 'lender of last resort' topping even the peak of the Lehman Brothers' crisis in 2008.
https://www.bullionvault.com/gold-news/gold-price-frc-031720231
Certainly Steve, but then hindsight is a great thing and CFD's can also be very costly when things go the wrong way!
But I take your point!
The resurgence of market suspicion and the contagion of sinking share prices in the banking sector and indeed the way the market regards the billions upon billions of central of governments mickey mouse liquidity loans demonstrates that once trust or confidence is lost, even over decades it rarely returns for a very long time, if ever!
This one again demonstrates the "Job" that Pardey & Ypussef did on destroying market confidence in Centamin and all for pushing up the guidance for a few years!
Had they run Sukari with sound mining methods imagine where the share price would be now, more importantly where confidence would be in the abilities of the management it would have ore than compensated and some or a few years lower or erratic guidance from 2016 .
Clearing away tens years worth of Sukari crap in order to be able to operate the mine properly , albeit horrendously expensive is possibly the easiest part of the challenge for Martin Horgan to achieve, by far the hardest part is restoring the markers and indeed share holders trust!
At the present all we have is promises that the good times are coming, some time?
Do I trust the company, I made that mistake of giving them the benefit of the doubt far too many times in the past, it's measurable proof in the pudding I want to see now and so far it isn't that evident!
How many of us here wish we’d CFD’d gold and not CEY!
Gold finished at $1993. Crazy week
Barrick gold up 5% across the pnd so hopefully the sector starts to come in favour again.
People seem to use kitco, but I use investing.com.
Far better. Shows index futures, bonds, crypto, forex, commodities etc
Kitco news, Neils Christionsen.
Got Gold ? You might just need it.
Interesting read.
The sentiment in the market Cooperman, nothing to do with value. :-)
Not much logic is there ?
How the hell does gold go up 65 dollars to 1990 and cEY goes up 0.1 pence. Something is crooked
Yes The Teacher, I noticed . Though it shows on the Bullion at a fraction less, but overall a very good week.
Will it continue ?
Who knows how long the Bankters situation lasts, But higher highs and higher lows is normally a good indicator.
Hi Sotolo,
A mighty strange world. As you said in your earlier post - not great results yesterday but nothing that was not already known. Hopefully the late fall yesterday and earlier today were both just the vagaries of triple witching day and we will move up nicely next week. Here's hoping!
Best wishes,
Prof
Yes prof, yippee gold price up over $100 this week increasing profits by 20% …..while Cey is down
According to Kitco it has just closed at an ask of $1990:
https://www.kitco.com/charts/livegold.html
Just closing at $1983.27 +3.32%
*Typo
Just closing at $983.27 +3.32%
Unreal
ulterior agenda behind hiking interest rates.
The President of Silver Elephant Mining Corp, John Lee, sits down with Andrew Maguire to uncover the hidden agenda behind world economic policies and the threats of forced conversion to digital currency.
The mining expert expounds on the geographical shift of power away from the West into Asian countries unleveraged by the US dollar, sharing his perspective on physical gold and silver as the ultimate and unbiased form of insurance.
https://www.youtube.com/watch?v=IiqPgoCmlOk&t=116s
Hi Supercharger, welcome back!
I have to agree about not trusting what banks say having been an RBS & Lloyd s holder in the past!
Good weekend all, been a wild week!
Yep, in the RNS
Tony as you said ,today triple witching ,and crazy drop off ,then gradual rise.
But its Friday and finally lots of traders selling.
Uncrossing 10 million.
Yet we end up in the blue.
Good weekend to all.