Centamin PLC Share Chat (CEY)

Sotolo, thank you for this!

No place to hide: How market manipulation in age of pandemic is destroying traditional safe havens
https://www.miragenews.com/no-place-to-hide-how-market-manipulation-in-age-of-pandemic-is-destroying-traditional-safe-havens/
Professor Carol Alexander
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%.
Even more surprising is the behaviour of the bitcoin/US dollar rate – since this cryptocurrency emerged in January 2009 its behaviour was completely uncorrelated with any traditional asset, but as the S&P 500 index plummeted in early March 2020, so did bitcoin. Their correlation was plus 63% then, and it remains unsettlingly high at 40%.

Thanks Mick, brilliant!

I wont be selling as Centamin has the potential for some very considerable upside, although some patience will most likely be required.
Centamin is a contrarian share and very difficult if not impossible to predict especially during these times, a long term hold.

I bought at 1.71 maybe a bit too high looking at it now has it got any upside or best to get out as a day trader on this

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