The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
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Centamin closed at 97.78
Precious metals jump ahead of midterms, inflation data
Precious metals traded higher on Tuesday with gold jumping more than 1% and silver rallying over 2% as investors focused on the United States midterm elections and awaited US inflation data due later this week.
The yellow metal climbed above $1,700 per ounce for the first time in over a month, while silver hit the highest level since late June.
Spot gold climbed 1.89% to sell for $1,705.79 per ounce at 10:25 am ET and silver surged 2.73% to go for $21.35 per ounce a minute later. Platinum rose 1.27% to sell for $996.33 per ounce at 10:26 am ET and palladium was up 0.66% to $1,901.26 at the same time.
Baha Breaking News (BBN) / NP
Centamin tracing the rise @ 97.08
Any idea why? I looked away and 5 minutes later it was up $22
I hope it goes up a lot more.
On a bit of a rip
Currently $1708.00
Of course anyone who is a watcher of the US Military machine, which gives uninvited advice and "assistance' world wide, would realise the big one is coming. Just ask a retired General, or a Military lobbyist, and write it up in the Wall Street Journal, LOL
Russia’s invasion of Ukraine revealed the fading power of America’s military deterrent, a fact that too few of our leaders seem willing to admit in public. So it is encouraging to hear a senior flag officer acknowledge the danger in a way that we hope is the start of a campaign to educate the American public.
“This Ukraine crisis that we’re in right now, this is just the warmup,” Navy Admiral Charles Richard, commander of U.S. Strategic Command, said this week at a conference. “The big one is coming. And it isn’t going to be very long before we’re going to get tested in ways that we haven’t been tested” for “a long time.” (since Vitenam, Libya, Iraq, Afghanistan, hard to know what he is referring to?)
How bad is it? Well, the admiral said, “As I assess our level of deterrence against China, the ship is slowly sinking. It is sinking slowly, but it is sinking, as fundamentally they are putting capability in the field faster than we are.” Sinking slowly is hardly a consolation. As “those curves keep going,” it won’t matter “how good our commanders are, or how good our horses are—we’re not going to have enough of them. And that is a very near-term problem.”
and so on and so forth. heard it all before, the verbs and adjectives change, and of course some of the old generals fall off their perch...
But the song remains the same
the Gnome
European stocks traded mixed in premarket on Tuesday with the race to control the United States Congress closely monitored by the entire globe. Investors in Europe will await Bayer's earnings before the open and the Eurozone retail sales figures later in the day.
The DAX increased by 0.11%, London's FTSE 100 declined by 0.46% while the CAC 40 was flat at 7:08 am CET.
The euro was 0.14% lower than the dollar at 7:19 am CET, trading at 1.00060. The British pound was down 0.17% compared to the American currency, going for 1.14915 a minute later.
Baha Breaking News (BBN) / MS
GP is always a risk, but fundamentally in times of uncertainty, querulous leadership by central banks, lack of leadership and incompetence by governments, not to mention excessive debt AND climbing interest rates, with real wage pressures to go higher I think the GP will hold and should even increase. You can't print gold at infinitum, and now days it is getting harder to find and more expensive to mine (due to energy costs). And now land access is getting very cloudy, especially in Australia, and about to get very slow and expensive.
One of the most important compensation judgements is being made on some illegal exploration and mining by Fortescue Mining.
The Aboriginal people were enshrined as traditional owners of their land by the High Court in 2020 after a long-running dispute with the mining company.
This year Yindjibarndi Aboriginal Corporation (YAC) asked the Federal Court to make a ruling on compensation after negotiations over a land use agreement failed.
The 2020 decision confirmed YAC, which represents traditional owners, have "exclusive possession" of their country.
This means they can sue for economic and cultural loss as FMG were effectively mining on Yindjibarndi land without permission.
The dispute is centred on FMG's lucrative Solomon Hub, one of many iron ore operations in the mineral-rich region.
YAC told the court it wanted to call about 20 witnesses across 10 days, with sessions to be held on-country near the Solomon Hub and in the town of Roebourne, where most Yindjibarndi people live.
Mr Woodley has previously claimed up to 5,000 sacred sites such as birthplaces and burial grounds could have been damaged by FMG.
He said the on-country hearings would allow Yindjibarndi people to share experiences of cultural loss, which they say were caused by the mine.
"This is a very important time for the Yindjibarndi people and one that we should take with both hands," Mr Woodley said.
The Australian Financial Review reported the compensation claim could reach $500 million, but Mr Woodley would not be drawn on the exact figure his people would seek.
If Twiggy Forrest can make a personal $25b fortune, through what the court has determined as illegal moves, what can a tribe of indigenous people make through legitimate means ... ?
This brings about the possibility of retrospective compensation rulings, and the possibility of very significant compensation.
The risk of exploration and mining in Australia is about to go up!
https://www.abc.net.au/news/2022-11-07/andrew-forrest-vs-traditional-owners-legal-battle/101613690
best
the Gnome...
Ther bottoms burnt.
**** Cey dont seem to like pathetic.
Looks like Marshall Wace are getting their tail singed.
Reducing their short gradually.
I hope they get their ****s burnt.
:-)
Nothing is better than looking at the data after a hard fieldwork ...
We successfully managed to collect 29 Long Periods MT data along ~ 400 km profile across the Nile River in Egypt.
The data quality ranges between good and fantastic. The processed data show a good correlation between surface geology and well-know tectonic features in the study area.
More on the results is in our near future publication, stay tuned
As an "appetizer" for the upcoming publication based on the fantastic results we obtained from that segment and also as an example for data #quality, here is the Phase Tensor map at one selected period.
#tectonic #redsea #magnetotellurics
first images just north of Sukari here:
https://www.linkedin.com/posts/web3dmt_successfully-quality-tectonic-activity-6995357381090017280-7_m6
Now that cey is in such good nick operationally one of the biggest downside risks I worry about is the GP itself. After more than 10 years of QE and unprecedented fiscal looseness the price of all assets has been inflated: housing, equities cryptos and yep gold. Now that central banks are raising the cost of capital and reducing liquidity, will this exert further downward pressure on the GP? I wonder if that is the logic behind Marshall Wace's short position. Anyhoo... typical of me to come over all bearish with the SP close to 6 month highs.
US futures up and were down earlier so the answer is no, hopefully :-).
Equities in Europe traded lower in the premarket on Monday just as the newest reports on Germany's industrial production and the United Kingdom's house prices were about to be released, as well as the one on investor confidence in the Eurozone later in the day.
Earlier, it was reported that British Chancellor of the Exchequer Jeremy Hunt is planning to introduce tax raises worth £25 billion and spending cuts worth £35 billion in his forthcoming budget statement. Meanwhile, Bank of France Governor Francois Villeroy de Galhau estimated that inflation could reach its peak in early 2023.
The DAX stood flat at 8:00 am CET. At the same time, the FTSE 100 declined by 0.33%. The CAC 40 went up by 0.13%.
The euro lost 0.13% to the dollar at 8:00 am CET to sell for $0.99456. A minute later, the pound sterling fell by 0.49% against the greenback to go for $1.13194.
Baha Breaking News (BBN) / JR
Happy Monday y’al
Retrace tomorrow
Already in early 2021, there were reasons to question the prevailing wisdom about the Biden stimulus. Most notably, Harvard economist and former U.S. Treasury Secretary Lawrence Summers began warning that the bill being contemplated could lead to inflation. Although serious inflation had not occurred in decades, Summers had a simple and compelling insight. Throwing trillions of dollars into an economy with severe supply constraints and only a modest demand shortage had to be inflationary.
11/2022: Prices across many emerging markets and developing economies have risen even faster, for example, with inflation exceeding 80 percent in Turkey and nearing 100 percent in Argentina.
MAGICAL MONETARY THINKING
Be interesting to see how the magical money theories will turn out. I am willing to take a bet they will turn out fairly badly, but hope they pull out a tad short of chaos.
Should be good for gold if we have a proper functioing market...always a long shot. ....
best
the Gnome
A little humour and diversion is neccesary.
Going back to your comments of Basel, you may be rght for now as Basel is only an accord.
There are certain counries break accord if it dosn t suit.
Otherwise Christmas should certainly show a dramatic rise in POG.
Or not, ;-).
Lol MrBond :-)
Most holders here would agree that even with the higher costs involved in extraction that gold be a safe haven for a very long time .
In case no one noticed is 1681 dollors.
Good weekend all LTH.
Nov 4, 2022
Pan American Silver Corp. and Agnico Eagle Mines Ltd. have offered to buy Yamana Gold Inc., in a deal valued at US$4.8 billion.
Yamana says the offer is superior to its planned takeover by Gold Fields Ltd. of South Africa. Despite this, Gold Fields says it will continue its work on buying Yamana.
https://www.bnnbloomberg.ca/yamana-pan-american-agnico-eagle-make-us-4-8b-takeover-offer-1.1841895
Chart gap higher up now closed.
Well. looks so far the that my 15:02 post yesterday "hope....." etc is being realised :-)