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Biden's speech in Maui has probably ended any Democrat in supporting him to run as President in 2024 with any luck He has offended the people of Maui and Hawaii. He has probably lost any remaining respect he may have held within his party across all the other States . It is a significant moment of disgrace that he thought that the loss of so much life was something to joke about. Whatever disgrace was already arising at the office of presidency has sunk to a new depth. The American election has two political parties with individuals probably unfit to serve in that role.
The dollar deserves to sink tonight as the country is served at the top with those who have no brain and no shame. What has happened is worse than a drunk businessmen who buys a blind horse.
Hi RazorsEdge.
Todays figures show clearly show how Gold Price affects miners and share prices.
Of course it affects buyers.
But still this week its to early to predict anything after until the FEDs next utterances.
But thanks for the info.
I was under the impression bought and sold volumes (& values) of securities always match.
Certainly , is trading securities any different than trading apples? Imagine a farmer stand selling $ 500 worth of apples today , but somehow the customers ended up paying $800 . Was it some indication of apple demand outstripping supply ? Or maybe the tip jar?
Or conversely the farmer sold $800 worth of apples but the customers paid $500 . What happened? That's called pilfering - neither of which happens on a securities exchange.
Trades 703
Vol. Sold 522,783
Sold Value £448.13k
Vol. Bought 1,527,474
Bought Value £1.32m
In the meantime the USA consumers have drawn down $1.8 Trillion in savings over the last year and another $300B getting pulled is apparently the start of trouble (two months away) in the USA banking system. At the moment eyes are on China and Russian banks on what is happening, but EU banks, UK and USA are not far behind.
We do not want the FED joining the party (I missed the word WANT out by accident).
We do not the FED joining the party on bond yields.
This will drive gold lower, a negative impact on equities and so a double whammy negative for CEY.
Worth a read for the explanation.
https://www.marketwatch.com/story/treasury-yields-are-surging-as-investors-seek-insight-on-a-crucial-monetary-policy-concept-f932d658?mod=mw_quote_news
I remain on the counter optimistic side- inflation dropping, FED able to cur sooner than many suggest.
As always, time will tell...
Correct Tony- like I’ve been posting for a while, in line with many PMs alas. Inflation, inflation, inflation. Jackson Hole this week, Powell speaks Friday…
Hi Robbren,
Cant speak for Cowichan , but as a shareholder myself I think these questions need answering , failure to do so will not rebuild market confidence!
Thank you Cowichan,
This question needs answering by the Centamin management!
Centamin pull back is in line with ETF activity and the extreme selling of UK listed precious metal miners. Many of them have fallen to levels of fire sale valuations of the value of ore they have in the ground and not recognising they have a functional mine. The distortion on the miners was placing the gold price somewhere around $1750 per ounce. The miners have been oversold to absurd levels. This is probably hedge funds trying to tree shake out private investor positions.
Next week Centamin holders should qualify for a 1.5p dividend. We may need to endure some volatility in the coming weeks. At some point, the extreme levels of fiscal spending in USA government and debt issuance will be a concern as already expressed by Fitch in which the USA government and wall street is currently in denial. Eventually the only buyer of USA Treasuries of long duration may be the FED. A statement from BRICs can be expected during the week.
European stock exchanges were mostly higher in the premarket hours on Tuesday as investors braced for the manufacturing PMI reports in the euro area and Germany slated for release on August 23.
The day before, the Federal Statistical Office revealed that producer inflation in Germany declined by 6% in July.
At 8:00 am CET, the DAX climbed 0.47%. The Euro Stoxx 50 rose 0.60%. The CAC 40 added 0.18%. London's FTSE 100 dipped 0.09%. A minute later, the euro was up 0.12% against the dollar, selling at 1.09105, while the pound sterling gained 0.15% versus the greenback, changing hands at 1.27745.
Baha Breaking News (BBN) / AB
Cowichan
Without me reading your previous posts can i ask, Do you actually own shares in CEY.
But Centamin's management has decided not to blow the whistle, yet.
But you ask, what is a triggering event?
Triggering events are events or changes in circumstances that indicate that the fair value of an asset may be below its carrying amount. Typically, triggering events vary by asset class.
this from Centamin's H1 Report (unaudited)
" {Centamin's} Management has considered a number of factors when concluding on whether an impairment trigger existed as at 30 June 2023. Notwithstanding the fact that the carrying value of the Group's net assets exceeded its market capitalisation as at 30 June 2023, management noted that the fall in share price is consistent with an industry-wide trend, and that there have not been significant operational issues at Sukari in the period, and the Group remains on track to achieve its annual production guidance, with costs in line with forecasts. As such, management has concluded that there is not an impairment trigger relating to the Sukari CGU as at 30 June 2023"
https://www.centamin.com/media/2980/cey-rns_1h23-interims_final_250723_website.pdf
https://www.eidebailly.com/insights/articles/2020/5/asset-impairment-testing-triggering-events
Bottom Line:
Concerned Centamin shareholders - of significant shareholdings - ought to be asking:
1) How much does the Central Bank Of Egypt currently owe in arrears in TOTAL?
2) Why is this amount not considered at risk of non-payment?
3) Why does Centamin continue to grant credit to the CBE when in the first 6 months of 2023 the CBE added $16,062,000 US dollars to its unpaid tab?
Furthermore, from PWC (Centamin's auditor's own website)
"Market capitalisation below net asset value is an explicit trigger for an impairment test in the standard. If market capitalisation is lower than a VIU calculation, challenge of the appropriateness of the assumptions should be undertaken 4 ."
https://viewpoint.pwc.com/dt/uk/en/pwc/uk_in_briefs/PwC-UK-in-briefs/PwC-UK-in-briefs/impairment-of-nfa.html
Be aware - Mr Horgan & Ross Jerrard are treading on thin, thin ice.
Mr Bond,
That is your interpretation, not mine.,
I am aware that the waste in the open pit has to be cleared before any higher grades can be found as i was referring to the claimed "Bonanza" in the underground workings which could be used to compensate for the poorer grades that are inherent in the open pit workings.
Has set a hearing date for 2 September 2023 to consider:
"As per the provisions of Egyptian Civil Procedures Law, Centamin's subsidiary, PGM, has submitted an application to the SAC to resume the Appeal proceedings and request the SAC to reject the original case in its entirety in accordance with the provisions of Law 32"
AUGUST 19 2023
Polymetal shares on the London Stock Exchange dropped 80 per cent following the invasion. They have been suspended, and trading will not resume as the group plans to delist from the LSE by the end of August.
The LSE shareholders will have either to sell their shares or open an account at AIX and transfer them to Kazakhstan, said Nesis.
“We made every effort to keep the LSE listing. But it required the active participation of financial services providers, primarily registrars, who declined to co-operate due to sanction-related risks,”
Polymetal does not believe that Moscow will seize its assets, as it did with Danone and Carlsberg, where their Russian operations were nationalised.
https://www.ft.com/content/5a8ed4a7-2bad-4948-a56b-355c61a93a8b
Mr T , understand.
No possibility of any grades from the face in the open pit,until the waste contact is finished.
You either dont comprehend or have no idea of mining and safety.
Mr T , understand.
No possibility of any grades from the face in the open pit,until the waste contact is finished.
You either dont comprehend or have no idea of mining and safety.
And there we go again- tibbles simply can’t stop - inane post number 8 today and still counting…
Come on Steve, stop complaining , surely there must be some good news about Centamin, it just ain't' obvious at the present, bit like those Bonanza grades, they were there, but then possibly they were just "Baloney" grades after all!
You just can’t leave it can you tibbles- you persist. Post number 7 now today with zero value- and why are you now asking Cowchain to have a dig- you just can’t leave can you and keep stirring the pot.
Absolutely. Let's keep it informative and not personal please.
Thank you for your posts Steve.Jones,
Looking forward to any good news you may care to post about Centamin, although I appreciate its difficult difficult at present with the elevated AISC and loss of market confidence .
Cowichan may have something to post later though!
Only 6 inane and repetitive posts from tibbles today- I guess we should be grateful it's not double figures as is his norm- although the day is a while off being over...
Oh, and his puerile post where the phrase with the words "head", "bottom" and "up" included it in spring to mind.
Happy Monday y'all :-).
Imagine being married to him... jeeze...