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CNBC thinking even though a 25bp cut the Fed won't be as dovish as the markets want and the cut is already priced in.
just as a matter of interest 20000 fewer ounces, with my maths which could be ropey, equates to just over 20 ounces on the gold price or same on the aisc. As aisc is now controlled and gold can rise $25 in an hour I am not worried by the ounces, far more important to us what Jay Powell says tomorrow
Investors were looking for direction for equities on Tuesday before the formal start of trading at major European exchanges as they were waiting for this week's policy updates from the Federal Reserve and the Bank of Japan. The monetary guardians in the United States will especially be watched for a potential reaction to a historic spike in prices of oil in the wake of attacks by drones or missiles from an undetermined direction on the heart of Saudi Arabia's oil industry. As the world's central banks are biased toward lowering rates to support the economy, a rebound in inflation could catch them unprepared.
In other news, US President Donald Trump announced an initial trade agreement with Japan, but the other side was cautious in its comments. Japanese Minister of Finance Taro Aso said there was no deal on currencies.
The British FTSE 100 stock index was just 0.07% in the red in the premarket. The DAX was virtually unchanged in Frankfurt and the CAC 40 retreated 0.1%. The euro advanced 0.1% to $1.10128 and 0.15% to £0.88665 at 7:35 am CET. The pound slipped 0.06% to $1.24205. Gold was flat at $1,498.55 per ounce.
Breaking the News / IT
Strange how the crime involves hundreds of billions of dollars and yet the fines are a few billion?
Gold price manipulation is bad enough, but the manipulation of the price and availability of water by the commodity markets is abhorrent, so what about the wildlife and the indigenous communities of the world are they now to be left to die of thirst because investors have decided to deny them access to the planets water unless they can pay for it?
All very well introducing these new laws to encourage foreign mining companies to invest in new operations in Eygpt, but what about the couldn't be asked SCC sitting on law 32 Law and the unresolved court case based on innuendo and bogus claims against Centamin.
I've been watching the ongoing drought in the Murray-Darling basin with much curiosity and concern. It looks to be a precarious situation for farmers and city dwellers alike if the rains won't cooperate. But as to your open question:
WHAT WILL THE MARKET LOOK LIKE WITHOUT THE MANIPULATION? ANY TAKERS?
One word. Up.
Rebess None of us have a crystal ball and if the 3rd Qtr is based on approx 0.75/8 grams per tonne and Hapi Zone has the potential of up to 2 grams per tonne then yes it is possible to make the year end ounces and they should have the equipment to produce the tonnes. However this will depend also how many pieces of equipment they can use to mine ore over and above waste.
So possible yes BUT guaranteed or probable would be an optimistic call.
I would HAVE thought, not OF thought.
Buy FROM Amazon, not OFF OF Amazon
Thanks for the post. Its long left the regulators and justice department/S looking very mediocre over the last decade. It has been very obvious that the POG is the plaything of a subset of the financial world, and now we find out who. Not surprised. I hope the fine fits the crime and not the tiddly amount Deutsche Bank got tickled with.
I guess this is what the eCOnomists would refer to as the invisible hand of the market LOL. Hard to not be very cyncial about the financial world. ..AND THE FINANCIALISATION OF EVEYTHING.
Now we find out that the financial world and the economists have created the water market, and guess who pops up now trading water, in the "free market".
Not going to end well, but of course money will be made, and misery created.
Investors (call what they will) are allegedly hoarding billions of litres of water, ratcheting up the cost and cruelling food growers who claim they face a massive artificial price spike that is crippling agriculture.
Representatives from about a dozen horticultural industries have written to Water Resources Minister claiming the non-farm water investors are playing the market.
..their actions...creating a market “squeeze”, pushing up the price of water for irrigation from a long-term average of about $135 a megalitre to $800.
At those prices, farmers say, many crops are no longer profitable, with growers suffering severe financial and emotional hardship that may ultimately force them to “turn off”, or not water, grape vines and nut and citrus trees.
So perhaps the politicians will sober up if the grapes dont grow and the wiine is not produced.
BUT BACK TO GOLD, WHAT WILL THE MARKET LOOK LIKE WITHOUT THE MANIPULATION? ANY TAKERS?
Sept 16, 2019
Egyptian investors and economists are expecting that the country’s new mining law will open the way for more investments in the field of mineral exploration and extraction and therefore boost the national economy and state revenues.
“The Ministry of Petroleum’s sector development strategy aims to achieve tangible results in the short term, in addition to achieving a quantum leap in the performance of the mining sector by 2030, including the contribution of the sector to the national income by $7 billion, creating 110,000 new jobs, and attracting investments worth $700 million,” he said.
Fekry Youssef, undersecretary of the Ministry of Oil for Mining Affairs, said Egypt is rich in precious metals that were dealt with randomly before the amendment of the law; the previous approach meant that Egypt did not always make the best use of the country’s treasures buried in the desert in various provinces.
“Now the government believes that the development of mineral wealth is a national goal, and hence began to think about re-modernizing the mineral wealth sector through the development of new strategies for its advancement. This came mainly through the adoption of the new mineral wealth law,” he told Al-Monitor.
The new law, he added, should facilitate matters for investors and businessmen and encourage them to inject their money in the mining sector. “The new law includes 34 articles that are enough to preserve the country’s wealth of minerals and exploit them in a scientific and practical way,” Youssef said.
He added that the new law would help satisfy the country's needs for mineral resources, and would help establish industrial projects based on these available minerals to achieve the optimal economic exploitation of this wealth.
Read more: https://www.al-monitor.com/pulse/originals/2019/09/egypt-law-mining-sector-investments-economy.html#ixzz5ziiyWY5j
For all those irascible souls who chastised Tibbs and others over their assertion that the gold markets might be manipulated...
Sept 16, 2019
Two current and one former precious metals traders at JPM*rgan Ch*se & Co. were charged with manipulating futures markets in what prosecutors described as a massive, multiyear racketeering conspiracy run out of the bank.
The U.S. Justice Department said Monday that the three men ripped off market participants and even clients as they illegally moved prices for gold, silver, platinum and palladium. One of those indicted is Michael Nowak, 45, who ran JPM*rgan’s global precious metals desk. Nowak was placed on leave last month, a person familiar with the matter has said.
Their actions spanned eight years and involved thousands of unlawful trading sequences, the Justice Department said. The men were indicted on multiple fraud and conspiracy charges, including racketeering.
“These charges should leave no doubt that the Department is committed to prosecuting those who undermine the investing public’s trust in the integrity of our commodities markets,” Assistant Attorney General Brian Benczkowski said in a written statement.
Pity that not my any people read them is it not.
More importantly ,understand such statements.
Thanks Cowichan for your thought provoking perspective on the situation, you raise some very valid points . although I hope not too many more years pass by before we all enjoy that last dance at the golden flip flop party!
MrBond, Disclaimers and forward looking must contains those statements by law as there are many risks for any kind of business.
Read Disclaimers of forward looking estimate.
Page 1of the presentation,underneath the colourful picture of Sukari at night.
The only figure worth reading are actual year end figures.
Not guesstimates company or others.
For those of us who ponder whether there is a conspiracy among Centamin's management to conceal lower grades, hide dire technical issues and otherwise bamboozle investors into believing all manner of untruths — I submit the following: It is but human nature to think the worst and attribute malfeasance to an otherwise innocuous event.
Now don't get me wrong. It is obviously in the best interest of management to paint a rosy picture, to maximize their credit and minimize their responsibility but at some point we just have to see the current production situation for what it is — completely normal.
Per ounce costs have increased and that hurts our bottom line but at least we can now see there is a master plan to add high grade ore. Will it be possible to hit 490k by December? Who knows, and does it even matter when you consider the tenement area is likely to produce gold for another 40 years?
And while we're on the subject of setbacks, perceived incompetence and geopolitical risk let's remember it's by no means a phenomenon unique to Centamin or Egypt...
Sept 16, 2019 Mexico
An earlier blockade began on March 27, led by a trucking contractor and some members of the Cedros community who had separate concerns over water supply issues, with Newmont suspending operations on April 29.
The mine came back online in mid-June after the blockade was lifted and government-sponsored dialogue was established.
However on Sunday, Newmont said the dialogue had been suspended and the blockade had resumed.
"The company remains willing to continue good-faith discussions and will be available to resume the dialogue once the other parties recognise their interests are best served by returning to the government-sponsored discussions and not through illegal and unproductive blockades that hurt local communities," Newmont said.
"In order to ensure the safety of people, assets, and the long-term viability of Peñasquito, the company has temporarily suspended operations for as long as the illegal blockade persists."
Sept 16, 2019 Greece
Eldorado Gold Corp is open to discussions on potentially paying higher royalties in Greece as it seeks permits needed to restart work at its stalled Skouries development, chief executive officer George Burns said on Monday.
The Canadian miner will also seek a strategic partner to help fund the $680 million remaining development cost for the project, Burns said on the sidelines of the Denver Gold Forum.
Greece’s new conservative government wants to secure higher royalties from its mining development projects and new jobs, Energy Minister Kostis Hatzidakis said on Monday.
Thank you for you thoughts on these issues, you raise some very valid points , I find it helps a great deal to discuss these things especially with other long term members!
mrtibbles, I believe that CEY and AAN management and investors are telling the world with the lower performance don't invest in Egypt. Unless the Egyptian authorities get the message and solve & clean their laws and be open minded to the world for investments. It is a political all a long. No matter what their president say but there are more in parliament and Ministers are coward to face the truth of world investments; I can read that from CNN interview with Naguib Sawiris.
Still very mad at CEY management and hope they do work better for all the salaries and bonuses the grab from us.
I am very patient to see the good results by end of year. Don't forget that AVG gain from $300 to $500 per ounce for the second H2. Gold for H1 was AVG about $1250 and $1450 for H2.... That will make a huge difference on Dividends.
So how many years now have they been considering this, if Egypt wants to encourage more foreign investment sorting out this lazy shower should be a top priority!
Nearly all gone now though, probably end up wiping our face again if we are lucky!
....but we will have to wait till next year and the Q4 results as no one will now believe it till it happens, hence my post this am that current price is a fair one but it may come back a bit more particularly if gold is weak on lack of trust and the usual overshoot. However IF Q4 matches or beats last year, and gold price is just correcting but marches further north, then next year could be good.....I am sticking
They made just about that if I remember in Q4 last year
Looking at those figures again. They say Q3 below Q2 but do not mention Q1. Say that Q3 is between Q1 and Q2, say 116,500oz. That would leave 139,404 for Q4 to hit 490,000 for the year. That is only a 21,491oz or 18.23% increase on Q2 or an 18.45% increase on Q3. That does not seem inconcevable. We know that they are capable. Although this all seems very strange, for them to estimate Q3 before it has actually finished.
I would of thought using drones is pretty sophisticated technology. I'm guessing they're not the ones you buy off of Amazon. Nevermind who used them, who supplied them?