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Hi Mr Bond
I moved away from the pharmaceutical industry because science really isn't very well rewarded in terms of pay in Britain. You need a lot of qualifications in science (chemistry in my case) to land a role and you only really start to get rewarded well, and get noticed, when you move out of laboratory work into management. Germany and the USA are much better countries in which to be a scientist. That's why so many people go there to work. So, I agree, banking and finance were all the rage - until they had to be bailed out! Let's hope the politicians aren't setting us up for something similar in their climate change pursuit.
I read Chriss's comment on the British having a poor work ethic. My experience is that it depends very much on the type of work required and the place of work. You will find that immigrants do work harder than the indigenous people (extremely general comment) in all parts of the world - these people are making a new life for themselves. That includes the British. I was told this a few years ago while talking to a couple on EuroStar who were coming back to Britain from Spain, for their daughter's wedding. The man said he had worked in Australia and many colleagues were from Britain. My husband, who had duel Australian/British citizenship - he was brought up in Brisbane, Queensland - said he bet this man had a lot of trouble getting the 'POMS' to work. The man said that the British were actually the best workers and were highly regarded. I must also say that nearly all the people I have worked with over the years, have been very professional and hard working - some have been a bit too diligent.
Anyway, it's good to see the gold price moving in the right direction. A test of the $1850 level must be on the cards soon. It'll break through at some stage. Any pullbacks will be my opportunity to invest the Centamin dividend. There is a gap in the Centamin price at 107.4p and someone mentioned a couple of other gaps slightly below that. I've no idea if they will be covered - I hope not.
Regards
Aoife
Along the same vein, another book worth a read / listen would be 'The Bitcoin Standard'. Even if you have no interest in Bitcoin at all, the first half of the book focuses primarily on the topic of 'money', it's history in society, the elements that constitute sound money and the pitfalls of MMT.
The author is not a fan of Keynesian economics.
global gold bidding | Authority site
??? 6 ?????
Said Yousef Al - Rajhi, General Manager of the company Pharaonic's gold mines « Centamin Egypt », and Managing Director of diabetes gold mines, the company at the time the current study presentation again and participate in the round second of bidding gold
"Al-Rajhi" added in exclusive statements that there is a possibility that the "Centamin" company will participate for the second time, especially in light of its success in obtaining an area for gold research and exploration there during the first round .
Al-Rajhi indicated that work has not yet started in the areas of the company that won it in the first round, explaining that the permits, papers and approvals need a lot of time to be completed, and upon completion, work will start immediately.
A source in the Ministry of Petroleum and Mineral Resources stated that a large number of companies bought data packages for the areas presented in the second round by bidding for gold exploration
The source added, in statements, that there are new companies that bought data for the auction, in addition to 23 companies that purchased the data during the first round of bidding.
The source indicated that companies that subscribe or purchase data in the first round are entitled to participate in the second round and obtain other pieces
https://akhbarak.net/news/2021/05/15/23505677/articles/42010129
Rule 1 & 2 how right you are but must say I enjoyed my early postings back in the 70's but so much has changed over the years. My first ever posting Sierra Leone in 1971 and the senior guys would brag that they were having a long weekend in Abidjan where they could eat excellent French food and enjoy restaurants with outdoor seating similar to Southern France.
I never had the money to experience such an extravagance as very much a small boy back then.
My last trip to West Africa was back in 2007 and the changes over my career were quite considerable and I am sure the changes since 2007 would be equally considerable.
Security is one of the major changes as I thought nothing of driving out of Freetown and spending hours travelling up country to visit customers. Even did similar trips in Nigeria back in 1973/4 even out and about around Kano and Kaduna but certainly wouldn't recommend this these days. Back then had to be done as pretty much impossible to get hold of anyone over the phone.
Ha ha Rebess.
I have operators license as well as HGV 1.
Me come back to UK, no unless in a box. ;-).
Operated in mining big and small. Open pit, shallow and deep mines, alas all have gone.
Along with cotton ,wool and much else ,which gave mu0ch employment to their suppliers.
Politicians argued at the time, the only economy of the future necessary ,was Banking and financial services.
Hi Mr Bond/CHRI55
The status of driving has changed quite dramatically. - Experienced HGV drivers are viewed in the industry as top-professionals in their field. - They are like gold. - Maybe you should consider brushing the cobwebs off and getting back on the road. :-)
Have just embarked on reading MORE by Philip Coggan, which is an excellent read, and a great attempt to chart the rise of human financial systems since the dawn of man
Made me look at some of his other work
Many of you might have seen this, but if not worth a read, about the City of London, and its inner workings. What a marvelous city it is, a world on its own.
https://www.amazon.com/Money-Machine-How-City-Works-ebook/
In between foot matches, I would suggest his excellent articles below, and his commentary on the magnificence of the current economic policies is insightful.
https://www.prospectmagazine.co.uk/magazine/does-government-debt-matter-any-more-austerity-deficit-spending-borrowing
Deficit, who cares?
Proponents of a fashionable (on the left, at least) economic doctrine known as modern monetary theory (MMT) urge a more radical reimagining of what deficits mean. They argue that the conventional explanation of how government finance works is wrong. Traditionally, the view has been that governments raise money in taxes and use the funds to pay for spending, borrowing to cover the difference. But MMTers say that a government that can issue its own currency can simply create the money it needs to pay for its spending. The aim of taxes is not to fund the spending but to offset the inflationary consequences of the demand that government spending may create. Provided there are no signs of inflation, a government deficit doesn’t matter. There is no need to worry about the government defaulting on its debt, since the government can create new money to pay its creditors.
Critics of MMT, including some on the left like Paul Krugman, worry that allowing politicians to create their own revenues would be like putting a drunk in charge of the liquor cabinet.
Larry Summers, a veteran of the Clinton and Obama administrations, describes the current approach as the worst macroeconomic policy in 40 years.
So we will see how things will end up
best
the gnome
Crypto v dot com bubble----------- this is different with my limited knowledge of crypto this is here to stay picking the winners good luck . Neo and dash look like good outsiders not worth more than your shirt maybe. Off topic but aho . As for the recent comments about Mr T hang your heads in shame and crawl back in the hole you was in
before you joined this board
I wouldn't be picking Cote I'Voire as the most stable of places! Gbagbao is now back in country, and has some scores to settle. Outtara at 79 years old, was mentored by Houphouët-Boigny, the latter making so much money (lets not ask too many questions how he made it), he could build the largest church in the world, in what was his ancestral village (Yamasoukro) having surpassed the previous record holder, St. Peter's Basilica, upon completion!!??? No one uses it much, but that's not the point.
https://en.wikipedia.org/wiki/Basilica_of_Our_Lady_of_Peace
The beginnings of their political clash (Gbagbao v Outtara) date back to the early 1990s. Ouattara, then prime minister under Félix Houphouët-Boigny, and Bédié, the leader of the country’s lower house of parliament, the National Assembly, banded together for the first time to prevent Gbagbo, Houphouët-Boigny’s only formidable opponent, from winning the presidency.
In February 1992, in the wake of a brutally dispersed demonstration, Gbagbo was arrested and held in prison for eight months – an experience he would never forget.
In 1993, Houphouët-Boigny’s death spurred a new showdown, this time between Bédié and Ouattara. Bédié became president, while Ouattara was forced out of his role as prime minister, but many PDCI party members followed him out the door.
With Ouattara and Bédié barred from running in the 2000 election, Gbagbo came out the winner. His break with Ouattara, against the backdrop of a dubious controversy over the latter’s “Ivorianness”, was complete (expect to this to crop up again, as well as his allegiances tot he French - Franca-Afrique).
Then we had the breakdown of civil society in 2011 due to Gbagbao's refusal to accept the results of the election which put Ouattara in power. Then his imprisonment, and the appearance in the International Criminal court of Justice.
After vilifying Gbagbo over the years, Ouattara is now infatuated with him!? Just like Guillaume Soro, Côte d’Ivoire’s own Janus: Mahatma Gandhi by day, Machiavelli by night, Ouattara’s former apostle has become a disciple of Bédié and “comrade” Laurent, though Gbagbo is not very fond of him.
Believing to be legally able to run for the presidential election of October 2020 after his first two five-year terms, Alassane Ouattara repeatedly affirms his intention not to run for president again, conditioning however this withdrawal to the non-participation of former presidents Laurent Gbagbo and Henri Konan Bédié (??).
And they think this is the grounds for stability. Laughable analysis by Endeavour. Burkina is much more stable, the Mossi Kingdom has run the country for the last 700 years, they have clear majority.
Rule 1: Don't pretend you know what you don't in West Africa.
Rule 2. Never assume anything, constantly.
good luck
the Gnome
Yeap....cashed out of spot gold at 1843 tonight having bought a couple of days ago at 1820...... the only trade I got right this week though.
It’s a long time to Monday but gold is currently banging on the day’s high around $1843.... and change
Chri55 times have certainly changed.
We will soon see whether for the better, or not.
I did live in an area of high un-employment. With 100 applicants for every decent paid job though.
50% of US investment now goes into ETF's. Last Friday the GDX, the largest PM miner ETF (which CEY is a constituent of) closed the week at 37.40 the highest weekly close year to date.
Currently GDX is at 37.63 setting up a new higher weekly close for the year. GDX is building up for an assault on the 5/1/21 YTD high of 39.00. It could be tested next week.
Yes Rebess and Hedgehog.
Before I retired and having sold my distribution business, for a little extra money until my pension I did some driving for an agency.
The work was long hours , sleeping out and poorly paid for all the problems.
Although regulations have improved driving time ,it is a case of 9 or maximum 10 hours per working week. Then an 8 hour break , with no excuses for going over.
So imagine being stuck at ferry terminals now Brexit is final.
Result higher costs ,less drivers.
Inflation is inevitable, maybe we in Centamin will benefit more in time.
Thats not even touching on QE and FX fluctuations.
And of course the dollar dropping.
In terms of countries where we operate, Senegal -- I would say Senegal and Côte d’Ivoire are obviously very stable, politically. You probably saw that there was some time in Q1, I think was around March, there was two days of riots in the capital city. But that was mainly a political... it happens that sometimes, you have these type of events, but I would say that Senegal and Côte d’Ivoire are extremely stable. In the case of Côte d’Ivoire in particular since the re-election of President Ouattara, which is always good when you have a strong, I would say liberal President, which has been successful so far.
Côte d’Ivoire had between 7% to 9% GDP growth over the last five to six years. It's one of the fastest growing country in Africa and having the same president running the country for another five years, I think is going to be very good in terms of stability.
Burkina, obviously, we are the largest gold producer also Burkina. It's a key country for us. A bit more tricky on a security standpoint with regular attacks in one particular area of the country, which is the north part of the country and the three-border region... But, as you know, we've been operating in this countries for years. We believe that we have the right relationship with the government and the right protocols with our security team to ensure we are able to protect the assets and the people. Hence the fact that we were comfortable at the time to acquire SEMAFO assets...
So, I would say that from a security standpoint, in Burkina things are not improving, neither worsening. There is a big push right now with the Burkina army being extremely active in the north with the French. And hopefully in the next few weeks, we should see some improvements on that front.
In terms of M&A, as you said, I think we've done our share of the job in acquiring the right assets for our portfolio... We're now really focusing on organic growth. We've got amazing projects coming up with Phase 1 and 2 of Sabodala Massawa and then with Fetekro and Kalana.
It's funny to see, I would say, a Latin-American silver company [Fortuna buying Roxgold*] going right into Burkina but let's see. It's going to be interesting to watch. And for other assets unless Clive Johnson wants to sell Fekola, which I don't think he intends to, we don't have any particular interest for external growth.
-------------------------------->>
And a closing note from former Centamin COO Mark Morcombe
"Thank you, Joanna, and hello to everyone on the call. I've just returned from visiting a number of our mines and we will happily trade the 40 degree heat at Sabodala for the current English weather any day..."
My Thoughts: Endeavour is sure getting some performance out of Mark - not like his time at Centamin under Pardey!
Hedgehog thanks, as Rebess also says we are really feeling inflation now, I bought a fire bowl in December that was £187, £487 now. The seller imports it from Holland. Amazingly I asked for a third more on my daily rate that has been the same for almost 20 years and got it. MacDonalds USA has just put up wages 10%. So we definitely have inflation, the question is will interest rates keep pace with it (bad for gold) or will inflation outpace interest rates (good for gold). Assuming we continue with rising inflation and negative real rates you would have thought gold must rise in nominal terms and do its historic usual staying long term flat in real terms, with a big spike first as people pile in worried about losing out with money
Hi Hedgogg
Amazing stuff - Thanks for sharing. - It's very worrying really. - My family owns a logistics company and one problem right now is getting drivers. It's very difficult. It's bound to feed through into inflation you would have thought.
our load and haul operations at Sukari in Egypt continue to ramp up with night shift operations commencing
https://twitter.com/_CapitalLimited/status/1393103320764403714
I import and Export, sell to UK Supermarkets n the like. Ive just been quoted $13,500 (plus £1000 UK Port Fees) to ship a 40ft container from China next month. That, for those who don't know is as opposed to $2500 all in a year or two ago. So Cost of Goods is rising hugely, my freight company say many suppliers can just not afford to ship and its affecting everyone.
In addition, in contrast, in the UK, its almost impossible to get a courier like DHL, DPD or TNT to collect from our warehouse, as their systems are overloaded, and I cant even get timed deliveries into Supermarkets because Hauliers are refusing to do times deliveries because they are short staffed and over worked. Never in 15 years have I had any of these issues. Add in the Brexit disaster, and its a right old mess. Just telling you lot as you're a sensible informed bunch and I thought Id' share as my Friday insight.
Breaking- US Retails Flat
Well someone likes us today for £691,000 There was also a 990,000 share trade after hours yesterday
14-May-2110:28:47 116.95 591,051 Buy*116.75116.85 £691.23k
Miners have not joined in on the whole. Downtrend for the remainder of May with lower highs occasionally thrown in is a possible trend. The next challenge a retest at 1800. So I would only buy dip if its a proper 9-10% correction from the 122 peak as a higher low area.
A good week of consolidation for hard asset alternatives to overpriced US stocks, property and bombed out bonds. It will take a while for general investors to rotate into the gold space but inflation always works as a catalyst. Eventually.
Lots of damning revelations about the behaviour of the gold and silver paper markets just underlines how desperate they and the bullion banks are. Comex gold and silver have had waterfall selling every day this week but the bid soon comes back. They must be having nightmares about how do they close out their enormous gold paper shorts especially if the wafer thin silver physical balance breaks. Silver investors are calling the Comex and LBMA bluff.
Gold, GDX and gold miner 8 month downtrend is now over and a few new investors are now coming in. If the trends for inflation and the USDI also continue then gold and silver will likely be set up for some upside surprises. After an 8 month sector downtrend there is considerable latent energy to explode first with a relief rally and secondly due to sector rotation.
I think silver could fire up this neglected hard asset haven from rising inflation as the everything else bubble starts to deflate.
Hold and buy on pullbacks.
Gavin Andresen
Satoshi handed the Bitcoin project over to Gavin when he left in 2011. This makes Gavin a potential Satoshi in some people’s eyes.
Gavin’s writing has been deemed a very close match to Satoshi’s too. A process called Stylometry caught Harry Potter author J. K. Rowling trying to write under a pen name. The same process analyzed Gavin’s work and found that he could be Satoshi. I’m not convinced.
The Bit Gold founder
The closest thing to Bitcoin ever created is Bit Gold. The creation came from a man named Nick Szabo.
Nick said in 2008 that he was planning on releasing a live version of Bit Gold. On the 31st of October 2008 the Bitcoin White Paper was released to the world and laid out how it would work. On the 3rd of January 2009 the Bitcoin network began. The timing seems way too coincidental.
If you read all of Nick’s early blog posts you can see a lot of similarity with the way Satoshi writes. “Unforgeable costliness” is one phrase Nick said that shows a remarkable resemblance to Satoshi.
In the Bitcoin White Paper written by Satoshi, there is one piece of the puzzle left out: references to Bit Gold. Some say this is deliberate to hide Nick’s identity as the real Satoshi. After all my research I believe Nick Szabo is most likely to be Satoshi Nakamoto.
Satoshi’s final message tells us a lot
I wish you wouldn’t keep talking about me as a mysterious shadowy figure, the press just turns that into a pirate currency angle.
Maybe instead make it about the open source project and give more credit to your dev contributors; it helps motivate them.
The 5-Word return of Satoshi
Satoshi disappeared in 2011. It’s not widely known, but I found through my research that he reappeared in 2014 for a few seconds.
I am not Dorian Nakamoto.
Dorian’s life was being torn apart after being revealed as Satoshi. The real Satoshi clearly has a heart that transcends the idea of money and economics.
The clue to Satoshi’s identity
The first block (list) of transactions ever to be mined (verified) is known as the Genesis Block. Within a block of Bitcoin transactions a message can be left. Satoshi famously left this message on the first-ever block.
The Bitcoin community widely believes this to be Satoshi’s unofficial mission statement. He clearly was unhappy with the collapse of the financial system in the global financial crisis. Bitcoin was Satoshi’s answer to governments creating money out of thin air as a form of tax. Bitcoin removes the middle man, and enables the transfer of value to occur through a decentralized network protected by code.
The theory that keeps people guessing
There is one final theory: Satoshi Nakamoto is a group of people.
Michael Chon in 2017, backed up with analysis that “Nick Szabo is linguistically similar to Satoshi who had written the Bitcoin paper and Ian Grigg is linguistically similar to Satoshi who had exchanged the emails.” Maybe Satoshi is ...