The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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Thinking of turning to religion ?
Check this one out !
https://on.rt.com/bao4
Hi Mr Tibbles
I see you are in fine form this Saturday.
I read recently that Arlene Foster had won about £110000 in a libel case. Someone on Twitter had accused her of having extra-marital affairs and generally being immoral. She is a woman of very deep faith and strongly family orientated. Those kinds of accusations must be very deeply wounding to such a person. So, well done Arlene.
I have a friend who stood for the Liberal Democrats in a General Election some years ago. The Conservative candidate put a rumour around about her having an affair with a married man, she was single at the time, and generally slurred her name. She confronted the Conservative candidate, and he just said that she should expect politics to be a dirty game. It's just another reason why decent people avoid becoming poiticians. It's a shame because we end up with the dregs of society in power.
I was wondering how much influence the REPO problems recently in the US had on the FOMC statement last Wednesday? Lot's, I suspect.
It's worth remembering that gold's cyclical bear market ended in December 2015, right when Ben Bernanke stepped down as Fed Chairman, and Janet Yellen took over. His 'gift' was to start tapering bond issuance, thus tightening monetary policy. Real interest rates were very low then, but gold began to climb, even as monetary policy got tighter and nominal rates (and real rates) rose. So, rising rates are not bad for gold at all times.
I noted that Donald Trump recently stated that the US dollar needs to be strong to ensure the US keeps its place as the largest economy in the world. It's a far cry from his presidential days when he wanted nothing more than a weaker dollar.
This week's market action has provided 'friends' the opportunity to begin to exit the wrong side. Again.
Thursday 22 July 2021 for the Q2 Production Report according to the CEY Website.
https://www.centamin.com/investors/investor-calendar/
on Tuesday 22nd according to this link.
https://portfolio-adviser.com/weekly-outlook-uk-and-us-consumer-data-ds-smith-and-berkeley-full-year-results/
“Centamin PLC is the third-biggest holding in SGDJ, with a stake of 4.38%. The company had a rough initial go of the pandemic, with its biggest site proving unsafe just as the COVID crisis worsened.
However, the gold mining organization seem to be poised to surge as its mines come back online and the vaccine rollout continues.”
The statement that Centamin was affected by covid is a lot of nonsense but
“poised to surge” I can take all day long.
Whoever SGDJ is they have faith in Centamin as they own 4.38%
Poised to surge… mmm I like that!
https://www.nasdaq.com/articles/sgdj-sprotts-junior-gold-miners-etf-shining-bright-2021-06-18
Dominic Raab? Such an ardent campaigner, now surely the lowest profile foreign secretary in our history, and when he does venture out, it is rarely to invite us to dance on the sunlit uplands, for they are not there; and nor it is to exploit the greater power that Brexit has delivered to our diplomacy, for in truth it has made us weaker and less respected around the world.
Michael Gove, though charged with trying to sort out some of the mess he and his fellow Brexit liars and charlatans delivered, is remarkably low profile compared with during other stages of his Brexit career. Better than anyone else in the cabinet at slithering out of tricky question areas, even he is finding there are too many circles to be squared, so best to keep your head down, take your son to Champions League games abroad, and enjoy a bit of special privilege self-isolation.
Also, it seemed odd that during seven hours of testimony at his recent select committee appearance, Dominic Cummings, for whom the entire exercise was designed to feed his ‘I was always right’ narrative on Covid, did not find a way to make his role in winning for Leave part of that narrative?
Is he too now so embarrassed by the reality of what it has delivered that, like Johnson, he prefers to have his life dominated by a pandemic created by others, than the Brexit mayhem created by them?
Fair to say, they are not working out fine, but heaven forfend anyone should think it is Johnson’s or Frost’s fault … No, those bloody Europeans made them sign the Protocol, of course they did. ‘How were we supposed to know it would have the effect they said it would? Why should we implement it just because we agreed to?’
And what of Arlene Foster, how must she be feeling about life these days, having fought so hard for Brexit despite a majority in Northern Ireland not wanting it, having supported Johnson as Tory leader on the basis he would be "a fabulous friend to Northern Ireland", and now part of that long list of people to learn that if you hitch your wagon to Johnson, the chances are you’ll one day regret it? Now in her final month as first minister, a child of Brexit devoured by Brexit, and its inevitable contradictions, on which she is now silent, as well as powerless.
Kate Hoey, another Ulsterwoman who flew the Brexit flag, not least from the back of the boat she shared with Nigel Farage as they sailed down the Thames to rage at EU fisheries policy, and promise UK fishermen a bright new future freed from the shackles of Brussels… where is she now? Sitting in the House of Lords, where else, alongside other Brexit-supporting ex-Labour MPs, Gisela Stuart and John Mann, similarly very quiet these days when it comes to Brexit.
As for Farage, he remains high profile of course, because his profile is his living. So he piles into any debate which allows him to say ‘woke,’ and milks his Brexit fame to become one of Cameo’s star turns, delivering video messages to anyone who wants one, and failing to spot that when someone called ‘Hugh Janus’ paid a few quid to get ‘a personalised message from Nigel’, it was a ****-take, just to hear the words ‘hello, huge anus’ fall from Farage’s lips. But when was the last time you heard Farage talk fishing, or farming, or indeed any of the other sectors promised they would thrive, and now realising they were lied to by people like him?
While Farage keeps on trilling and shilling, other leading lights of the Brexit campaign have simply vanished from public view, among them cabinet ministers. There was a time you could not turn on the radio or TV without hearing the über-Etonian tones of Jacob Rees-Mogg telling us how Brexit would lead to cheaper food, cheaper clothes, cheaper holidays, less red tape, greater competitiveness, a stronger economy, more power… now that none of those things have turned out to be true, he has gone from ubiquity to invisibility, perhaps hiding away in agony that his beloved Catholic Church will these days marry twice-divorced proven liars who pay for abortions as a way of keeping their child tally to single figures.
Why don't Brexiteers like to talk about Brexit any more?
Hi Redsparrow,
I don't see why those of us who have been taken back 50 years and are now being caused so much unnecessary hardship and inconvenience should remain quiet anymore, Borirs, Farage and all the other pro Brexiteer Guru's are guilt of gross deception of those that chose to vote leave and misrepresentation and even slander of the other member states.
Weatherspoon’s boss Tim Martin inevitably attracted heaps of scorn when recently bemoaning staff shortages for his pubs, and demanding the government allow more EU migrants to fill the gap. But at least he was prepared to face that scorn to point out an unfortunate if inevitable consequence of the Brexit he had helped to bring about.
Most of his fellow Brexit warriors have preferred instead to run for the hills. The new Brexit battle cry seems to be: ‘Don’t mention the war, in case anyone remembers that we were the people who started it …’
Tory failures David Davis, Iain Duncan Smith and Liam Fox have morphed from being Brexit experts to become Covid experts, if by ‘expert’ we mean that they are regularly invited onto flagship BBC programmes to give their view, without ever being asked why they got so much wrong in their previous field of expertise.
On the rare occasion they do face a question about the B-word, Davis chuckles, IDS coughs, Fox sighs, and all three complain that, sadly, the" Europeans "have created the wrong sort of Brexit. Taking Back Control is all very well, but not if it means forfeiting the ability to blame the EU when it turns out we have lost more than we gained in doing so.
‘The wrong sort of Brexit’ is a line of defence now adopted by none other than David Frost, the government’s chief Brexit negotiator, who stood so proudly and so smugly behind Boris Johnson as the prime minister signed an agreement he had almost certainly never read, and who now laments the deal-clinching Northern Ireland Protocol of which he was once so proud and so smug.
It was not as though anyone warned them, was it, that to make Brexit happen, you would need either a hard border on the island of Ireland, or a border down the Irish Sea that would mean Northern Ireland was treated differently to the rest of the UK? Nor did anyone point out that this would create all manner of economic and political problems for the region… well, apart from Tony Blair and John Major five years ago and many times since. And apart from the Irish government until they were sick of saying it, and the European negotiators who kept trying to spell out the realities, but were met with Johnson’s populist bluster, and Frost’s insistence that things would work out fine!
CAIRO – 29 November 2017: Around 404 kilograms of gold from Sukari gold mine
The Sukari gold mine targets producing 600,000 ounces of gold in 2018, up from 540,000 ounces in the current year," Chairman of mineral exploration and mining company Centamin Egypt Youssef el-Raghy said in November!
Plot
In order to appear superior, a miller (Youssef) lies to the king (Sisi), telling him that his daughter (Princess Suakari) can spin straw (low grade waste)into gold.] The king calls for the girl, locks her up in a tower room filled with straw and a spinning wheel, (LHDR) and demands she spin the straw into gold by morning or he will cut off her head (Concession licence) When she has given up all hope, an imp-like creature (Pardey)appears in the room and spins the straw into gold in return for her necklace (since he only comes to people who are seeking a deal or a trade) (or dividend). When next morning the king takes the girl to a larger room f( Open Pit) filled with straw (low grades ) to repeat the feat, the imp once again spins, in return for the girls ring(Share holders) trust )On the third day, when the girl has been taken to an even larger room filled with straw and told by the king that he will marry her if she can fill this room with gold or execute her if she cannot, the girl has nothing left ( the open pit is full of waist)and with which she can pay the strange creature. He extracts from her a promise that she will give him her firstborn child, and so he spins the straw into gold a final time.[no
https://en.wikipedia.org/wiki/Rumpelstiltskin
All markets have been affected by that FOMC meeting, but I keep in mind that gold had a directional change last August and another directional change in March this year. I don't think this pullback in the gold price marks a new direction down. I look at the price in sterling; a three waves decline should only give us a maximum Fib 78% around £1220ish per ounce. We are on a 50% decline from our recent peak, so if I'm correct, I hope we get a bounce soon before the final move down. Once the pullback is finished, I hope we'll be racing again. The good thing is that the banks will be short covering, which will keep the price from falling too much. I ask myself the question: should I sell my physical gold now and buy it back cheaper in the future? The answer is no!
For Centamin, it hasn't gone down that much with the fall in gold price (Yamana Gold - oh dear!). The crazy gang's forecast the other week did far more damage. Weaker sterling also helps the Centamin price. We've got used to a penny up and penny down share price movements over the last few month. Centamin is already cheap with a good dividend. It's too late to panic now. Again, it's a good long-term hold. I'm sticking with it.
It's a very dull morning at the moment. It's not open top car weather; more like get the Turtle Wax out and give the paintwork a good polish.
Sadly my crystal ball is and it shows snow cold and down for now, but then…
My tea leaves nor Crystal Ball, are not clear.
Maybe its the weather.
MrBond wouldn’t that be a sweet reward for the long suffering shareholders, for all this waiting around.
Are you expecting it soon?
Perhaps the Chinese would like to change the direction ?
;-)
I miss those days Razor - thanks for the memories!
Remember the weekly shipments from Cairo to Canada
Still going on of course just not publicly reported.
https://www.egypttoday.com/Article/3/34693/Sukari-mine-exports-404kg-of-Egypt’s-gold-to-Canada
“The non-stop year-round Montreal to Cairo link will also facilitate the expansion of Canadian companies in the robust Egyptian market, enabling them to secure major commercial opportunities in key industry sectors such as mining...
A delegation from Air Canada has met with leaders of Egypt’s business community during the former’s current visit to Cairo.
The meeting witnessed the announcement of Air Canada launching its non-stop year-round service from Montreal, Canada to Cairo, Egypt.
https://dailynewsegypt.com/2021/06/18/air-canada-launches-non-stop-year-round-service-from-montreal-to-cairo/
-------------------------------------->>>
This will be helpful for Barrick, B2Gold among others yet TBA...
It would seem Egypt are looking to the East for more investment and training .
No harm in divarication ,if it puts them as hub for possibly trade and Tourism.
- Egypt is in the process of building the largest parliamentary building in the Middle East in its New Administrative Capital.
https://timep.org/commentary/analysis/ndp-to-nfp-rebranding-or-restructuring-parliamentary-life-in-egypt/
------------------------
- As part of the country’s efforts to support financial inclusion, Egypt is planning to make the New Administrative Capital the first cashless city in the country, according to the State Information Service.
Minister of Communications and Information Technology Amr Talaat met with the vice chairman and president of strategic growth at Mastercard, Michael Froman, to set out plans for the company’s investment in Egypt in the field of electronic government payments.
Talaat stressed in the meeting on Egypt’s plans to turn into a cashless society and the importance of benefiting from the company’s experiences.
https://www.zdnet.com/article/egypts-building-a-new-capital-inside-the-smart-city-in-the-desert/
-----------------------------------------------
"We need very extensive financing," it quoted Ahmed Zaki Abdeen – a retired general who heads the company building the new city – as saying. "And the state doesn't have money to give me." As a result, around 20% of investment to date has come from overseas.
According to Abdeen, China has contributed up to $4.5bn towards the costs and China State Construction Engineering is also training 10,000 Egyptian construction workers.
----------------------------------
Mr Sisi is not the first Egyptian ruler to move the capital. The pharaohs had Thebes and Memphis, to name just two. Alexandria was the heart of Greco-Roman Egypt. The modern capital dates back to 969ad, when Fatimid conquerors commissioned a walled city to mark their triumph. A millennium later the “city victorious”, as it is known, has become a city tumultuous: a congested sprawl of 23m people.
https://www.economist.com/middle-east-and-africa/2019/01/26/egypt-prepares-to-open-its-grand-new-capital
--------------------------------
Out of reach for most Egyptians
Moving to the New Capital is not a possibility for the vast majority of Egyptians, where a two bedroom flat is listed for $62,000, but the GDP per capita hovers around $3,000. This will anchor the New Capital with Egyptian elites, or those that are less likely to violently revolt and currently form the bulk of the regime's civilian support.
https://en.qantara.de/content/egypts-new-administrative-capital-the-sinister-side-of-sisis-urban-development
I will certainly pass it on to all my family.
Excellent Andrew ,and thank you Mr Tibbles for the link.
2 chucks of 1,819,978 total 3,639,956 shares dumped today. Should see holding RNS who the seller is.
My original post from 2014
The profit share will be what the profit share will be – the joint venture partner, ie the government, sits in the 50% owned subsidiary Sukari Gold Mines.
The management board of this subsidiary has representatives of the government and an equal number from Centamin. All of the investment into the Sukari mine is audited, with Sukari Gold Mines very much being a part of this process. Similarly, all gold sales go through Sukari Gold Mines, where the operating surplus will be divided 50/50 between the government and Centamin, once the original capital has been repaid back to Centamin and its shareholders. The 3% royalty has been paid to the Egyptian Treasury ever since production started (this also goes through SGM).
With the above in mind, there is no issue with regards to the money that has been ploughed into Sukari, particularly the costs of Stage 4 (c.$350m) – this needs to be recouped before any of this operating surplus can be shared.
This is not due to kick in until later this year, or possibly in Q1/Q2 next year. It is all a function of the ramp up in production and the gold price.
There is no dispute between Centamin, the Egyptian government and/or EMRA, nor the 50/50 Sukari Gold Mines subsidiary.
What you are getting is probably a series of people mouthing off that they want profit share now. This is a political game more than anything, as the deal is the deal (in fact Centamin have advanced the country a few million dollars as a demonstration of their faith in this deal – this will also be recouped out of future operating surpluses due to the government).
What is wonderful is that very few people seem to understand what this 50/50 deal is – it is effectively a 50% tax on free cash flow. In fact the 50% will not kick in until 2016, as in 2015 this will be 45%.
To counter this there is no VAT, no corporation tax, no other taxes to pay all beyond the above and the royalty, which on a blended rate compares reasonably well with other 1st world mining jurisdictions (like the US, Australia, Northern Europe etc).
Tibbs
https://www.youtube.com/watch?v=-eI8goRNPHk
In this week’s episode, Andrew Maguire is joined again by Craig Hemke, founder of the TF MetalsReport, a gold and silver blog respected across the precious metals industry.
The two industry allies compare notes on the insiders’ latest silver containment strategy and exchange predictions on silver’s trajectory if the $30 per ounce level is finally broken.
Andrew Maguire traces the impact of the Wall Street Silver movement through every level of the industry, and catches his old friend off guard with a special video release from the Live from the Vault team.