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The prices of precious metals registered major losses on Thursday following better-than-expected economic data released ahead of today's session on Wall Street.
The service sector activity in the United States registered record growth last month, while initial jobless claims went further down to 385,000 and private payrolls rose by 978,000. Meanwhile, Patrick Harker from Federal Reserve estimated US inflation will stay around 3% this year as central bank officials continued to hint taper talks could begin soon.
Spot gold plunged 2.14% to $1,867.91 per ounce at 9:56 am ET, while silver sank 3.56% to $27.15 an ounce. Platinum fell 3.27% to $1,156.06 and palladium dropped 3.30% to $1,155.10.
Breaking the News / ND
Mr Bond - If China follows suit or even threatens, what then I wonder?
Unwinding hard???, its currently sitting at $1,872. It drops a few dollars and people sell, hardly a collapse in the price, anyone actually think that nearly 250 trillion, yes trillion dollars, of world debt is going to suddenly vanish??.
No, I don't think it will. If the gap that Tony has mentioned gets filled, that will be a big enough task in itself. It may not even achieve that.
OK. I think it did get to 107.8p at one stage - so that gap at 107.4p may not get filled.
Gold unwinding hard. 106p by tomorrow
Correct 107.4 to 108.3p. Centamin sometimes ignores gaps below 0.5p so it just might get closed.
https://on.rt.com/b9j5
It's likely others are going to follow.
Interesting time.
This seems to be coming to a head faster than I thought.
There are likely repercussion that will affect everyone in some way.
Difficult to see a way out of this.
What next ?
I thought there was a gap at 107.4p from the morning of the results RNS. It never got filled, I believe.
Rising strong support line from the 101p low is in the vicinity of 109p to 109.5.p
On stand-by for chart gap to be back filled aligned short positions to close with the chart gap. Hoping for a rally afterwards above 120p with no gaps in the stock chart. Gap is sufficient enough to pull in back filling at some point.
Sounds about right.
I never watched the program though.
'Farmers always plead poverty, but I've yet to meet a poor one.'
H.E. Bates - The Darling Buds of May.
Mr Tibbles from my experience of British farmers they are always claiming hardship.
Always were first in line for hand outs and are never content.
They can sell to the up market on better quality, but will never cut their prices.
Like the butchers and their dogs you never see a starving one.
Sorry off topic ,folks.
But farmers always vote Conservative and always will.
Hi Mr Gnome,
Not so good for "Borisland" good for Oz though!
It has been a gloomy week on the sunlit uplands of sovereign Britain as our willingness to roll over for a trade deal with Australia confirms that the government does not give a XXXX about its own farmers.
Despite complaints from that flaming galah George Eustice, trade secretary Liz ‘one stubbie short of a six-pack’ Truss is ready to complete an agreement with the Aussies that will phase out tariffs on beef and lamb exports over 15 years.
This will leave UK farms at risk of being undercut by Australia’s huge cattle and sheep stations, where concerns about standards and welfare and all that guff come second to sheer scale. It's the "call that a knife?" scene in Crocodile Dundee all over again, but with added hormone injections.
All this is a particular embarrassment for environment secretary Eustice, whose face appeared on a Vote Leave leaflet during the referendum, headlined ‘Farmers will be better off if we leave the EU’. To give him his due, he might have meant Australian farmers.
They are understandably jubilant, with the Australian Agriculture Company chief executive Hugh Killen predicting their beef exports “could even increase tenfold”. That would be disastrous for the Scottish beef industry (and may in turn prove disastrous for Boris Johnson if disgruntled Scots ever get to vote again on independence).
But for drongo Truss, eager to pile up the deals even if they come at the expense of British business, it's no biggie. Having recently told Andrew Marr she was unconcerned that the benefits of her agreement were five times bigger for the Aussies than for us, she has proclaimed the deal a “win, win, win”, claiming, “British farmers have absolutely nothing to fear from this deal at all.”
That fearlessness doesn’t seem to be shared by the farmers themselves, with National Farmers Union president Minette Batters saying the deal “will jeopardise our own farming industry and will cause the demise of many, many beef and sheep farms throughout the UK.” Neil Shand of the UK’s National Beef Association called it “scary”, while Phil Stocker, from the National Sheep Association said: “If the deal goes as reported it would really show our ministers' true colours.”
Not so much win, win, win then as grim, grim, grim - particularly as Truss intends to use this deal as a basis for others with the likes of America, Brazil and the Trans-Pacific Partnership, flooding Britain with cheaper foreign imports and threatening other protected industries.
The farmers, meanwhile, join the fishermen and the Northern Ireland unionists in the growing camp of Brexit-voting blocs sold out by the Brexit government. For the 58% of farmers who voted Leave in the referendum, it is a particularly bitter case of reaping what you sow.
I hope Basel 3 is successful.'
But I suspect another strong attempt by the usual suspects, to once again veto for another 2 years and want suspension.
Basel III rules move physical gold from being considered a Tier-3 asset to being considered Tier-1, which allows physical gold in bullion form to be counted at 100% value for reserve purposes. ... Beginning in June of 2021, Basel III rules will require banks to hold unencumbered physical gold valued at 100%.
Hi Cowichan, having looked into a few sources it seems probable that Hennie Faul hasn't updated his Linkdin profile. A common occurrence.
Career History
General Manager The Lisheen Mine FORMER
Gencor Ltd 01/1986–UNKNOWN
Anglo American PLC 01/2004–UNKNOWN
CEO: Zinc Operations Anglo American PLC 01/2009–12/2010
Group Head: Mining Anglo American PLC 01/2011–12/2013
CEO: Copper Business Anglo American PLC 10/2013–07/2019
Board Memberships
Centamin PLC 07/2020–PRESENT Non executive director
Master Drilling Group Ltd 06/2020–PRESENT Chairman
International Copper Association Ltd 01/2016–10/2018 Board Member
Amara Mining PLC 01/2011–04/2016 Board Member
Palabora Mining Co Ltd 01/2011–12/2013 Board Member
Cluff Gold PLC 05/2012–10/2012 Chairman
Anglo American Quellaveco SA FORMER
Equities in Europe traded higher in the premarket on Thursday as Germany, the European Union, and the United Kingdom are all to reveal their latest monthly results in the services sector.
Earlier, German Health Minister Jens Spahn stated his country might increase its reserves of vaccines against COVID-19 as a measure of avoiding pandemics in the future. Meanwhile, the UK commented it is close to reaching a trade deal with Australia.
The DAX advanced by 0.06% at 7:30 am CET. At the same time, the FTSE 100 went up by 0.09% and the CAC 40 gained 0.06%. The euro lost 0.10% to the dollar, selling for $1.21985 at 7:31 am CET. A minute later, the pound sterling declined by 0.12% against the greenback, changing hands for $1.41525.
Breaking the News / JR
I thought I'd have a look
Interesting they just took on IronRidge Resources who also happen to have gold mining concessions just below Centamin's go-ahead project Doropo in Cote D'Ivoire. They have just published (as of June 1st) this curious statement:
"following a strategic portfolio review, the Board of IronRidge intends to progress a demerger of the Company’s gold assets in Côte d’Ivoire and Chad into a new gold focused entity structured to permit quotation on a recognised stock exchange, subject to regulatory and shareholder approvals"
https://liberum.com/news/ironridge-resources_2021-06-01/
------>>
Strangely enough that is similar to Centamin's announcement with Batie West/Konkera i.e. divest/seek out a third party to develop — except Centamin has no plan to seek shareholder approval — not that I think they need to but hey, why not put shareholders first in such matters.
The primary risks today involve overheating, asset price inflation and subsequent financial excessive leverage and subsequent financial instability.
— Larry Summers, former US Treasury secretary
Mr Summers warned that the notion of an equal balance between inflationary and deflationary risks, and between financial bubbles and credit problems was “very far off of an accurate reading of the economy right now”
...
the gnome
Hi Somnamna,
I'd like to know if one of our directors, namely;
Hendrik (Hennie) Faul
INDEPENDENT NON-EXECUTIVE DIRECTOR
APPOINTED: JULY 2020
Is still working for Centamin — or as his LinkedIn profile suggests, he's off in Chile pursuing other endeavors. It's probably just a matter of his LinkedIn page not showing his Centamin role - but as we've had a history of losing key personnel at the drop of a hat (and without explanation) it would be nice to know.
Cowichan what is your main concern and what is the question to be asked?
Sorry I not fully up to speed on the technical aspects but will happily pose the question to CEY.
As I said some days ago Liberum have other Annalists against them and soon their clients.
Sounds like their final call, unless they come up with some miracle explanation.
Ha ha, I like it!! Tbh, it seems Liberum being so blatantly negative has had the opposite effect on holders. It seems most of us, on here, have dug their heels in and seen it for what it was, a none too subtle attempt to gerrymander the SP. It seems the City have ignored their rating, hopefully it's done them( Liberum) some lasting damage, reputation wise.
DaggerMal