London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Possible top up price coming today, let's see?
Candid, Agnico reported today highlighting what is happening even if production rising. “The company said income was down due to lower average realized metal prices and higher production costs, partially offset by higher sales volumes.Payable production was up 541,663 ounces, 9% higher than the same period a year ago.
All-in sustaining costs were $1,011 ounce. The company warned of rising costs stating that inflationary pressures have accelerated.” So gold prices lower, for us production lower too, costs up with hefty mining inflation, for us costs up more with our lower production and hefty wall costs. Hence my expectation of lower profit for second half but we shall see.
If the industry gets a whiff of corruption, then there are various laws around in UK, USA, Canada that means they will have tohead for the door. Very serious penaties.
Lot going on in the corruption space and there is a jail penalty for Directors. Personally I think it is well overdie that the Mining Industry got cleaned out in regard to Corruption (robbing the poor to pay the rich -more) - love to see some serious fines and jail terms for Directors (ignorance not a defense)
https://www.abc.net.au/news/2021-10-04/rio-tinto-continued-to-trade-with-briber-du-shuanghua/100513014
https://www.ft.com/content/66aeb1b9-7f7a-4713-866c-c756d82bf3c5
http://www.businessinsider.com/rio-tinto-guinea-leaked-executive-emails-corruption-investigation-2017-7
https://www.transparency.org/en/publications/combatting-corruption-in-mining-approvals
A board that sends an exploration group into a company with endemic corruption, is setting itself up for a very rough time
bet
the gnome
European stock indices recorded slight losses during Wednesday's premarket session in expectations of the state of unemployment across the Eurozone as well as the service sector activity in the United Kingdom.
The premarket trade was marked by new releases of corporate earnings, with Lufthansa and BMW revealing their results for the third quarter of 2021.
The DAX slipped 0.09% at 7:09 am CET, while the FTSE 100 fell 0.18% and the CAC 40 declined 0.07%.
The euro traded flat against the dollar to sell for 1.15819 at 7:14 am CET, while the pound increased by 0.14% to $1.36316.
Breaking the News / ND
Happy hump y’a
Who you know indeed Goldgnome!
I suppose the EMRA orchestrating Shalateen to basically set up camp outside Sukari's front and back door could also be a strategic line of defense?
But either way it does reek of an insider deal - and I do hope it's in Centamin's favor for once.
What good is being the first mover in Egypt if it counts for nothing?!
https://www.linkedin.com/posts/don-lawson-98619370_gold-mining-mena-activity-6861428239311650816-_1WY
More likely to cover short positions!
In February 2020, Naguib Sawiris announced his interest in acquiring 51% of the Shalateen Mineral Resources Company, which is 35% owned by the Egyptian General Mineral Resources Authority; 34% owned by the Ministry of Defense’s National Service Projects Organisation; 24% owned by the National Investment Bank; and 7% owned by the Egyptian Company for Mineral Resources.
Strong odours here ... Hope it is not the odours of "who you know"...
https://www.mining-technology.com/features/stay-gold-egyptian-ambition-and-investment/
best
the gnome
On euroclear was up to 3.93% at end Oct from 3.39% end Sept but still lower than the 4.04% at end Aug 21. So there has been a bit more stock lending this last month, possibly to match a long Gold position I noticed the CFTC still has a lot of long gold posistions.
Hi guys
Something connected to what's happening in the Gold-space. It may have interest for some.
https://www.securities.io/thomas-coughlin-ceo-of-kinesis-interview-series/
Rabbits in the hat occured to me.
We may soon see.
It could benefit Centamin, the plant is in good shape and their is space for extra throughput.
Expect some movement in gold price tomorrow- google tomorrow for exact times.
Let's hope when Jerome speaks- it's positive for gold.
Has been misleading in the past- see when it finishes.
Fair comment'sRebess , Don, Mr Bond!
Possibly one of the rabbit's in the hat to be pulled out at the right time?
Centamin staging a U-turn on our sister index just now isn't that just beautiful.
I wonder how much jail time he got.
I cant remeber now.
He got what he deserved,:-)
Hi Mr Bond? - Who would question EMRA's authority. - Poor old Alf did and look where he ended up. - So did the Arab-spring and look what happened to that. - So, you may have a point. :-)
Edit.
Saves millions in new plant and valuable time.
But of course I could be completly wrong,time will tell.
Don, point 1.
Shalateens interests are in keeping the militaries Pension Fund healthy.
When they tried to sell with an ,shall we say over optimistic 1.8 million ounce supposed new find last year, Sawaris was the only bidder. He quickly lost interest.
Point 2.
Makes sense for EMRA, and Centamin.
Saves million as well as time.
Its possible they both already know of hot spots.
EMRA can do what they choose, and Centamin they know well.
EMRA make the rules in Egypt. Who would dare quetion their authority ?
No one with sense,IMO.
It makes a lot of sense Cowichan and never forget, the plant at Sukari is owned lock, stock and barrel by EMRA, not Centamin.
Intriguing or wha? - Response to your tweet should be interesting.
Have issued their puppet mining company Shalateen some prime gold exploration land directly south and north of Sukari.
Questions:
1) Shalateen has done nothing for decades - what has changed that they should be given concessions without a bidding process?
2) Is this in anticipation of co-working with Centamin due to the fact any gold on Shalateen's land could bypass the new tax & royalty scheme in favor of the old 50/50 profit split as long as the Sukari plant is doing the processing?
I did a quick map here
https://twitter.com/DonLawson_/status/1455566219608657922
Thoughts??
Sub 90p shortly?
"No reason to be as low as 92-93p. Constantly undervalued."
I disagree. There is every reason. All gold miners are suffering. Even the best-of-the-best, multi asset miners are heavily depressed. The only gold miner that I've been really successful with in the past 6m is Fiore Gold and that's only because they're being bought out. The rest are being buffeted by the expectation of the future gold price movements.
"This thing is so predictable lol"
I disagree. It's just bobbing about in a holding pattern like gold. I'm braced for the Fed taper, which could be terrible for gold. I **still** believe that gold should be rallying, but it's not corresponding with the market reality and there might have to be a time when I adsmit I was wrong and sell out here. If this continues for too many more months, it's psosible that the gold rally will not happen for this cycle.
You'd probably have got em cheaper tomorrow afternoon as Fed taper talk on the agenda..
Just bought back in again at 92.5 after selling at 100. This thing is so predictable lol