Centamin PLC Share Chat (CEY)

Well they are better than than the predictions

Yes, it's like gold is reacting as if the unemployment claims are brilliant when they actually look dreadful.

Gone through that already to ~1885, but back to 1891, so you could be right... US equities rule...

Forecast for gold to retreat to 1787 support level due to strong dollar ,I expect it to bounce back over the next few days

Big drop today saw UT paid 1.1980 this morning I bought on the back of that oh dear

Hi Dasut,
Enjoyed your reminiscence , I can imagine how that must have put so many things into perspective, those lads were risking life and limb to dig out what is valued so highly by those that in comparison to those young lads already have so much!
Yet to those young lads that gold was just a bartering token to get some cold clean water and possibly some food!
What a pity so many of the regions governments seem more interested in just amassing wealth and power for the few at the top instead of providing even the basic necessities for a decent existence to their own people.

Traditionally not liked by gold, hence the short pullback:

Friday is NFP which will impact further one way or other in the short term.

Initial Jobless Claims Decline To 779,000
The U.S. has just provided Initial Jobless Claims and Continuing Jobless Claims reports. The Initial Jobless Claims report indicated that 779,000 Americans filed for unemployment benefits in a week. Analysts expected Initial Jobless Claims of 830,000. Meanwhile, Continuing Jobless Claims decreased from 4.79 million to 4.59 million compared to analyst consensus of 4.7 million.

Yesterday, ADP Employment Change report showed that private businesses hired 174,000 workers in January. The recent employment reports highlighted the recovery in the job market which should provide additional support to the stock market.

Not sure think I might have told the story before but in the very early days of Tanzania opening up the current mines I was doing some fact finding involving driving into prospective areas, basically looking at what might be necessary to support such mines, should we be successful placing our equipment.
I met interesting people and on one occasion my local man took me to where a mine was likely to be developed and in addition to visiting geologist camps I visited a small village where on the outskirts there was what can only be described as a hole in the ground, with wood shuttering.
There was quite a bit of activity with young lads climbing in and out of the hole, we took the opportunity of having lunch out of our cold box which we also filled with ice and the melting ice could be tapped for drinking water. A few of the young lads came over to chat with us and they were covered head to toe in mud and dust. We offered to share our lunch but they were only interested in the water. One little lad of about 8 after drinking tried to pay me with a small piece of gold that he had in the palm of his hand.
This I was told by my local guy who translated the Swahili is how life goes around and how the lads survive as other villagers in the area provide the food and more importantly water and the lads pay in gold.
As we drove on we saw several people on bikes with a plastic bottle tied on behind the saddle.
Quite an early experience and highly unusual as very seldom did I ever see a piece of gold at any of the mines that I visited.

But while "concentrated investor buying can certainly fuel strong rallies as the past few days have illustrated, these however are likely to be short-lived in the absence of more structural bullish factors" – factors which for 2021 Metals Focus last week detailed in a report just before the Reddit post appeared.

Commodities meantime rose today with global stock markets, taking crude oil up to the highest since the start of last winter's Covid Crash above $58 per barrel of European benchmark Brent.

Base metals also rose Wednesday, led by copper – which last month touched 8-year highs as silver did Monday – while platinum prices back above $1100 per ounce, a 52-month high when reached this New Year.

Government bond prices retreated however, edging borrowing costs 3 points higher on 10-year US Treasury debt near 2-week highs at 1.12%.

Italy's government bond prices however spiked on the comments from "Super Mario", driving down yields to barely 1.0% above Germany's comparable borrowing costs, the narrowest BTP-Bund spread in 5 years.

With the Eurozone 600 ex-UK index of equity prices edging up near last week's 11-month highs, London's FTSE All-Share in contrast held dead-flat, trading 4.4% below last week's peak, as the Pound rose to its highest against the Euro since May 2020 on the FX markets amid continued UK-EU wrangling over Covid vaccine supplies – a row that now involves the Ireland-Ulster border, where customs checks have now been suspended following threats against officials.

Wednesday, 2/03/2021 14:08
SILVER PRICES again outperformed gold on Wednesday, holding flat for the week so far while the less industrially-useful precious metal dipped once more but held above yesterday's new 2-week low against a rising US Dollar.
Gold held below $1840 while silver prices traded back to $27 per ounce as stock markets rose most everywhere except London after new PMI business activity surveys said the services sector continued to shrink in January but less quickly than analysts forecast.
Milan's FTSE MIB index meantime leapt by 2.5%, outrunning the wider 0.9% rise in continental European bourses, on news that former European Central Bank chief Mario Draghi is "confident" he can form a viable coalition government in the European Union's 3rd largest economy.
Excluding volatile food and fuel, core consumer-price inflation across the 19-nation Eurozone popped to 1.4% per year last month, Eurostat said, above analyst forecasts of 0.9% but driven by the end of a sales-tax cut in No.1 economy Germany.
US employers meantime hired over 3 times as many people as analysts expected according to the private-sector ADP Payrolls report.
Tuesday's falling silver price – down 12.3% at one point from Monday morning's new 8-year highs just shy of $30 – coincided with a fresh record daily inflow to the iShares Silver Trust ETF (NYSEArca: SLV).
By far the metal's largest such exchange-traded product, the SLV grew by 9.8% yesterday, needing an extra 1,766 tonnes of bullion backing – equal to more than 73 times last year's average daily inflow.
With silver bullion prices today trading 6.7% higher from last Wednesday – eve of the WallStreetBets post urging other readers of the Reddit social media site to "Buy silver and f**k the banks" – the giant SLV has now seen its shares in issue swell by 18.4%, taking it to a new all-time record size.
That surge has meant the quantity of bullion needed to back those shares – held at commercial vaults in London and also J.P.Morgan's vault in New York – has grown by 3,280 tonnes, equal to 13.5% of the best current estimate for last year's total global mine output, and taking the SLV's total backing up to 21,067 tonnes.
Total London stockpiles of large silver bullion bars – including metal held for the SLV – ended December at 33,609 tonnes according to vault data from trade association the LBMA.
Market-ready bars in New York vaults totalled 12,360 tonnes last night, again including metal held for the SLV, according to warehouse reports to the CME derivatives exchange.
Given an already bullish silver outlook, Reddit-type investor campaigns could...bring forward the forthcoming rally" in silver prices, says the latest weekly analysis from specialist consultancy Metals Focus.

I wonder if this may help support the POG in the future?
Kinesis is excited to announce the public release of the US Kinesis Visa card and hybrid banking facility.
Following a successful beta testing period, Kinesis today releases the Kinesis Visa card and accompanying banking systems for all of our users in the United States. The US Kinesis VISA card enables cardholders to instantly liquidate physical precious metals or cryptocurrency and spend anywhere in the world VISA is accepted.
With high limits and global cash withdrawals, the US Kinesis Visa card connects Kinesis currencies with everyday banking. While an accompanying hybrid banking facility offers cardholders all the functionality of a bank, including a variety of deposit and withdrawal methods.The US Kinesis VISA card features, include:
All the functionality of a US Bank account
$20,000 max limit
Global ATM withdrawals in local currency
$920 daily ATM withdrawal limit
$5,000 daily POS purchase limit
Free fiat transfer between KM platform and card.
FDIC Insured up to $250,000
Members of the US Kinesis Visa card and hybrid banking program will be charged a $1.99 monthly fee.
The integrated bank account enables Kinesis cardholders to receive their salaries directly into their Kinesis account. This feature makes it easy for users to immediately convert their income into the stable value of physical gold or silver each payday. Giving users the ability to instantly spend their precious metals for routine payments and everyday purchases. Alternatively, users can simply choose to invest a percentage of their monthly earnings in precious metals to put a little something aside for the future.
We would like to extend our thanks to the beta testers who participated in US beta program for your time and all of your insightful feedback.
What’s next for Kinesis?
In further exciting news, Kinesis is set for the next regional release of our card program in Q2, with the launch of the UK and EU Kinesis Visa card and banking program. Remember, for those Kinesis users located in a region not yet covered by our physical card program, the virtual Kinesis Visa card is accessible globally.
We like to keep the Kinesis community informed at every step in the journey of our platform and the growth of our monetary system. For a detailed look at the year ahead from Kinesis CEO, Thomas Coughlin, why not catch up on our 2021 Webinar.
The Kinesis Visa card expands the real-world utility of the Kinesis Money platform. Another crucial step forward in Kinesis’ mission to facilitate the transition to using physical gold and silver as currencies, once again.

Hi Spindler,
Bees have to do all life with and are essential to the life of the wider world in which we all exist , without life there is would be no in gold mining , or investing.
I appreciate you may be new to this forum, but it is quite different from most other forums on the web and discussions can cover all manner of topics, especially during difficult or uncertain times when moral amongst share holders is low this has often helped to divert feelings of frustration or despair by putting things into perspective and reminding them that there are other things in life.
That appreciated this forum shines above others through having in the main friendly, well informed and even industry experienced members who help one another by tirelessly contributing to the ongoing discussion about Centamin and many others things!
I hope that you find your time spent here beneficial in many ways , possibly even educational or entertaining at times as well!
You might get used to me as time goes on !
Tibbs

What have bees go to do with an egyptian gold miner ?

Development for those that signed the petition, thank you,
A beekeeper trying to bring 15 million bees into the UK says he has been told they may be seized and burned because of post-Brexit laws.
Patrick Murfet wants to import the baby Italian bees for his Kent business and to help farmers pollinate valuable crops.
But new laws that came into effect after the UK left the single market mean that bringing bees into the country is banned.
Since the end of the transition period, only queen bees can be imported into Great Britain, rather than colonies and packages of bees.
However, confusion over whether bees can be brought in via Northern Ireland has caused a legal headache.
The Department for Environment, Food and Rural Affairs (Defra) said it is aware of the issue and is working with the devolved administrations to find a solution.
“I am a passionate beekeeper, I’ve been doing it for nearly 20 years,” Murfet told the PA news agency.
He is managing director of Bee Equipment, based near Canterbury, and every year he imports large numbers of bees from breeders in Italy, where the climate is warmer.
For decades, bees have been imported to replenish stocks, strengthen breeding lines and as early-awakening pollinators for fruit and honey farms in the UK.
But the new ban could put this in jeopardy, Murfet said.
“It’s a monumentally stupid situation for a country supposed to be standing on its own two feet and exporting round the world.”
In an effort to avoid the import ban and abide by the new laws, Murfet arranged for his usual importation of 15 million bees to arrive via Northern Ireland in April but said he has been told they may be destroyed if he tries.
“I don’t care what they think it should say. At present, the rules are clear that bees from Northern Ireland can enter the UK legally. If the law intended something else, they have not written it into legislation,” Murfet said.
He says his enquiries into the reasoning behind the ban on imported bees have been met with a wall of silence, except an email reading: “Illegal imports will be sent back or destroyed, and enforcement action (criminal charges) will be brought against the importer.”
Murfet said he has already paid a deposit of about £20,000 for the bees and stands to lose nearly £100,000 in costs alone if he cannot bring them into the country.
He added: “So far the department has overseen a policy whereby the UK is only one of three countries in Europe to see a decline in bee colonies.
“Fewer honeybees means less pollination, less top fruits and more imports.”
Defra said bee health is a devolved matter and it is working to find a solution.
A department spokesperson said it will provide guidance to bee importers and beekeepers as soon as possible.
It is the responsibility of the importer to ensure that goods dispatched from Northern Ireland meet the definition of NI qualifying goods or meet import requirements, they added.

Whatever happened to common sense!

Having been in many of these artisinal camps it is very dangerous. The miners have no idea. One group was using explosives mning underground, in a gold ore which had carbonate alteration. Result release fo Co and Co2. Result in poorly ventilated mine Death. What caused the death? Bad Spirits.
Prostitution, child exploitation, drugs, use of mercury...funded often by politicians and military and HNW. Gold on a plane lifted to the middle east. No taxes. Disease to local villages. 70 million people world wide live in these conditions...

sad day at the office

best
the gnome

The reason I think is that there have been a few false dawns with CEY, and the new man on the block needs to walk the talk. If he does, expect a serious rerating.

Shares on the major stock markets in Europe traded mixed in the premarket on Thursday as the investors awaited the Bank of England's (BoE) decision regarding the interest rates.

On the data front, the traders will also keep an eye on the report on retail sales in the euro area, scheduled for release two hours into the session.

The DAX stood flat at 7:30 am CET, while the FTSE 100 gained 0.11% at the same time. In Paris, the CAC 40 dropped 0.23% at 7:02 am CET.
The euro and the pound fell by 0.17% and 0.27% compared to the dollar, selling for 1.20130 and 1.36006 at 7:32 am CET, respectively.

Breaking the News / BU

Q3 2020 production AISC on gold for HOC is between $1,200 and $1,250 and HUM $1,283, for 2021 AISC CEY will be $1,150-1,250 and it will be similar for HOC and HUM so why CEY SP still really cheap with strong balance sheet with no debt, no hedging and cash and liquid assets of US$310 million.

It was not till the 1900 mines act ,children were banned from underground work.
The act of 1842 banned women and girls and boys under 10.
Not exactly quick. But it was very cheap labour.

Supercharger- agreed. Gold soon to have another un up I believe- at least, ought to given financial crisis and stimulus to come. Short interest in gold often reflects a point at which wider market will soon see it as a good entry, peculiarly enough.

https://www.voanews.com/africa/burkina-fasos-teen-miners-brave-danger-strike-gold

It's estimated up to 20,000 children work in the mines. Looks friggin dangerous and far from environmentally friendly despite the colloquial term artisanal... more anal than artisan.

I.e. the current market price reflects the short but not the true price when they have to buy back. So sometimes I look to comps that are financially sound to buy that have been shorted as the market price is false and below that which it should be without the short. To me as they have to buy back - happy days. I see now reason for Gold to fall short term, and in fact expect it to rise. Once if/ Mr Biden can actually get his stimuli approved! Feel this will not be long coming either!! As ever good one to invest hereon.

Some do it as a matter of course,supposedly to cover other positions in other stocks, still cant see the point, robbing Peter to pay Paul, stupid, but then shorting itself is very unwise and certainly unethical, then of course the brokers make more commission!
They are bound to come unstuck shorting Centamin, especially at this level!

Glad you posted Ken, keep it up!
Siko has been a good friend for a very long time and certainly helped the long term holders to stay strong through some very worrying periods, Siko does his very best to validate the accuracy of Egyptian media reports, not always and easy task , especially so when considering the language, political and culture differences, not to mention the ongoing battles for one-upmanship between the different wealthy families!
I can sympathies with Siko's dilemma over this, unfortunately some fail to understand that even with information from usually well informed sources that is offered and taken in good faith doesn't mean the ensuing results can always be guarantee, simply because of the ongoing changing factors of the situation, especially so in Egypt!
The long term holders realise that Youssef likes to be first off the mark and doesn't always check out his facts before making media statements, but never the less, once this is appreciated these media releases are well in advance of any that we have in the UK!
So well done Siko and thank you from everyone on the BB!

which btw i disagree totally. we will see much higher gold prices. but odd to see a short on this