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On a 52 week high. Just doesn't want to but maybe today will be the daty
But not nearly as 130 is gonna look.
Gold currently up by 1.71% @ $1816.67
Silver up 4.77 @ $24.04
Bouncing all over the place atm
Spot prices of gold and silver increased on Tuesday after the Bank of Japan surprised investors with a slight monetary policy tweak earlier in the day. The Japanese central bank doubled the range of the 10-year government bond yield it deems acceptable to 50 basis points above and below its 0% target.
Traders worldwide seemingly interpreted the move as a precursor to a stronger shift to a tighter monetary policy by the BoJ, but its Governor Haruhiko Kuroda dismissed the idea in a subsequent press conference.
Gold increased by 1.12% to $1,807.21 per ounce at 7:13 am ET. Silver gained 3.38% to reach $23.73 per ounce at the same time. Platinum advanced 1.94% to $1,001.23 per ounce at 7:14 am ET. Meanwhile, palladium was flat and stood at $1,680.60 per ounce concurrently.
Baha Breaking News (BBN) / MS
https://twitter.com/centaminplc/status/1605102346224164864?s=46&t=ymqUSmg5pC_glPhxkOGy-w
Major European stock indexes were lower ahead of the opening session on Tuesday after a surprising decision on monetary policy announced by the Bank of Japan (BoJ), while the People's Bank of China (PBoC) opted to stick to existing key interest rates. Investors will be monitoring the aftermath of the gas price ceiling in the European Union that was adopted yesterday.
The DAX lost 0.59% at 8:00 am CET, while the CAC 40 decreased by 0.48%. At the same time, London's FTSE 100 dropped 0.42%.
The euro lost 0.11% against the dollar to change hands for $1.05936, while the pound sterling was mostly flat against the American currency, to sell at $1.21397 at 7:58 am CET.
Baha Breaking News (BBN) / MX
should read some ,ha ha not so.
So exceptionally large ,look like buys ,tonight.
Your predictions are as accurate as your grammar
You are optimistic ,I will give you that.
But your numerous one liners , without reason ,a little boring. HA Ha.
Dont take offence ,just an observation,.
Gold is hardly flighing.
Looks like we about to fly!
Thanks Sotolo
Do you wonder why a conservative investor goes out on a limb?
A very predictable world. Follow momentum
Happy with Gold, happier for CEY if it could communnicate properly
best
the Gnome
Mr Gnome, as you know monkeys with darts are rather better at predicting future prices, but maybe less changeable with the wind. Less than a month ago: “ In its gold price predictions on 22 November, ANZ Research forecast the yellow metal to trade at $1,600/oz in March 2023, down from an average of $1,620 in December 2022. The bullion was expected to rise to $1,650 in June 2023, dropping to $1,625/oz in September and rebounding to $1,650 in December. ANZ Research also projected the yellow metal to dip to $1,600/oz in March 2024, dropping further to $1,500 by June 2024.”.???
Major European stock indexes were mostly higher ahead of the opening session on Monday following a week of major monetary policy decisions and inflation data. Investors await the newest report on construction output in the Eurozone, as well as business sentiment updates from Germany and the Deutsche Bundesbank's monthly reading of the country's current and future economic conditions.
The DAX was mostly flat, gaining 0.07% at 8:00 am CET, while the CAC 40 went up 0.54%. At the same time, London's FTSE 100 increased by 0.33%.
The euro gained 0.39% against the dollar to change hands for $1.06325, while the pound sterling was up 0.21% against the American currency, to sell at $1.21872 at 7:54 am CET.
Baha Breaking News (BBN) / MX
Happy Monday y’al
Kicking off a short trading week as the market is closed on Friday.
Good luck.
Gold to hit $US1900 in 2023 recession scenario
Global recession fears signal bumpy times ahead, but not for gold, according to ANZ Research, which boosted its year-end forecast for the precious metal as investors seek safe-haven assets and the US dollar rally fades.
It is a welcome relief for gold believers who suffered through a nail-biting year with rising interest rates and US dollar strength neutralising gold as an inflation hedge.
ANZ commodity analysts Daniel Hynes and Soni Kumari said gold “appears to be at another pivot point” as inflationary pressures ease and central banks slow the pace of interest rate rises.
Analysts expect gold to outperform equities over the coming year as peak rates come into view and recession fears are realised, raising their end-of-year target price to US1900 an ounce from $US1700 an ounce.
“Tighter monetary policies amid high inflation are likely to slow economic growth in 2023. This backdrop is typically positive for gold,” Mr Hynes and Ms Kumari said.
“Although we expect the US Fed funds rate to peak at 5 per cent, a pause in rate hiking should turn market sentiment in favour of gold.”
The analysts expect to see gold retrace its gains since the November lows in the short term, amid persistent uncertainty surrounding the timing of Federal Reserve rate cuts and US dollar volatility.
They expect safe haven buying to raise prices as the US enters a recession in 2023, and Europe faces geopolitical risks and energy shortages.
“With inflation likely to remain high, the Fed is likely to keep rates high through 2023, raising the risk of weak economic growth next year,” they said.
Difficult year
“Gold prices tend to come under pressure ahead of recessions, but then outperform other markets (such as equities) during them ... as global growth slows through the second quarter amid elevated geopolitical risks, we expect safe haven buying to lift the gold price.”
This year has been a difficult year for gold. Rising geopolitical tensions stemming from Russia’s invasion of Ukraine should have been enough to keep the gold price at a record high of $US2050 an ounce as investors sought the safe haven asset.
CEY to be a beneficary ...
‘No easy way out’: Future Fund urges investing reset
Australia’s Future Fund says it has repositioned its $200 billion portfolio for a world of higher inflation and increased volatility, lifting its exposure to select commodities including GOLD (!!!!), and lowering its proportion to equities, as well as being wary of regulatory risk in areas such as utilities.
The Future Fund is also investing in real estate and infrastructure but only if the assets are sufficiently resilient to higher inflation, as it revealed that it now owns a 3 per cent stake in Sydney Airport.
Future Fund chief executive Raphael Arndt wants the portfolio to be able to withstand big swings. David Rowe
Dr Raphael Arndt, the chief executive of the sovereign wealth fund, said the paradigm of falling interest rates and central bank rescues had likely come to an end, which would challenge equities and bond valuations.
“Central banks are causing the problem, and if they didn’t do that we would have a bigger problem which is unsustainable inflation,” he told The Australian Financial Review.
“There’s no easy way out.”
Dr Arndt said the withdrawal of easy money via the Federal Reserve’s massive balance sheet reduction was a concept that was not “adequately understood” and represented an unknown factor for markets.
“If US Treasuries are going to pay 5 per cent interest, that’s going to suck liquidity from every corner of the world, and that creates volatility in every market, in every country in the world,” he said.
“As an investor that creates opportunities but you have to ensure your portfolio can withstand really big swings.”
The Future Fund has also warned Australian domiciled investors not to rely on foreign currency exposures to provide an insurance buffer in periods where risk assets are falling.
The Australian dollar typically falls in periods of global stress – increasing the value of global assets – but Dr Arndt said superannuation fund flows and potential commodities strength meant this relationship may not hold.
Dr Arndt’s comments came after the Future Fund published a paper titled The death of traditional portfolio construction, in which it outlined why it was shifting further away from the standard 60/40 weighting to stocks and bonds.
Dr Arndt said the changes to the investment landscape were “profound and sustained and fundamental” and encouraged investors of all sizes to rethink how they intended to protect and grow their wealth.
“Think about how you construct your portfolio because that whatever rules you thought existed in the world to help inform you when you went to finance school or business school may not exist any more.”
“Finance is not physics. The so-called rules are just observations of human behaviour in market over time.”
Oh well, GOLD IS IN THE PORTFOLIO, NOT BETTER BET THAN CENTAMIN
so lets all hope for a better year ahead ...
the gnome
The International Monetary Fund (IMF) approved an arrangement with Egypt worth $3 billion. The program under the Extended Fund Facility will take 46 months, with an immediate disbursement of $347 million.
The IMF said it will also generate around $14 billion in financing from Egypt’s international and regional partners over the course of the program. It stated that the scheme "presents a comprehensive policy package to preserve macroeconomic stability, restore buffers, and pave the way for inclusive and private-sector-led growth," including a shift to a flexible exchange rate regime, inflation-tackling monetary policy, a fiscal policy aimed at reducing debt, and structural reforms.
Baha Breaking News (BBN) / DJ
Even groups who do not consider gold as a taboo, such as the Birifor, did not engage in gold mining but added gold they had found incidentally to house shrines.
If gold is sold at all, the proceeds from the sale are 'bitter money’ that must not be used for certain social or ritual payments. Among the Dagara, for instance, the cowries or cash that are exchanged for gold must under no circumstances constitute part of a bride price.
These beliefs explain why gold mining among the Lobi was and still is an activity which causes discomfort and is predominantly considered a task of post-menopausal women. Today, the arrival of gold diggers from other regions sometimes causes violent confrontations between them and the Lobi villagers. For instance, when gold was discovered in a sacred site near a Lobi village in the province of Noumbiel in the year 2000, a fight between villagers and gold diggers ensued that left ten gold diggers injured, two of them seriously. According to the villagers, they had twice asked the gold diggers to leave, because they feared that gold mining on sacred ground could bring death and drought. The fight occurred when the gold diggers returned for a third these requests.
and so on.
So when you think some new Geologists, withhis or her newly printed PhD, has some fabuous new ideas, spare a thught for 1,000 years of history, and for the thousands of west African women who go into the field with a baby on their back and a pan in their hand. These are the people who really find the gold in West Africa. But they get paid a pittance at best.
And the newly printed PhD Geologists give loquacious speeches to adroing masses in Conferences around the world.
It all seems a bit shallow to me.
the Gnome
If you read the history of gold mining in the Batie area, you may understand a lot more. In fact it appears Jihadists have been operating in the area for a few hundred years...
On gold mining in the Lobi Area....
Even today, some local populations (or some lineages among them) in the region around Dibougou and Gaoua are opposed to gold mining. One reason for this is that gold is considered as a ' supernatural resource’ Many people believe that gold is a living entity that moves and can suddenly appear or disappear, accompanied by strange lights or sounds. Gold can render a person blind, lame or crazy and can even kill. Some lineages are forbidden even to go near gold. If someone discovers gold in the bush or in the fields, one must first 'kill' it by sprinkling urine before it can be taken, but the corresponding body part will die to.
It is not the gold as such that brings bad luck, but rather the hills, trees or water spirits to whom the gold ‘belongs'. Just to give a few around Diebougou:
Gold is a bad thing. In the past, nobody hoped to come across gold. If a certain place was known to be rich in gold, nobody would dare build a house there. Ordinary Dagara people knew gold only by name, not in nature.
The Dagara did not know gold as such, because it did not concern them. If someone came across it and recognized it, he would not be allowed to touch it immediately. It was said that you had to sprinkle blood on it before taking it.
I know our ancestors were afraid of gold. They said that if someone built a house on a gold vein, his house would always attract sickness and grief. My own mother is very old. She told me that she was digging for gold during the colonial period. But she stressed that every year, my grandfather would purify her by way of killing a black chicken and a guinea-hen [on the ancestral shrine ]
For the Dyan, gold is wealth. Everybody likes wealth. So, all the Dyan would like gold. However, this is not the case ; there are Dyan families who have no right to touch gold.
For us, the Dyan, gold is a taboo. It is forbidden to touch gold. One does not even want the money made with gold. One should not pay for things life food with this kind of money. If somebody does, he will die.
Until today, this interdiction is valid. If one of our children goes to a mining camp [in order to work in the mine], he is finished; the ancestors will kill him.
https://www.researchgate.net/publication/231926111_Gold_mining_and_Jula1_influence_in_precolonial_southern_Burkina_Faso
One thing that seems forgotten in the Corporate world is they do not have sovereignty over the natural assets which is owned by the people of the country. They need to bide by the law of the land they operate in. In this case they were given to Dec 14 to negotiate and sign an amended agreement. They failed. What is the point of having a drop dead date in negotiations, when no one drops dead? I do not think this is a case of nationalisation, but rather corporate gamemanship and/or ineptitude or combination thereof, that went one step too far. I would like to see corporates be forced to obey the laws of the land. If they have not met expenditure committments, they lose the lease (etc) or whatever laws apply.
Rio:Guinea update...Rio Tinto, the second-largest Australian mining company, has faced a fresh setback in its push to develop the long-stalled Simandou iron ore project in Guinea after the West African nation’s government issued a stop-work order, July 2022
Guinea’s Mines Minister Moussa Magassouba wrote to Rio Tinto and China-backed SMB-Winning Consortium over the weekend, directing them to stop all work related to Simandou from 8am local time on Monday. The letter from the nation’s military rulers said the companies had shown an unacceptable “lack of willingness” to agree on a joint venture for funding the project’s transport infrastructure.
Rio's form: Rio-Tinto had been granted a mining project in 1997 over the Simandou Blocks 1,2,3 & 4, but did no
meaningful work on these assets. Therefore, in the summer of 2008, the Government of Guinea, required
Rio Tinto to retrocede half of its exploration perimeter – Blocks 1 & 2 - in compliance with the mining code
regulations.
In Nov. 2016, Rio Tinto admitted paying $10.5M (consulting fees LOL, nothing else to see here??) to Francois de Combret (Condé’s go-between) in order to secure its rights over Blocks 3 and 4 and improve its chances to recover Blocks 1 and 2. Rio Tinto fired senior employees who were involved in this payment as well as its head of legal and compliance. And what was the bit about Sam Walsh and his emails ...
https://icsid.worldbank.org/sites/default/files/parties_publications/C3765/Claimants%27%20Reply%20%28Redacted%20per%20PO8%29/Fact%20Exhibits/C-0326.PDF
CEY have done an exceptional job of getting and maintaining a social license to operate, and paying a great return to the people of Egypt, in sharp contrast to the above. Something that should be recognised. It certainly is by me
Enjoy the test cricket, Australia to win....
best
the gnome
Logic left Australia decades ago...
Burkino Faso has been a lost cause ,for many years IMO.
Could it be the Ausse Goverment is listening to prpagander from far away.
So it cut its trade prospects from others in that remote area.
Where it trade prospect were .
I am interested in the logic ,if there is any. In their decisons
Nothing rational about Australia. We take about 20-25 years to work through native title issues, with lawyers cleaning up big time at $850/hr (one must consider all views, and all outcomes, especially at this rate of pay) We are about to rule on retrospective compensation for access issues. Land access to do mineral exploration can delay starts, by years, and terms and codnitions of access are expensive and onerous.
To boot , Now the out-of-favour Gas sector is fighting for its future, with stark repercussions feared for the broader Australian economy. We elected a Labour party, better than the liberals but the bar is so low these days, its hardly a recomendation, who are proving once again they have no idea about how to run a modern economy. They have the little red book, which has provided a string of failed economies, but ... “Reckless free market intervention,” blasted the normally conservative ExxonMobil,
Despite the hundreds of billions of dollars of investment, billions in taxes and royalties, and thousands of jobs the industry has provided over the past decades, its prospects could hardly be bleaker under the Labour government’s radical package of gas measures rushed through Parliament this week.
Santos CEO Kevin Gallagher says the “Soviet-style” gas measures will hurt customers. Matt Jelonek
ExxonMobil, Shell and Mitsui have invested billions of dollars to create one of the world’s largest and most reliable sources of LNG – in demand the world over to keep the lights on through the transition to low-carbon energy – and which also supply gas to east coast domestic buyers...
and on the fiasco goes, and where it stops no one knows least of all the government.
Burkina Faso is in survival mode. They are resource poor landlocked country, which has been abused by their previous Colonial partners (France - and isnt there a magificent history of Francafrique??!!). No government is stepping in to help them, so what do they do? What do they pay with when they have no money? The "jihadists" are getting paid by drug laundering and human trafficking, solid cash flow businesses. And what is really known about the Wagner Group. Are they better or worse than any other group in that "trade"?
What would you do...
the gnome