Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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The market is wrong about no conflict escalation because the Israeli war cabinet has been looking for an excuse to wipe out the Iran nuclear capability and so the usual market data isn't that relevant in such unpredictable times of a potential war.
Still I suppose if the nuclear tipped missiles start flying back and forth there will still be someidiot traders who are out of touch with the reality who will be opening up short positions for a quick profit to enjoy in the nuclear wasteland!
The answer from ordinary population masses is nothing. It is all about elite power and few who get everything out of it and leave the cost to everyone else. I grew up during the Vietnam War and saw older teenagers in my street in Illinois drafted in to fight that war. The posturing between Israel leadership and Iranian leadership if it leads to war is about as disgusting as to what happened in Vietnam. Fingers cross that peaceful alternatives win the day.
Mr Henderson was right once and then wrong.
Can't remember who made that comment, but possibly Mr Henderson may have some idea as to what the results my reveal?
If Martin Horgan is to regain trust tin the company strategy then some more than decent results are essential!
Atm
comex price
$2382.60 Now.
GLTA,
Dan
CEY had better hit target for ounces and so on...
I do recall a "softer" comment though that someone heard from the horses mouth on the the last webcast.
Any updates/view on the Q1 to be RNS released on Thurs?
Barrick news- (trading down about 6% as I type)
https://www.msn.com/en-ca/money/topstories/barrick-s-gold-production-continues-to-trail-estimates/ar-BB1lIlSe
Cont 3
In the press, QE was generally presented as “The Bank of England prints money and lends this to banks so that they can increase their lending into the economy”, but this is completely inaccurate.
In reality, through QE the Bank of England purchased financial assets – almost exclusively government bonds – from pension funds and insurance companies. It paid for these bonds by creating new central bank reserves – the type of money that bank use to pay each other. The pension funds would sell the bonds to the Bank of England and in exchange, they would receive deposits (money) in an account at one of the major banks, say RBS. RBS would end up with the new deposit (a liability from it to the pension fund), and a new asset – central bank reserves at the Bank of England.
Quantitative Easing therefore simultaneously increased a) the amount of central bank money, which is used in the system that banks use to pay each other, and b) the amount of commercial bank money (deposits in the bank accounts of people and companies). Only the deposits can actually be spent in the real economy, as central bank reserves are just for internal use between banks and the Bank of England.
https://positivemoney.org/how-money-works/advanced/how-quantitative-easing-works/
Hi Herbie, The FED is up the creek without a paddle because their Certel members thought they could just carry on creating ever more electronic dollars and on placing huge sells of paper gold to keep the price of physical gold under the cosh and the dollar strong, they were arrogant and complacent because in the meantime the BRICS members have been lapping up the cheap gold whilst Fort Knox remains in the main devoid of that much American owned gold.
That said our BOE and thev LBMA are nearly as bad !
Cont- 2
The effectiveness of QE is extremely controversial. Indeed, our position is that it does more harm than good – and there are much better alternatives, but we are getting ahead of ourselves here. In our next post, we go into more detail on the theory behind QE, and in later posts, we show how QE doesn’t work in practice – and instead leads to more financial instability and inequality, as well as higher house prices.
It’s worth noting that QE is supposed to increase the price of financial assets, making assets holders feel wealthier – encouraging them to spend more (the so-called trickle-down effect). It’s also intended to lower interest rates in financial markets. This means lower borrowing costs, encouraging businesses to issue more debt to finance investment.
Low interest rates mean low returns for investors, and theoretically should encourage them to look for riskier, higher yielding investments. Finally, pension funds and insurance companies should buy riskier assets to replace the ones they sold to the Bank of England, all of which is intended to redirect credit and investment to businesses.
Hi 3Bear, I would go further although th general public, our politicians and indeed the majority of out financial journalists are either ignorant of or simply ignore QE is where central banks, such as the Bank of England, create new money out of nothing to buy financial assets (economic jargon for government and corporate debt in the form of bonds) from financial entities such as pension funds, insurance companies and investment banks, etc.
In the media, QE is presented as a process whereby the Bank of England prints money and lends this to banks so that they can increase their lending into the economy. But in reality, no actual physical cash is ever printed and most people (let alone banks) don’t ever see the money created via QE.
What actually happens is the Bank of England creates new digital money, central bank reserves, which are then used to predominantly buy government debt (and more recently corporate debt). From 2009 to 2012, the Bank of England created £375 billion of new money.
This programme is still on-going. In fact, more recently the Bank of England announced that it would be expanding the programme by another £70 billion, bringing the total to £445 billion. Concerned that investment and spending might drop due to the Brexit vote, the Bank of England will purchase another £60 billion worth of government debt, and £10 billion worth of corporate debt.
cont
Yes but expect the Fed to short gold at 14:30 UK time as they did fruitlessly yesterday - buying opportunity.
3 bear,
The rally was very stable up to 20 March. Beyond that time frame it started to become over extended and not just a spring seasonal rally. On 2 April the rally was approaching $2300 spot price which should have been a top with a 14.5% rise but then it started to go parabolic. The momentum then hit 17% rise at 2350 spot price where only a handful of rallies have surpassed this. The peak was around 20%. The rally started on 12 February. Central banks (especially India and China were behind the move from 12 February to 29th February) and published data of late shows this was the case.
The concern some of us have is that the rally was taken over by Options traders and they have to take physical delivery on 25th April. I therefore believe the answer to your question will soon reveal itself. My belief is that part of the rally is permanent and it needs to retreat to a level to attract buying in the physical market for delivery. Over the course of 2024 we may get more rallies and pull backs. The jewellery market has to restock gold at a price where they can sell it later on and it just takes time for the physical market to absorb increases. Otherwise we get bear markets in gold later on. Tony
3bear we all hope so but when markets collapse, as we have experienced before, holders can also sell gold to raise liquidity, or buy it as a hedge; gold is marvellously fickle a bit like the spouse, always keeping one on one's toes as for any action the reaction may be unpredictably one way or the other. Above all we have learnt not to count our golden flip flops before we have worn them so to speak.
There was a good FT piece yesterday by Rana Foruhar headed'Gold is back and it has a message for us' , which inspired me to buy a book it mentioned 'The New World Economy in 5 Trends' by BNP Paribas chief strategist Fortis Philippe Gijsels, and the chief economist Koen De Leus which predicts gold running to $4000 in the not too distant future but who really knows. Anyway I will read it.
Anyone share my view that this rise in the GP is permanent and largely due to 2020's colossal international QE finally feeding through to all corners of the financial system?
Grabbed some more at 1.264 in the isa at 8am. Will then sell the same from trading account hopefully higher. Prefer that to Isa bed and breakfast
Major European markets traded lower ahead of Tuesday's session as investors awaited the release of more economic data. Today, market participants will receive reports on EU economic sentiment and the trade balance. Italy will release its latest CPI data.
At 8:06 am CET, the DAX lost 1.17%, the CAC 40 fell 1.32%, and the FTSE 100 declined 1.19%. Finally, the pan-European Euro Stoxx 50 fell 1.34%.
On the currency front, the euro and the British pound were down by 0.09% and 0.19% against the dollar at 8:07 am CET, selling for $1.06148 and $1.24224, respectively.
Baha Breaking News (BBN) / JG
Gold currently $2386.12
Exactly, the signs are well recognised and documented now.
Its just a matter of how the final chapter is written. They started with a few bangs and thats the way they may well go out (with a bit of interest, so to speak). Worship of invididualism plays into the hands of the second law of thermodynamics, which leads into huge energy losses in the system for very little gain. Sad .. cest la vie
the gnome
Goldgnome, this is the Global ticking time bomb, Global in that it's effects will spread far and wide when it goes off !!
The US will have to raise taxes, they are too low for their Current and Capital Public Expenditure. The latter is also a ticking time bomb as much of the infrastructure, built in the 19960's to 1970's, needs replacing as shown recently by some collapsing bridges and roads. They'll kick the debt down the road as long as they can, but Republicans are now making it harder to increase the debt. Signs of a declining Superpower !!
You have to love the headlines ...
Though the average interest rate the U.S. is paying on its debt seems modest at 3.27%, especially when compared to current Treasury and mortgage rates, it’s the highest we’ve seen since 2008. Back then, the U.S. debt was slightly above $10 trillion; fast forward to today, and it has ballooned to over $34 trillion. Notably, while it took over a century to reach the first $10 trillion, the most recent $10 trillion was amassed in just four years.
Despite political shifts in the White House, the upward march of debt has continued unabated. This was of less concern when interest rates were low. However, in the wake of 2022’s significant inflation and the Federal Reserve’s aggressive response, the true weight of the national debt has come into sharp focus.
The consequences of these higher rates are stark, with annual interest payments on the debt now topping $1 trillion—overtaking defense spending and on par with Medicare. This trend suggests that interest payments could soon surpass even Social Security as the largest budget expenditure.
The U.S. is on the brink of a financial challenge with nearly $9 trillion of its debt approaching maturity within the next year. This debt will need to be refinanced at interest rates much higher than when it was originally taken on—almost twice as high, in fact...
There won’t be any bad news Tony.
If you look at the gold price pump and dump it was well outside the Iran attack so nothing to do with it and it shot up and dropped within a few hours- and 24 hours before the attack which was outside trading hours in any case.
Of course, it is due for tensions, but not inside knowledge of a “known” activity about to happen.
Ha Ha no surprise Bi Bi has Biden by his election year balls. ooh painful.
No surprise then
Gold has been taken higher again tonight and all the overbought on daily and weekly were returned as they were before at the peak on Friday. What I am concerned about is what kind of bad news will soon unfold and be shared with the general public.
After falling today, in the evening things changed and the prices of gold and silver shot up. Good day tomorrow - for us but not for many others in the world.