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Hi Siko,
As always it is good to hear from you, I agree entirely with you, the atrocities that Hamas has and are still committing show what scant regard they have for the ordinary people of all nationalities, my thoughts are with all those people in all the areas of conflict the world over who are powerless in many respects to influence the vindictive and aggressive actions of their dictatorial leaders and yet it is the ordinary innocent people and other living creatures who always suffer the the consequences.
What is so regrettable in this Gaza conflict is that their was growing attitude amongst many Israelis who wanted to get rid of the ultra right wing attitudes that exist in the Israeli government, but sadly now I fear their cause is greatly weakened, possibly lost as the hard line right wingers seem now to have the upper hand and seem intent on wanting to inflict such harsh and unjustifiable retribution upon the ordinary people of Gaza that any hope of reconciliation will likely be lost for decades, passible for ever!
I am sure that you are aware that the majority of your forum friends are appalled at the atrocities, even war crimes that are being carried out in this Gaza conflict and take no pleasure in seeing the POG or a share price rising as a consequence.
Stay well Siko
Tibbs
https://www.amnesty.org/en/latest/news/2023/10/israel-palestinian-armed-groups-must-be-held-accountable-for-deliberate-civilian-killings-abductions-and-indiscriminate-attacks/
Siko well put
It's very sad to watch gold rising at the expense of innocent people losing their lives..
I know that some people are happy that gold is rising.. Some even wish the war intensifies so that gold goes higher..
Just remember, with every dollar the gold goes up, a few children die in the arms of their parents..
They are human beings who deserve to live a life like yours.. If you look at them in any other way, then you need to think again..
You could always make money later.. but those lives will never come back..
(Sad Siko)..
Egypt’s bread subsidies are unsustainable
But with inflation soaring people can afford few alternatives
Nearly two-thirds of Egypt’s 106m-strong population rely on subsidised bread. Partly as a result, they devour about three times the global average per head.
Bread subsidies are already expensive. They cost $2.9bn in the past fiscal year, 2.6% of the budget. Only half of the grain Egypt uses is grown domestically;
https://www.economist.com/middle-east-and-africa/2023/10/05/egypts-bread-subsidies-are-unsustainable
------------------------>>>>
Egypt's latest inflation figures were yet another record at 38% for September
https://www.reuters.com/world/africa/egypts-inflation-quickens-record-380-september-2023-10-10/
Another Arab Spring type uprising is certainly possible given so many Egyptian's are hanging on by a very thin thread
Country diversification is all the more important for Centamin today - but I don't see Doropo being economically viable unless more gold is found (yet I don't think they are even looking at the moment) so what will become of Doropo ? Another Batie West/Konkera loss ?
Hi Bob, I think most forum members , certainly long term holders will understand exactly your comments.
Kind Regards
Tibbs
Thankyou for your kind comments, much appreciated. Rereading my post I hope nobody took my explanation as defending the appallingly bad governance of Horgans predecessors at Centamin . My concern currently is that unless Centamin shout loud and ckear as to how the waste strip has progressed or progressing with the share price in the current doldrums with future AISC costs falling it would be an ideal time for a oredator to make an unsolicited bid before the market took on the better news on both counts. Lets hope not but not holding my breath.
Bob
The five major forces that Dalio says always lead to the tectonic shifts are in play ...
First force is the build-up of government debt, which Dalio says historically leads to economic crises as governments struggle to attract borrowers with ever-higher interest rates, and they invent crisis to distract citizens from their depressing realities, buried under well leaning indices ...like cpi...
the big story on Thursday night was an auction of 30-year US government bonds, which saw weak demand despite a price of 4.837 per cent, the highest-yielding long-bond auction of its kind since 2007. hmmm ... not so appealing in the context of our times?
Dalio’s second force is political conflict inside countries, as the extreme left and extreme right battle over growing inequalities..we know the US is approaching civl war and alarming levels of stupidity from those that should know better, 13 per cent of Australian households don’t have enough income to cover their mortgage payments and expenses, having followed the advice of the Reserve Bank a few years ago!..and the government throws another $0.6b on a poorly articulated cause of referendum, called the VOICE, when it should have been called the MESS.
Dalio’s third force is geopolitical conflict,..enough on that..Ukraine, Israel, and common participant the saviour of the universe, the USA
The fourth mega force is acts of nature, such as natural disasters and pandemics..we have predictions of a red hot summer full of flames ... etc.. although we have floods and very low temperatures...media predictions have been shown to be a tad unreilable?
Dalio’s fifth force : “The force of humanity’s inventiveness, most importantly in inventing new technologies.”.. well hopefully we can get a lot more productivty and social impact out of the internet than lots of likes, impressions, fraud, false news, and legions of useuless hackers.
So the fiat printing machine is in full swing, debt which no one is investing in and and gold should be fabulous
dont despair, but do your own research...
the gnome
Hi Bobliz,
Good to know that you are still popping in for a look and especially as a long term holder to take part in the ongoing debate.
Your right of course about the initial challenges to getting the Sukari mine established, its still not that easy even now after the recently reformed Egyptian mining code trying to run a mining business in Egypt whilst at the same time having to cope with all the governmental departmental and judicial bureaucracy, not to mention the power struggles and corruption going on behind the scenes.
But all that seems rather less significant now when compared to the environmental changes our planet is experiencing, and yet if that were not enough there are those world leaders who rather than working together to create solutions to the environmental challenges with the breakdown of society and the worlds no longer fit for purpose monetary and market systems choose instead to compound the global destruction by waging war on one another!
Its depressing to say the least.
Keep well
Tibbs
Precious metals extended gains on Friday with gold jumping more than 3% as the conflict between Israel and Hamas continued to drive investors to safe-haven assets.
The yellow metal surged 3.05% to go for $1,925.60 per ounce at 12:08 pm ET. Silver rallied 4.16% to sell for $22.74 per ounce at 12:09 pm ET, while platinum gained 1.53% to change hands for $883.08 per ounce at the same time and palladium added 0.22% to sell for $1,120.92 per ounce a minute later.
Baha Breaking News (BBN) / NP
Gold’s closing scene
1929.86USD
+61.03 +3.27%
Days trading range
High: 1930.81 Low: 1868.90
HI Tibbs,Razoe Cowichan , Dasut and respected others not forgetting Siko
I am still lurking here and enjoying the profound and very intelligent and concise posts of the contributors. I could not resist however Tibbs applauding your post re Horgan and sorting out the crock of s##t he was handed by his predecessors. However slightly in their favour I would say that the fledgling Egyptian mining industry rested on Cey shoulders and max profits and return to to the Egyptian Govt coffers was essential bearing in mind the Court case sitting on CEY shoulders at that time. Much backsheesh and palm greasing was needed .
Global economics now going to hell in a hand basket , USA heading for stagflation at best China facing meltdown in Real Estate and industrial output to the West, Russia (although a minor force in global economics terms but massive in visibility and influence with the BRICS) probably in default of debt come Spring Summer next year.
Silver ever the poor mans hedge but Gold for those with the available funds to back into.
Rambling views of an old f''t. Happy with 50 odd thousand at average 1.18 .Look forward to divi announcement for next year, Very rarely trade these days (too old and slow ) but reinvested divi at 84 and 79 respectively. Wow one of the very right decisions . Dont make many of those
Kindest regards to all here and remember , you can buy a yacht and a Ferrari but not a family.
Bob
Andrew Maguire is joined by precious metals broker Bill Holter to discuss how a 100-year plan being implemented by the West is coming to an end with rising interest rates and the looming spectre of CBDCs
The precious metals experts delve into potential delivery failures hindering the gold wholesale market, why silver is the “go-to” barter currency if the global financial system fails, and the risk of holding your wealth in cash in a credit collapse.https://rb.gy/tjjfu
Of course I mean the content of the RNS- lies are not permitted.
The gold market is holding on to solid gains Friday as U.S. economic data points to a growing risk of stagflation, as consumer sentiment continues to drop but inflation expectations rise sharply.
Friday, the University of Michigan said the preliminary reading of its Consumer Sentiment Index fell to 63, down from September's reading of 68.1. The data was significantly weaker than expected, as economists were forecasting a drop to 67.2.
"Consumer sentiment fell back about 7% this October following two consecutive months of very little change. Assessments of personal finances declined about 15%, primarily on a substantial increase in concerns over inflation, and one-year expected business conditions plunged about 19%. However, long-run expected business conditions are little changed, suggesting that consumers believe the current worsening in economic conditions will not persist," said Joanne Hsu, director of Surveys of Consumers, in the report.
https://tinyurl.com/5p7e5a8b
Steve ,
As you point out the RNS does influence the directional movement of the share price, but the RNS announcement is just a mandatory market requirement , it is the detail behind reason for the RNS which is of paramount importance,especially so for long term holders.
“Economics and RNS are the only things that matter.”
Bang on Steve. Have a good weekend.
+ 5.25p + 6.34%
It’s a rear weekend that the closed price is so agreeable.
Jeffa- I play it as it is- I agree no one has any idea on what goes on the inside, it's just endless speculation which is fine for a bulletin board- but as always, to be taken with the largest pinch of salt.
Economics and RNS are the only things that matter :-).
Fab day here- good weekend all.
88.05 closing - FAB!
Hi Cowichan,
We dot know and will never know everything about what goes on inside Centamin ,but Martin Horgan comes across as having integrity and he is highly respected in the industry.
It frustrating to say the least how long its taking to sort out so many issues Sukari ,although it must be a pretty daunting task to know what to sort out first and no doubt Martin Horgan is being careful not to announcing anything that may cause any further loss of confidence in Centamin.
I’m still struggling to see where Horgan has lied. Cowchain, with the help of Henderson and their spokesperson, Tiddles, continue, trying to create a picture of impending doom.. shameful antics by all three.
Hi Dasut,
After what seemed to be in some respects a rather disappointing update, especially for those of us who don't have your knowledge of Sukari, or your professional knowledge of mining methods for your thoughts on how things seem to be shaping up!
Not brilliant by any means, but as you say better than it was three years ago, so I suppose we have tp hope things getter better from now on!
Tibbs
Well said DASUT
Centamin real time price + 4.05% at 86.20
Astro999, take a look at the current Gold price $1905, that will be the reason for the SP rise.
The reason the LOM Strip ratio was 5.3:1 was that it was wrong because it didn't achieve the necessary waste removal to optimise ongoing annual production. 6.5:1 isn't great but a hell of a lot better than the last 18/24 months.
Is this going to be achieved only time will tell but right now I don't have any information that tells me different.
One slightly good thing is that we are being told that they will achieve the bottom end of the forecast, can they make up quarter 3 shortfall ? My opinion for what it is worth is that it will be a close run thing albeit a good point is that they will have had a sizeable stock pile of ore on the ROM which will give them a kick start to the 4th Quarter.
What I take from the presentation is some positivity of getting back to a mine working as a mine should work not a mine that is in the process of back to basics to understand the ore body and writing up a plan to go mining, which is what we have been experiencing over the last couple of years or since Horgan came on board.
Now the proof really will be in the eating and we will see how good the newish team are and next year will be crunch time and rather than accuse the board of lies we will unfortunately still need to wait for proof by way of results against their new plans.
Having just confirmed that they are in line to meet forecast of between 450 - 480 ounces for the year, all be it towards the lower-end, if M Henderson is right about Lies regarding meeting said targets/forecasts, then between now and the end of the year, they will have to fabricate a reason for this to be so. - A mine-incident - a roof fall - whatever. - So, watch this space.