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I posted the following tweet this morning and actually got a 'like' from Centamin. I truly don't know what to make of it...
.@CentaminPlc FYI this is what a transparent timetable looks like to develop a mine in Cote D'Ivoire c/o @TiettoMinerals
Also, #Centamin must disclose its true resources in Burkina Faso including 600k meters drilling in Napelepera & Wadaradoo $AGAC
@DavePelham123
@**********
https://twitter.com/DonLawson_/status/1407012825382350853
----------------------->>
Considering it's far from the first time I've made this point on Twitter
1) Are they acknowledging a maiden resource must be disclosed at Wadaradoo and Napelepera in Burkina Faso ?
2) Are they acknowledging they must do a better job at time framing the Doropo project ?
3) Are they simply playing around?
Hi Mr Gnome,
I asked Kees for any opinions he may have on this -
I always wonder what the exact definition is for the various metrics.?
Without knowing that, you get half the picture.
A lot of the conclusions depend on their method and basis to get numbers for “unreported discoveries”. Being unreported (I doubt many companies do not report this, even Major Producers) how the hell did they get to their numbers?
Kees Dekker
CEY looks healthy
Here's hoping-I did not think we would be drifting down again and here's hoping we can soon start a proper upward trend soon. A prior top up at £118 ish does not look so hot recently
However, if we ever did get back into the 90's I would be digging deep to find some more lose change-as long as there is gold still there and organization/operational improvements contuining hopefully 2023 will be very good
Cheers to all
I have joined you with a top up Mike at 1.054
After watching over the last few weeks I believe there should be easy money to be made, guess only time will tell!!
First of all very sad to hear about the fatalities with HOC staff puts things into perspective...I had a small top up few K with CEY at £1.06 and I had thought about HOC but not up to date on the variables going on there
Interesting about the Irish miners article Mr Tibbs having a strong interest..and of course we are back to rain in London.
Got to say I had laugh at Matt Han**** on breakfast TV this morning -he is like teflon tom
Hi Mr Tibbles
I've never seen the film.
Mining is a highly dangerous activity. Bitcoin mining is safer, although not very safe on your wallet, I suspect!
And I am buying...
SOUNDS LIKE A GOOD TIME TO BY TO ME....
Hi Redsparrow,
Thought you would appreciate this, some brave Irishmen who tried to stand up for what was right against the tyranny and greed of their employers!
March 27, 1876, the murder trial Molly Maguire member Edward Kelly began in Pennsylvania.
The last of the Molly Maguires were hanged in the Carbon County Prison in Mauch Chunk, Pennsylvania (known today as Jim Thorpe) on June 21, 1887. Below, we look at the group execution of Molly Maguire members that would go down in history.
It was one of the largest mass execution of any group by the US federal government in history. Between 1877 and 1879, 20 Irishmen known as the Molly Maguires, a labor movement working and organizing in the Pennsylvania coal fields, were executed. Among them was John Kehoe King of the Mollies who was pardoned fully 101 years later.
https://www.irishcentral.com/roots/history/molly-maguires-executed
Hi TornadoTony,
Thank you for the post and hope that you are now back on form after your hospital visit.
Tibbs
Lots of physical gold discounts in India and hardly any in USA and UK. Looks like Asia physical buying getting a good hand which often happens on their bulk buying for the jewellery trade. The jewellers need to buy first, make the physical into products and we get the high gold prices when they change hands in the wedding season for September and October. Gold is behaving in a seasonal way especially as wedding catch ups because of Covid-19 pandemic created backlogs. I would expect the sales to end either this week or next week. Everything else is just noise to keep Bloomberg reporter staff busy.
Shares on major European stock markets sank during premarket trading on Monday as traders across the globe digested the Federal Reserve's hawkish shift revealed last week.
The Federal Open Market Committee might hike rates twice in 2023, earlier than it had previously expected, amid improving economic conditions and higher inflation.
The DAX dropped 0.96% at 8:00 am CET, while the CAC 40 fell 0.91%. Meanwhile, in London, the FTSE 100 was down 0.76%.
Breaking the News / JC
Market down, gold up at the minute
Happy Monday y’al
We are in a MandA frenzy in Oz, and my bet is that for the same raft of reasons (+1) you will see this in the gold mining sector.
The +1, is that there have been very few gold discoveries, so organic growth is and has been off the cards for a decade now.
https://minexconsulting.com/trends-in-gold-exploration-with-a-special-focus-on-quantifying-discovery-performance/
How does a mining company grow, when they have no greenfields exploration success?
The performance so far in the broader industry in 2021 is even eclipsing the golden era of M&A that arrived in the wake of the global financial crisis and peaked in 2011, when $US56.9 billion of deals were announced to this point in the year....been $US64.3 billion ($82.8 billion) of deals announced so far this year, and we ae only half way through.
I expect the gold mining industry to start ocmpeting in the MandA stakes a lot more....
best
the gnome
Hi Mr Tibbles
Unfortunately, Boris Johnson and the Austin Allegro have one thing in common. They are both duds.
So, what of the markets this week? Another week like last week, and I'll be an unhappy bunny. In fact, I may start thinking along these lines:
I wish I loved the Human Race;
I wish I loved its silly face;
I wish I liked the way it walks;
I wish I liked the way it talks;
And when I'm introduced to one,
I wish I thought 'What jolly fun!'
Sir Walter Raleigh (not Victor Meldrew).
Poetry Monday has come early this week.
Best of luck to all.
Hi Redsparrow,
Good news about Former Commons speaker John Bercow has announced he is joining Labour as he launched a scathing attack on Boris Johnson.
Lashing out at the prime minister, he said the Conservatives today are a “reactionary, populist, nationalistic and sometimes even xenophobic” party.
Your brother is is right on all counts, unfortunately although at the time it was Lord Stokes then Michael Edwards whose brief to save British Leland was questionable and in order to cut tooling costs he decided to keep keeping using the huge surplus of post war components on supposedly new generation cars.
Admittedly this had been the norm post war , Austin Healey sports cars had the same basic engine block and even gearbox that was in the Austin 5 ton army lorries, MG'S the Austin and Morris brands were using outdated lever arm suspension and wish bone suspension which would just collapse unless it had been greased up on a regular basis.
Remember the first Range Rovers, now in concourse condition going for 100K, they used Morris Marina switch gear and door handles, although the Rover V8 engine was superb and the car was basically simple, no stupid ECU's or electronics making them true off roaders that were easy to maintain ., more than can be said for today's Joke called Range Rover!
Remember the Austin Allegro , no surprise the Austin Allegro has been voted world's worst car.
They were banned from the Blackwall tunnel as dangerous to tow, because their shells would bend and back windscreens pop out.
The rectangular Quartic steering wheel was branded unsafe by the police and there were quite a few owners who watched their rear wheels fly off and over take them.
That's before you start on the questionable aesthetics.
I n the Harris Mann in his original sketches. It was actually a very handsome car.
The villain of the piece was Lord Stokes, head of British Leyland, who insisted on using seats from the Maxi and trim from the Marina, and spoiling Mann's visionary design.
The Allegro - nicknamed the All-aggro - is the world's worst car, not because it was a bad design by one man, It was ruined by a committee of meddling fools!
I'm sure most people have read this, but I'll put the link in here just in case. It's about the Fed's apparent change of heart!
https://moneyweek.com/economy/us-economy/603423/the-fed-springs-a-surprise-on-investors-are-there-more-to-come
Well, Western governments need to inflate away their debts, so I agree with the author about how far the 'taper tantrum' must run before they change track again.
My eldest sister's husband was a panel beater all his working life, and has helped me buying cars over the years. When I was a student, I saw a Triumph TR7 at a local garage and he came along to view it. The verdict was: 'as rotten as an old pear'. It was a blue one with the roof, not convertible, and I could see all the wheel arches had filler in and underneath was rotten. It was 1986 and the car was probably about 8 years old - I think the insurance for me was about £850.
I eventually bought an Austin Metro when I started work. It was about 18 months old, purchased from a main dealer, and after a week, I went to go to work one morning and there was about 3 inches of water in the passengers footwell. I took it back. They kept it for about 2 weeks, told me it was fixed, and about 2 days later, the footwell was full of water again. My to-ing and fro-ing to the garage happened a couple more times with no success. After a comment from the sales manager to me, which even in those days was extraordinary, I threw the keys at him and said I didn't want the car anymore.
My brother-in-law said that finding water leaks in cars is such a difficult, time consuming process, that they just didn't want to make the effort. So, one cold Sunday morning in January, we were out on my parent's house driveway with the car. He was upside down inside the car and I had a hosepipe which I had to allow the water to trickle from starting at the lowest point on the door/wing. It took ages to find, and the leak point was found to be on the roof edge, hidden by some black trim. The factory sealer had not covered properly and the water just poured in. We put some black sealer on, replaced the trim, and it was fine after that.
I never really liked the car, though, and kept it about 2 years before selling it. I really should have bought either a Mini or an Escort - much more a young person's car in those days. I know a little about car repairing from my brother-in-law. One thing he did say was that finding a really good painter was so difficult. The cars would be repaired really well, only to be almost entirely ruined by painters throwing on a load of paint which looked terrible.
To buy a classic today, I think joining the owners' club is the best thing to do. So much knowledge and willing helpers. I did join the Jensen Owners' Club for a year when in my early 30s. I liked the Jensen Healey but found that they weren't particulary good cars. I also had a young family then, so it was completely out of the question anyway. I was just learning the ropes for later in life.
Hi Mr Bond,
Governments don't want ordinary mortals like us to realise the true rate of inflation, that's why they have departments whose role is to come up methods of measuring inflation based things like a basket of shopping (what's in the basket and from what shop?)
Why the Government prefers the CPI – at least when it comes to pensions 20 March 2012
Public sector pensions will increase more slowly in future after the Appeal Court threw out an attempt to stop them being increased in line with the consumer price index (CPI) rather than the retail price index (RPI).
The CPI typically runs at a lower rate, thanks to the way in which it is calculated. When introducing the switch the Government argued that this was a fairer measure of inflation – as it did not include certain housing-related costs, such as mortgage interest payments or council tax!
These changes don't apply to MP's or the senior Judicery who ruled on the appeal case!
In the 70 s. I recall seeing a Jag XK120 for sale at £120.
I was earning £3 10 shilling a week paid monthly, as Articled Clerk in a Chartered Accountants, before going into English Electric as Cost Accounting at double the salary.
Happy days ;-(.
Later had TR2 rot box, with Standard Vanguard engine. Simple basic mechanics .
Pay was crap then, mechanic -grease monkeys were earning 3 times more.
But the early knowledge paid off later. :-).
Sorry if a little off topic ,but linked with inflation.
TR7 cont
The slant-four Triumph motor is usually pretty long lived IF maintained properly. but many weren’t looked in the years when values were very low.
Apart from the obvious common oil leaks, the biggest problem with the engine will be a warped cylinder head due to differential expansion between the iron block and alloy head – not due to owners failure keep up the anti-freeze concentration, vital for its corrosion-inhibiting properties. this will manifest itself in head gasket failure and the serious problem will be easy to spot via the oil and water mixing. If the engine quickly starts to overheat when left idling after a run this shows that all is not well in the head gasket department.
Although a simple engine by modern standards, head removal is problematic due to the steel studs fitted at an angle corroding into the alloy head making removal of the head impossible with the studs in place.
Some cars may have an electric fan as a preventative measure so don’t be too suspicious of a car which has one fitted.
Timing chains are renowned for getting noisy although they may still carry on well for many miles, but the factory’s recommended change interval was 25,000 miles!
Also engine issues have been traced to water in the fuel due to the location of the filler cap which gathers water in the recess. this problem will be bad enough for the tank to rust out and replacement involves dropping the rear axle.
TR7 engines came with hardened valve seats from the factory,so the cars can run on unleaded fuels without additives.
Four and five-speed gear boxes synchromesh becomes weak over time,most learn to live with it as the shift action will tend improve when the engine and gearbox get warm, or a good tip is to use automatic gearbox (ATF) fluid!
Clunk on hard acceleration can be nothing more sinister than a worn prop shaft joint or simply the bushes in the trailing arm mounts, fixable at a price.
Rear axles tend to be louder on five-speed cars, but unless you can't hear the radio don’t be too worried!
Restoration projects cost under £2500 -3000 although they are disappearing due to cannibalisation or restoration .a usable car will cost around the £4000ish for a coupe, with convertibles probably £5500 then values rise with condition or rarity to the £12,000 ish mark, here you’ll also find plenty of V8-converted cars and few example with Sprint running gear.
Still fancy a TR7?
From all the TR7 examples that I have come across and those that came into my friends Bosch franchise for work I wouldn't be tempted, really terrible cars that should never have been created.
The UK motor industry instead should have come up with something along the lines of the Mazda MX5 and badged it an MG or Triumph,now that would have been a winner!
So be careful about which classic you may bid on!
Why do Governments simply take a look at the price of gold,,,,,May 1972 US $ 42 . Jan 2006 $ 534 .
Now unbelievably high,,,that is the rate of inflation.
What we are witnessing is failed Government policies, and gradual deterioration of Fiat currencies.
Not forgetting Pensions and savings, if true inflation figure were added to just pensions increases Pensions and PPF would have to default. The only other investment that sidesteps that inflation is the prices of houses , but of course when you die and pass it on ,there is inheritance tax.
Physical Gold can ,with thought ,can bypass tax and inflation.
The Gipsies have it right ,along with the Asians, coins and heavy jewellery.
End of sermon.
The TR7 was something of a poor relation: frowned upon by traditionalist enthusiasts of the older TR models, it hadn’t been around quite long enough to gain classic status purely on account of its age, while Harris Mann’s edgy wedge was perhaps a reminder of the decade we were trying to forget as we forged ahead into the ’80s and ’90s.
Nowadays though, things have very much changed and while a TR5 might rumble past a group of teenagers without raising an eyebrow, a TR7 – especially a coupe in the striking Triton Green – will turn heads. In that respect the passage of time has been kind to the TR7, even if the BL-era build quality struggled to shrug off the effects of successive British winters.
Some (not me) think the best-driving of all the TRs, the four-cylinder engine giving it handling balance the nose-heavy six-cylinder cars can’t match and its modern monocoque construction doing away with the separate chassis. and the suspension etc are from a different era with its MacPherson strut front end and four-linked rear axle.
The TR& was designed very much as a continuation of the TR2-TR6 line although its maker by then being part of British Leyland, the TR7 was the last car to be developed independently by Triumph. It’s also quite brisk and even the regular four-cylinder car can match a mid-’90s GTI.
As a classic today, the TR7 has excellent parts support thanks to the specialists and there’s very little you can’t obtain.
The convertible has survived in greater numbers than the coupe but there are plenty out there who prefer the hard-topped Seven simply for its look h means prices of the once-unloved coupes are now strong!
R7 now 37 years old and production having been carried out under BL, clearly structural rust will be the big issue. It’s thought that Canley and Solihull cars were better protected by the factory but there’s still plenty of scope for rot and unlike older TRs the unitary shell can’t be lifted off the chassis to make repair easier.
The sills are critical and on the TR7 they run behind the front wings, meaning that a quick repair with the dreaded ‘over sills’ may have left weakened rotten metal hiding in that critical area. BEWARE If cover sills have been welded on to the outside, this makes lifting the carpets to check the inside can give a better idea of the car’s solidity, unfortunately they were glued down originally this isn’t always possible.
Elsewhere, check the strut tops under the bonnet carefully and at the rear, examine the boot floor and spare wheel well.
All panel edges need a look, rust between floor and sills will indicate problems & bubbling in the seam along the top of the rear wings can be expensive to fix & rot in the joint between sill and rear wing & Inner arches, but less obvious is a corroded screen surround, Very expensive!
paint peeling off the aluminum headlamps is common, it’s the paint rather than rust.
Just how reliable a measure of inflation is the current CPI method, or RPI for that matter? Well, if you include classic cars, possibly not a very accurate measure at all according to the following:
Here is a very nice Triumph TR7 in 'Kermit' green that sold at auction in early May this year for £8640.
https://angliacarauctions.co.uk/classic/results/saturday-1st-sunday-2nd-may/1981-triumph-tr7-convertible/
If only you had been quicker, because just a few days later, the same car could be bought off eBay.
https://www.ebay.co.uk/itm/164920747215?hash=item26660ae4cf:g:Tk0AAOSwoKBglpIU
It's doubtful the seller will get the £12995 asking price, but if he should, I make that a 50% increase in less than a week.
Do I live in Britain or Zimbabwe?
I have seen many examples of the above over the last year or so. My poor old share and gold portfolio lost well over 10% in the last week. Would I swap that for a TR7? Not in that colour - in blue.....maybe. Then again, maybe not.
Purdey, from the New Avengers had a yellow TR7, but it kept breaking down.
https://www.youtube.com/watch?v=3wnabXEDtAg
So, you'd be better off with Mrs Peel's Lotus Elan.
https://www.youtube.com/watch?v=P41clz5_Rp0
However, whichever you choose, make sure it has a large glove compartment.
https://www.youtube.com/watch?v=UviwWIcOFQ8
Reminds me of a time when I was in Bamako, looking at all of the swish new Government buildings, with some African friends. The friend from Burkina remarked : "What a silly thing to do, now it is far easier to enact the Coup d'état, all the politicians are in one place" My Malian friend said, they were over this sort of behaviour in Mali (!?) unlike Burkina Faso. Well score Burkina Faso 1 (in 2014) and Mali 4.7, and thats in the last 10 years (2 in the last 12 months). Why the 4.7 you ask? Well in Mali they count a bit different to others. There are partial Coup d'état's, where they only talk loudly (where no one gets shot).
An aside, when filling out an application form for a Malian friend to become a Director of a company, I aked him his age. He said it was "64 turn back 2". I said I did not think I could write that down on the government form, and besides I did not know what he meant. He said it was because in Mali one had to retire when you are 65 years old, so each time he gets to turn to 65 years old, he turns the clock back a few years! He is now 64 turn back 3.
Funny world, enjoy it while you can !!!
best
the gnome
If you are looking for productivity gains (not to mention SP growth etc) in a "covid littered world", shipping news and money around by wires and cables, and making it secure, is probably the most secure place to invest in, although there is a large amount of "smokes, snakes and mirrors", so be careful
best
the gnome