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Maybe it could be a good thing if they stopped eating as much!
Tony ,some of the comments are hilarious.
Https://www.zerohedge.com/markets/cash-strapped-consumers-cut-back-toilet-paper-and-toothpaste
The Disney Parks are empty as well. American consumers are hitting the wall. We shall soon see later this month if the FED has them flying through the windscreen as well.
All well and good to launch an alternative reserve currency backed by gold, but the FED Cartel will likely not care a jot and just spank the price of gold down using paper sells on the Comex.
The market doesn't care if its paper as long as they can shuffle it up and down!
From Reuters:
https://www.reuters.com/markets/us/futures-edge-higher-investors-await-inflation-data-2023-07-11/
Impossible to predict- FED seems to think inflation will be still sticky as they are hawkish according to latest comments- but markets think differently… will find out tomorrow
Do tell us what you think - make a forecast.
What do guys think of cpi tomorrow. market rally again or not
More on the gold backed currency news -
"De-Dollarization Just Got Real, Part 2: BRICS To Introduce Gold-Backed Currency In August
There’s an old saying about predictions: It’s okay to forecast an event or a date, but not both. But lately, Jim Rickards has been predicting both the introduction by the BRICS coalition of gold-backed currency and the date, August 22. Here’s a short video where he lays it out.
..."
Rubino goes on to give some good points to consider, one being "We’ll have to see what exactly “gold-backed” means. Will the currency be convertible into gold at government offices or via bank accounts? Will participants settle trade imbalances by shipping physical gold from vault to vault?"
He ends "To sum up, many things have to go right for the BRICS currency to launch successfully and gain traction, and a smooth introduction is probably the least likely scenario. But there’s a decent chance that it’s good for gold. In any event, it’s nice to have both an event and a date to look forward to."
https://rubino.substack.com/p/de-dollarization-just-got-real-part
"The Gold Standard Is Back: BRICS To Intro Gold-Backed Reserve Currency
...
Today, it just become reality. 41+ countries look like they could be returning to a gold standard.
...
BRICS planning to introduce new trading currency backed by gold at August summit’
‘Gold standard will be a great benefit to strengthening single currency’
‘41 countries have applied for BRICS-membership’
..."
https://www.zerohedge.com/markets/gold-standard-back-brics-intro-gold-backed-reserve-currency
Major stock indexes in Europe traded higher in the premarket on Tuesday as investors awaited another set of economic releases. On the agenda today are German inflation, the United Kingdom's unemployment rate, as well as German and euro area economic sentiment surveys.
The DAX added 0.23% at 8:02 am CET, while the CAC 40 edged up 0.06% and the FTSE 100 increased 0.21% at the same time. The Euro Stoxx 50 grew 0.30% concurrently.
The euro was flat against the dollar at 7:59 am CET, selling for 1.10073. The pound was 0.07% higher against the greenback and went for 1.28692 simultaneously.
Baha Breaking News (BBN) / AY
Gold currently + .24%
A growing number of countries are bringing their physical gold reserves back home to avoid Russian-style sanctions on their foreign assets.
Subscription only:
https://www.ft.com/content/76bddb74-4ddb-4e36-b70c-c0e26d8bf557
*Great to see gold getting its importance aired even if it’s taken a war in Russia to highlight it.
Interesting, but also rather depressing as it confirms that nothing has really changed that much in Eygpt and in the light of the lack of news possibly not in Centamin either!
But it seems that B2Gold has completely given up the ghost in Egypt from what I have heard from a well informed acquaintance and as here is no mention of Egypt on their website for instance (https://www.b2gold.com/projects/exploration/other/).
Barrick may remain but they are not making any noise about this either (also nothing on their website) – that said though they have such a vast portfolio they probably don’t need to!
So what of Centamin’s relationship is with the Egyptian government, hard to say but there really should have been far more progress by now if they really are working as partners!
But from all that is apparent at present neither Centamin or EMRA seem to be any hurry to progress the awarded concession sites, which is pity, as Cote d’Ivoire projects are years away from being producing assets (if progressed at all of course!).
Cowichan
The common person is not buying gold at a scale that moves the dial. Never been this way
The commodity traders are in and out like Jack Flash and can trade on a scale that will turn the dial. Why do they trade? To make money and commissions. Been this way for decades
The economist led Central Banks (who influence traders) are meshed into hype and ideaoligies, and basically know not what they do.
The politicians need no education, degrees, industry acumen or industry experience. Just a lot of popularity ... and they set various policis which incluence economies
And the circus creates near chaos and somehow people are amazed
Good luck punters. I just go "long" through the noise
cheers and beers
The Gnome
Gold does not need to break out ,its price , is simply the measure of what fiat currencies are worth.
The ultimate judge of what ,depending on currency ,it costs to buy it.
Breakout 'soon' is that:
Increases since 1999...
Rents: 135%
Household Income: 77%
chart here:
https://twitter.com/charliebilello/status/1678405238741499905
(it's a great account to follow)
In the public sphere only the wealthy have the spare resources to increase gold demand as a safe haven. Beyond the rich it's up to central banks. Is that enough to force gold to 'outperform'?
And for those touting unsustainable government debt as a reason for people to rush into gold - again, the public is struggling to pay for food, rent & mortgages - with what will they buy all the gold?
# Trades 805
Vol. Sold 520,319
Sold Value £458.48k
Vol. Bought 4,386,881
Bought Value £3.87m
Ooops soz I meant to say that inflation was perceived to me topping very soo. and a big drop on its way- it’s been sticky since to say the least!
None of this matters Tony- you’ll go mad… the price is what it is and trade on the things that move it or just buy at this low price and hold for 5 months - inflation was non existent back then
Late October 2022, gold $1680 per ounce with Centamin on lower production and earning far less per ounce sold, priced at 87.5p.
Equities in Europe traded lower in the premarket on Monday ahead of the newest report on the European Union's investor confidence and in anticipation of the North Atlantic Treaty Organization's (NATO) summit in Vilnius, which takes place on Tuesday and Wednesday.
The DAX declined by 0.24% at 8:00 am CET. At the same time, the FTSE 100 dropped by 0.33%. The Eurostoxx 50 went down by 0.56%. A minute later, the CAC 40 decreased by 0.36%.
The euro lost 0.20% to the dollar at 7:59 am CET to sell for $1.09473. At that moment, the pound sterling fell by 0.30% against the United States currency to go for $1.28003.
Baha Breaking News (BBN) / JR
Happy Monday y’al
07 Jul 2023
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Hi Cowichan,
Think how how long the court case dragged on, likely this will be another case of years and years of talking that comes to nothing more than yet more talking until the new potential miners get fed up and go elsewhere or sell their concessions to any other guidable idiot!
https://tinyurl.com/4sxy2abe
Holes on their 2020 awarded concession sites until negotiations with EMRA are complete.
This goes against what Mr Horgan has thus far advised Centamin shareholders, as he is on the record saying concession exploration drilling outside the Sukari concession site would start H2 2023.
The refusal to proceed with exploration drilling is tacit admission Centamin doesn't trust the EMRA to uphold its end of the negotiations. The question is why is the EMRA stalling? Do they have military orders to thwart development? Is the Egyptian military keen on taking over such exploration activities? And gold production? That is what the following Egyptian news article alleges:
----------------------->>>
July 9, 2023
according to the intelligence website, the permits granted in November 2020 did not lead to any new exploration activity, as several companies that obtained the permits are still negotiating with the Egyptian General Authority for Mineral Resources, and refuse to invest until the agreement with them is completed.
These include Centamin, which operates the Sukari gold mine; Canadian giant Barrick Gold; And the Canadian B2Gold company as well.
These companies do not plan to start exploration at this stage, and they want to first obtain the necessary clarifications from the Egyptian Authority for Mineral Resources regarding taxes, customs, and procedures for moving from exploration to actual extraction under the concession permits granted to them.
[ Additionally ] the current call for applications for mining rights has not yielded satisfactory results so far, and for good reason, as the concessions offered are still subject to the old legislative framework, which requires companies to enter into a partnership with the Shalatin Mineral Resources Company, a company that partly owns by the military, and offers relatively unattractive profit-sharing arrangements
In the context of the militarization permeating the backbone of the Egyptian economy, all investors have become apprehensive about entering the Egyptian market, as army companies are exempted from taxes and customs fees, and land is granted free of charge, which makes competition with private sector companies or investors not possible. To work as subcontractors, given that they do not obtain projects and tenders directly from the government, as the army seizes all tenders by direct order, then distributes projects in exchange for a 40% deduction of their value, as gains for them, without efforts or work, which puts investors before two options, Either exit from the Egyptian market or accept to work as subcontractor.
full article here:
https://www.fj-p.com/351594/%D8%B9%D8%B2%D9%88%D9%81-%D8%A7%D9%84%D8%B4%D8%B1%D9%83%D8%A7%D8%AA-%D8%A7%D9%84%D8%A3%D8%AC%D9%86%D8%A8%D9%8A%D8%A9-%D8%B9%D9%86-%D8%AA%D8%B9%D8%AF%D9%8A%D9%86-%D8%A7%D9%84%D8%B0%D9%87%D8%A8-%D8%A8/