We chatted to IronRidge Resources' CEO Vincent Mascolo who explains why the company has become a lithium explorer. Watch the video here.
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 Polling out today:10 years after the financial crisis, the British public still don’t trust banks:
 Here’s some of the news coverage we’ve had so far:
18,000 beautiful baby penguins hatched in an Antarctic colony last winter. But just two survived!
The rest starved -- and industrial-scale fishing and climate change threaten to wipe out countless other polar species. Scientists say the only way to save Antarctica’s ocean is by urgently protecting it -- and if just two more governments give their backing, we can create a massive network of ocean sanctuaries there.
The vote is coming up, and European leaders can bring the blockers on board -- if we quickly show massive public support, we can make sure they step up. Let’s make this huge, then run opinion polls, take out media ads, and deliver our voices directly to President Macron and the EU, calling on them to save this penguin paradise, before it's too late.
In 2016, millions of us helped rally public pressure to create the first Antarctic Ocean sanctuary, in the Ross Sea. It is the largest marine protected area on the planet. But it represents only a small portion of the fragile ocean that surrounds Antarctica.
The wildlife there is already struggling because of climate change -- and industrial fishing fleets could push this fragile ecosystem over the edge. At least three more sanctuaries are needed to keep this precious wilderness safe. And they could be created if we make sure EU leaders feel this is a public priority.
Whether we win another marine sanctuary there comes down to a single decision. Russia and China are the two main blockers -- but experts say that French President Macron and the EU Commission can win them over. Let's inspire them to action by raising a million beautiful voices to save this polar paradise -- join now and share this everywhere.
Save Antarctica's ocean wilderness -- Sign now!
Avaaz means voice in many languages and speaking up for our fragile planet is one of the things we do best. We have helped secure massive marine reserves all around the world -- but this time, it's not just one more sanctuary -- we're going for the entire Antarctic network and this petition will keep building until it is fully established.
Penguins starving to death is a sign that something’s very wrong in the Antarctic (The Guardian)
#ANTARCTICA2020 – A vision for the future (ASOC)
So long, King Penguins: Scientists warn climate change may leave these birds "screwed" (Mashable)
Decline in krill threatens Antarctic wildlife, from whales to penguins (The Guardian)
Gold And Silver Prices Fall 1.6% and 4.3% To Near 2 Year Lows
Gold and silver prices fell sharply again yesterday and were down 1.6% and 4.3% respectively to multi-month lows.
Gold drifted lower all day and ended near its late session low of $1173.20/oz, its lowest since January 2017, for a loss of 1.6%. Gold in euros has been more robust of late and it fell to about €1036/oz.
Gold in USD - 1 Year
Silver saw another bout of intense selling on the futures market and was pushed as low as $14.37/oz. There was no economic news or silver related developments that would account for the deepening sell-off.
It is again a purely futures-related price action with no refineries, mints or dealers reporting a sudden selling of silver bullion. Quite the opposite, contrarian gold and silver buyers are again accumulating coins and bars on the dip.
Demand for gold jewellery and gold bars has surged in Turkey due to the currency crisis. Gold trading volumes on the Turkish Gold Exchange (Borsa Istanbul) have more than doubled and gold prices in Turkish lira have surged by more than a third since March as reported by Bloomberg (see article and chart below). Or rather the Turkish lira has collapsed in value by a third versus gold.
The sharp falls in the precious metals is being attributed to dollar strength. The U.S. dollar is holding steady near a recent peak for now, despite the increasingly precarious fiscal outlook as Trump’s reckless government spending has seen the national debt surge to $21.35 trillion – an increase of $1.45 trillion since Trump, the “King of Debt”, took office.
The precious metals are now near their lowest in nearly 2 years despite the very favourable backdrop of heightened geo-political and economic risks due to trade wars and concerns that the financial crisis in Turkey could lead to a wider global financial crisis.
Concerns about the financial crisis in Turkey, and its impact on the EU in particular, and China and the global economy’s health are badly impacting emerging market currencies. This has led to safe-haven demand for gold, but this is not resulting in gold, or silver, being bought in the futures market.
Counter-intuitively, the opposite is happening again and this has led some analysts to again believe that the gold and silver prices are being manipulated lower on futures markets.
This could be done purely for profit motives by hedge funds and banks and or due to official intervention in order to curtail safe-haven demand, depress sentiment towards the precious metals and maintain confidence in risk assets and the wider markets (see GATA.org and Gold & Silver Being Hit Like In 2008 To Cover-Up Impending Global Financial Crisis).
As ever, it remains prudent to take a long-term view. Contrarian investors, value investors and bullion buyers, while rightly frustrated will either simply sit out the latest bout of contrived price weakness or accumulate gold and silver agai
They say that trees can't grow to touch the sky. - Well they can in America. - It's just a relentless onwards and upwards for the markets, occasionally pausing for a breather, but not for very long. - During the hyper-inflationary period of the Weimar republic, the same phenomena occurred. - The worse things became the higher their stock-market climbed.
'I remember, I remember, The fir trees dark and high
I used to think their slender tops were close against the sky
It was a childish ignorance, but now tis little joy
To know I'm farther off from heaven than when I was a boy.'
Tibbs! For some years now on this board i have said that the international currency system and the speculative markets surrounding them which a prone to manipulation, as you say, are not the greatest system of running the world's finances.
However, I have also said that changing such a system is notoriously difficult, and we are probably stuck with it for the near and probably medium future. When it does change, the USA are likely to be in for a nasty shock as all the dollars come home, and the impact of that on the world economy could be quite scary.
The gold standard is not necessarily a better system, and there is some doubt as to whether it ever really worked in the way suggested. The dominance of the UK economy in 19th century led some economic historians to argue we were really on the sterling standard. The 1920s and 30s were a difficult period where we effectively passed the baton over the USA starting with the Breton Woods Agreement and the dollar dominated the system.
Whatever his good intentions, it is highly unlikely that Andrew Maguire or a blockchain and gold based cryptocurrency can resolve the problems of the world economy. If your conspiracy theories are right, you should ask yourself whether a Russian and Chinese based conspiracy would be an improvement, because this seems the most likely alternative.
The price of gold is not something i ever attempt to forecast, and I just build the uncertainty about its future movements into my decisions. Sometimes I'm lucky, sometimes I'm not. Recently I have avoided a large loss on CEY, but in the past I have not been so lucky.
Either way, we are all armchair speculators on this board, hoping to gain from the vagaries of the market and what we fondly imagine to be our own good judgement.. I don't think that puts us in a strong moral position to complain about the system, however iniquitous it may be.
Andre De La Fontaine
Where is the outrage, there are 7 billion people out there, but we only see the same few commentators.
Am i living in a self created illusion. Where are the millions of miner's and mining shareholders that are getting ripped off.
Countries must be in abject fear of the USA to comply with the corrupt Central and Bullion Banksters.
Why would Mexico and Chile allow their countries wealth to just get stolen?
$900 AISC costs – this includes all of the drilling they are doing outside of Egypt and the opportunity to add more decent ounces is not being factored in at all by the market.
Thanks for the link. I am a believer on manipulation and can now see it could be China going short in the paper markets and buying long in the physical.
Yes cey is in a better position than many especially without debt
But it is just why I have been worrying far more about rising costs than any fall in production (I know lower production leads to a bit of rising costs, but costs are mostly up from inflation across all mines)
A miner like Orosur is now losing nearly $200 an ounce if it still has aisc around $1450
Very scary times for miners
And unlike industrial metals like copper, production is only marginal to the amount of gold there is, so doesn’t matter that much to price if mines close and production falls, plus price is dependent on investment more tha;industrial demand so doesn’t matter if there is less of it if demand is lower.
So why I have kept reducing my holding but still have 25% of my portfolio in PM miners which is horrid
gold at $1000 and Centamin still be profitable!
Actually it was less than that if memory serves me well I may be able to find the actual figure!
POG now very close to a price where it will be uneconomical for some companies to mine. - I seem to recall Centamin stating they could mine with gold at $1000 and still be profitable. - Or have I got that wrong? - If they could, that would be a plus. IMO
That's the spirit.
Gold's retreat is also an opportunity. Just think of all those marginal producers forced to take drastic measures if the price lingers at these levels!
Centamin will continue to add high grade ounces and AISC will drop given time
Fair comments Rebess, the problem is that that the US is now being run by an egotistic Trump who cares not a jot about the rest of the world and is hell bent on proving how great he is!
The outlook for the rest of the world is grim, but then the US needs to consider that it's no good having a strong dollar and high interest rates if other nations can't afford to pay back their debt or trade with them..
This situation highlights why a new monetary system is needed to combat the bullying tactics of Trump!
This could be the start.
No one will win .
Apart from ordinary people caught up in politics of world dominance..
Its been coming for a long time ,I am afraid to say.
Not at all sure where it will end or when.
Hi Auson. - 'This madness will end soon'. - I'd love to think so, but I fear not. - This could be the 'Opening salvo' in a war that America will win. - There may be unforeseen circumstances that will change the direction of travel, but failing that, I think everybody's in for a rough ride.
hat production has dropped off whilst the pog is so low?
August 15, 2018 / 2:52 PM / Updated 2 hours ago
Commentary: Dollar surge, EM turmoil echo Greenspan's 1998 'oasis of prosperity' warning
Why gold tells us this EM crisis is all about the dollar<br />John Authers August 13, 2018<br />3-4 minutes<br /><br />When attempting to cure contagion, it is necessary to tell the difference between symptoms and causes. And it looks as though Turkey’s financial crisis is only a very severe symptom of the contagion that is moving through emerging market currencies. The underlying cause appears to be the strong US dollar.<br /><br />The Turkish lira fell again on Monday, but more striking was the uniformity of the falls in other emerging markets against the dollar. JPMorgan’s index of emerging market currencies fell to a fresh record low since its inception in 2010, falling 1.6 per cent by noon in New York. India’s rupee, one of the strongest emerging currencies in the years since its sharp sell-off during the 2013 “taper tantrum” dropped to a record low against the dollar. Indonesia’s rupiah suffered the same fate.<br /><br />South Africa’s rand, currency of the country most obviously dependent on dollars for financing after Argentina and Turkey — the two countries to have suffered currency crashes this year — is also now under severe pressure.<br /><br />But the clearest “tell” that we should be focusing on the strength of the dollar, rather than on events in Turkey, comes from gold. Demand for gold may ultimately lie in the eye of the perceiver, but the gold price is a great gauge of perceptions of risk, and of fears that paper currencies may suffer debasement. It remains an important link in the financial system.<br /><br />And somehow the gold price has tumbled 12 per cent, when measured in dollars, since its recent peak 12 months ago, following a trajectory that looks remarkably like that of an emerging market currency in that time. It has given up all its gains since the election of Donald Trump in November 2016. As we are in a “risk-off” environment, when investors try to limit their risks, gold might normally be expected to be exactly the kind of place where they would seek shelter.<br /><br />Why not this time? In part, the demand for gold tends to come from emerging markets, whether from individuals for jewellery or from central banks for their reserves, and so this is a sign that investors in emerging markets now feel it necessary to buy dollars rather than gold. And in part, gold tends to function as an indicator of alarm about the Federal Reserve. If investors think that the central bank will be too easy and allow inflation to take off (as was widely if inaccurately believed during the years of gold’s bull market immediately after the crisis) they will buy gold. At present, the perceived risk is that the Fed will be too hawkish (and thus strengthen the dollar).<br /><br />Turkey may be able to regain international confidence, or it may not. But even if it can halt its own crisis, that will not halt the contagion, which stems from the strong dollar, and the re-evaluation of emerging assets that it has forced on investors.<br /><br />
As a result of the EM fallout USD is experiencing a liquidly squeeze.
It is thought that that COT’s are 1/1 long here hedging physical exposure.
Opinion is that this short selling may well be all over by Friday as season gets front run.
Yes I think so it could be to do with thwarting the gold backed petroyuan however this madness will end soon.
It's possible that what we're currently witnessing is a politically motivated move against gold rather than a move inspired by the market forces of supply and demand. - A move against an Asian initiative, through gold, to move away from the dollar. - If I'm right, it means we are positioned in the wrong place at the wrong time. We could get caught in the crossfire.