Centamin PLC Share Chat (CEY)

Is this not a case of tit for tat after Oz was persuaded (threatened) by Trump to impose tariffs on China?

Hi Goldgnome & Dansul,
Thank you for the posts, I sahll be passing them onto my London gold trader friend and to my well informed contact at Centamin, both are always interested in such information.

Are already starting to punish Oz with various tariffs-very poor

talk about diplomacy with a big stick-I would like to see this rebound on them-probably wishful thinking

Major European stock markets were higher in premarket trade on Thursday after yesterday's announcement of a €750 billion economic recovery plan by the European Commission and a seven-year EU budget proposal of €1.1 trillion. The investors will await economic data regarding consumer confidence in the Eurozone, as well as inflation figures in Germany, set to be published later in the day.

The DAX gained 1.22% at 7:13 am CET, while London's FTSE 100 increased by 1.01% at the same time.

The euro was 0.06% higher compared to the dollar at 7:13 am CET, trading for 1.10119. The British pound declined 0.07% against the American currency, going for 1.22570 one minute later.

Breaking the News / MS

A worthwhile listen
https://www.financialsense.com/podcast/19616/special-edition-precious-metals-roundtable-jeff-christian-and-dave-morgan

Thanks Mr T for sharing that very insightful story!

From afar and downunder, I struggle to think of how people can be attracted to vote for the likes of Boris Johnson. Further I struggle with the concept of the virtues of the democratic way, as it exists today. The Democratic virtues seem to lie in appeal to the lowest common denominator. Oh for a truly benevolent dicator.

regards

The Gnome.

https://www.kitco.com/news/2020-05-27/-Rocks-beat-stocks-gold-is-still-on-its-way-to-1-900-Bloomberg-Intelligence.html

GLTA,
Dan

Just to show I see both sides, From Prof Alexander Sussex University
No place to hide: How market manipulation in the age of pandemic is destroying traditional safe havens
The Coronavirus pandemic has created enormous volatility in global financial markets but prices of safe haven assets such as gold and bitcoin are not surging, as one might expect, thanks to intense and large-scale manipulation, according to analysis by the University of Sussex Business School.
The contrast with the last major global financial catastrophe is telling. Following the Lehman Brothers collapse in September 2008, the correlations between the S&P 500 index and gold, or the Swiss Franc, or US Treasuries were all around minus 40%. During March and April 2020 the correlation between the S&P 500 index and gold was plus 20%....
The biggest beneficiaries of these market attacks, beyond those placing the trades, are holders of US dollars and US assets. These become the main sources of positive returns for global investors in attempts to curtail the recent trend of some central banks to diversify their reserves away from the US dollar.
The CryptoMarketRisk team at the University of Sussex Business School have been tracking trades on these markets in recent months and have detailed huge sell orders on gold futures, massive pump and dump on copper futures and large spoofing orders on key crypto exchanges.
Some single trades on COMEX have been so large as to move prices - clear contraventions of US laws on market abuse. But widespread market turmoil means regulators such as the CFTC have a lot on their plates right now, meaning even large-scale manipulation of these markets to remain below the radar of regulators.
Carol Alexander, Professor of Finance at the University of Sussex Business School, said: “As funds flow out of equities one would expect demand for gold and bitcoin to increase. But this time around, safe havens have behaved completely differently. Gold and bitcoin have fallen at the same time as US equities.
“As the S&P 500 crashed in March 2020, gold had its worst week in eight years when it should have been its best, because of massive shorts on COMEX gold futures. Bitcoin has also been driven down by some pretty obvious manipulation bots on the unregulated crypto derivatives exchanges, especially BitMEX.
“We are witnessing financial market manipulations on a scale and frequency that have rarely been seen before. The lack of integrity by a few powerful market players is causing a major financial market melt-down from which the current form of our global economy may never recover.”

Professor Alexander's new book Corruption and Fraud in Financial markets went on sale this week

Hi Herbieridesaga,
There are those that claim that that manipulation is a conspiracy theory, they are ill informed, ignorant of all of the facts or choose ton keep the status quo for whatever reason.
Trumps term of term of office has made it even more apparent that the US Federal reserve /BIS have been manipulating the markets for decades and now with the Covid -19 crisis the head of the Fed doesn't t even try to hide the fact, because after all its for the good of America!
Its not for me to say where gold is going, although I wont be selling Centamin!
Thank you for your post!

High Mr Tibbles - my fave main gold man - I noted last week on the Monday the two sharp drops at start of US market as per the classic "how to short gold" tactic, and it happened although less obviously yesterday when gold was already dropping. Now guess what. The day the dollar rises, gold turns at cob UK and is now up. My conclusion - though I am very much the novice here is this is gross manipulation in the face of massive money supply increase (for justifiable reasons) to hold down POG. I think it worked this week as a lot of the gold miners fell and now the market is closed and they have their victims they have let the breaks off - what do you think to that ?

I asked a well established London precious metals trader their opinion on the POG drop

Their opinion

Very skewed view, & clearly not a wholesale view, massive delays at refiners for both gold and silver
100 tonnes of Swiss exports to the US tells a different story.

We did actually close just over 160 today though!

20% ish swing from the high oooch definitely.

I can never bring to sell many as in ISA and looking hopefully to three years growth down the line

Any idea when the storm will be over?
Hope it doesn't last too long!

Oh boy its a reminder how precarious Gold related holdings can be, its going through it's ******** at the moment

I took the small hit yesterday but will pick up when the storm is over

GLA

Thanks Tibbs for posting, very interesting post, a good friend of whos mother who was also German, when the Russians came they raped her and shot her father and young brothers in front of her.I think we sometimes forget have terrible war is for everyone and pray that one day we we all be able to live our lives peacefully where ever you live in the world. As always lets hope that this horrible virus leaves us soon and wish everyone well. Bought some more cey yesterday at the death,perhaps should have waited,oh well!! G.L.A.

The following footnote in the 2019 report was interesting

During 2019 the discovery of Horus Deeps was made at Sukari, an exciting target which is located 300 metres below the current underground infrastructure of two high-grade shallow dipping structures. Mineralisation was similarly intersected below the Ptah and Amun zones, indicating that the structure extends to both the north and south. A surface step-out drill programme is underway in 2020, at 250 metre spacing which will tie into the current seismic programme, increasing the resource potential and geological understanding across the tenement.

p.s. I have of course bought a few Centamin this morning. Gift horse, mouth, don't look at it, etc.
IMO, Centamin is almost the perfect share for these troubled times - a gold producer, solid management, no debts, cash pile, regular dividends, exploration upside, etc. Absolutely perfect would be if Centamin operated several mines in several different jurisdictions, as well. But you can't have everything!

Hi Sotolo!
I agree that it's the progress of REAL interest rates here which I agree is key to the long term price of gold. It's clear that Central Banks will hold nominal interest rates near zero for a long time. But does all the new money creation that they have done lead to deflation or to inflation? And in which sectors - i.e. is it possible that we will have rampant inflation in financial assets whilst we have deflation in the real economy? And how stable will this "new normal" turn out to be?
My intuitive take on it is that the current apparent stability is a dangerous illusion. Several crises are slowly coming to the boil: one between the US and China (over Hong Kong, trade, tech, and capital flows, and possibly over Taiwan); an Emerging Markets debt crisis (Argentina will default again in a few days, others will follow); and a Euro and Euro banking crisis. And, of course, here at home we have Brexit to look forward to (and, as a consequence, a possible sterling crisis). And all that is without considering that there may be a second wave of the coronavirus.
Luckily, I had some good investment results in the last six months. For the next six months my objective is simply to keep what I have. Measured in real terms, that may not be all that easy.

This is a centamin and gold forum not a Boris bashing for the lefties

Thanks mrtibbles. I have registered for the AGM web cast. See how it goes.

What an incredible story Mrtibs.Thanks for sharing

Gnome, not expecting interest rates to rise but if they stay around zero, rather than going Negative, and if inflation falls below zero (it was already down to 0.3% in USA last month) then REAL interest rates turn positive which isn’t good for gold, just a thought on another reason for the pullback as gold price tends to Correa late inversely with interest rates.

European stocks were higher in premarket trading on Wednesday even though the dispute between the United States and China is putting a chill on investor sentiment. US President Donald Trump said yesterday that he will be making an announcement regarding China's proposed Hong Kong national security law later this week. However, European Central Bank (ECB) Chief Economist Philip Lane was optimistic by saying that the Eurozone economy will probably grow "a little bit" after April's bottom.

The FTSE 100 added 0.50% at 7:34 am CET, the DAX rose 0.60% and the CAC 40 climbed 1.04% at the same time.

The euro fell against the dollar by 0.19% to sell for 1.09592 at 7:34 am CET and the pound went down by 0.11% compared to the US currency to go for 1.23190 at the same time.

Breaking the News / TF

I have perhaps a little more understanding than you may think, I worked with politicians for over 35 years and the present pro Brexiteers and the present cabinets use of the propaganda machine in order to sway the opinion of the masses hasn't changed that much from the methods used by the likes of Joseph Goebbels, Boris with the aid of Dominic Cummings has spread the untruths about the EU and incited a paranoia amongst the masses about foreigners immigration,the open borders policy, and the true costs and true benefits of EU membership to the UK.
Boris as a journalist was disciplined for making up stories and has continued to lie as PM about many aspects of Brexit, he is reputed to be s lazy, impatient, arrogant and certainly not a detail man, during his time as Lord Mayer of London he never actually completed or saw a project through to completion, success or anywhere near or within budget, he did however acquire a great reputation for passing the buck and for taking the credit for the hard work of others,
Trump was elected on a campaign that was based around his greedy own business interests which made use of inaccuracies and racial hatred by promoting the idea amongst the ignorant ill informed masses that America is being taken advantage of and denied its rightful dues by the rest of the world, a strategy akin to that used by Josef Goebbels ,
The strategies of Domanic Cummings and Nigel Farage have involved promoting lies, populist and decisive untruths regarding immigration,Europe,Brexit and alternative trade deals, these facts will became apparent as time goes on, unfortunately for us all.
My wife Karla is German and her mother's family once had a farm in an area that became part of the former soviet union at the end of the second word war.
During WW2 Gerda (Karla's mother)was required to paint aircraft on a nearby airfield in addition to working on the farm, her brothers Rudi (17) and Karl (18) were conscripted into military service Rudi to the army, then to tank commander (died on Russian front), Karl to the navy, later to submariner engineer (lost in action).
Gerda's father had several Russian POW allocated to work on his farm, but he was reported to the local party for allowing them to eat potatoes that were destined for the military, he was arrested and then sent away never to return, her mother subsequently suffered a heart attack, never to recover fully.
When the Russians advanced on Germany Gerda was forced to abandon the farm and by travelling on the roof of a train carriage managed to get to allied occupied Germany where she was interned as a suspect German/Russian agent, although she was later released and the rest is history as they say..

Our daily lives and certainty the electorate and the markets are still very much influenced by the party political propaganda and rhetoric.

Sotolo

I would not be betting the interest rates are going to go up too high, anytime soon. The mountains of debt are prohibitive, and the world is not out of the viral woods now.

There is a remarkable drop in consumer confidence, and business confidence, and simply many businesses down under who employ a lot of people are not going to make it. We have bureaucrats making job relief laws which are quite ridiculous. As part of Treasury's June review of the $1500 a fortnight JobKeeper wage subsidy, it will also consider the interaction with the $1100 JobSeeker unemployment benefit. ... some (a lot) workers have in fact quit their casual jobs at workplaces such as cafes because they are better off on the $550 weekly unemployment payment and other associated welfare benefits! ...many of the restuarants on the Gold Coast who are staggering to open now cannot attract casual staff to work, surfs up...why would you go to work to earn less than staying at home, or spending a good day on the waves? They will work it out, but it has been one set of bureaucratic bungles after another here. Restaurants can re-open, pubs and churches cannot. Neither gyms. They have just worked out that no medical authority has closed the state borders, ...its a political "initiative"! Apparently the politicans know more than the medical authorities they sometimes listen to ? Then we have the basics of treasury being to add up the numbers...The Australian government’s JobKeeper scheme has had its estimated cost revised down from $130 billion to $70 billion following a major reporting bungle! Thats near a 50% reduction and a cool $60b error!
"The Australian Tax Office and Federal Treasury on Friday announced that due to “significant errors” in businesses’ reporting, the correct number of Australian employees accessing the $1,500 fortnightly wage subsidy is actually 3.5 million rather than 6 million.
The two institutions said around 1,000 businesses had made errors reporting the number of employees due to receive help, with most of the problems coming from businesses reporting the amount of assistance they thought they would receive, rather than the number of eligible employees. " Why did 1,000 businesses get basic reporting wrong?

Quite a riduclous set of affairs which give me NO confidence in the government or the bungling bureacrats! I have never seen so many people enjoying a leaisurely stroll down the beach ...life is good.

Go gold

Best
The Gnome