Firering Strategic Minerals: From explorer to producer. Watch the video here.
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Today the LBMA reported that "accounting errors" caused them to overstate their silver holding by 3,300 tonnes (96,251,100 oz). Bear in mind that to hold off a potential delivery default in March the LBMA calmed the market by announcing that they had added 118 m. oz physical silver. Yet it now appears that all but 22m oz of that addition was imaginary ! So nothing to see here it was just an accounting error ? What does this do for confidence and credibility of the paper PM markets and the regulators ?
In an age of rising inflation for all to see in the US and depreciating fiat currencies investors are now competing hard with industrial buyers for every silver physical ounce. Comex gold deliveries are also running at a record rate as investors seek to protect their capital with hard asset insurance with no counter part risk. Mining shares now braking out of their multi month downtrend reflects rising interest and accumulation.
The stresses in the paper PM markets now seems to be producing cumulative damage to their paper control mechanism. What will be the next catalyst ? Tomorrow we get the latest US inflation data. US momentum and tech stocks are stalling which usually leads to a move into risk off assets like PM's. Is the next Comex delivery and Basel 3 the final straws ? The Basel 3 Net stable Funding ratio requirements starts 27/6/21.
Recent bias makes us believe we can forecast the likely near future from the recent past. What if today's LBMA admission is really telling us that the paper shell game is almost up ?
Thank you Marmot,
This is the shower of crooks that for so long have been complicit partners in the Cartel of precious metals price manipulation.
First it was Covid why they couldn't comply with Basel 3 on time with the rest of Europe and so got the exemption until Jan 2022.
But now it's an accounting error, understandable of course it's easy to mislay 3,300 tonnes of silver!
Where is the action by regulatots?
What are the auditors up to?
Truly a cess pit.
Should be names shamed and heavy fines.
Looks like you cannot rely on the LBMA. I hope there is not a conflict of interest running in the background. I do wonder about the QA/QC process they are running.
best
the gnome
How on earth is that an accounting error...that's total baloney..a falsehood..a LIE. No business makes that kind of inventory mistake.....it's like BMW losing several hundred thousand cars off their ledger....IT DOES NOT HAPPEN !
Hi Spindler!
"When things become serious, you have to lie."
Jean-Claude Junker, former EU Commission President
Yes i remember that from the old sozzled fool.
I heard wine for breakfast ?
Anyone who drinks before noon should be treated with great suspicion
Yep, no doubt he found that truth at the bottom of a bottle of malt whisky. But it's still a good quote.
Where is the action by regulatots? What are the auditors up to? Truly a cess pit. Should be names shamed and heavy fines.
Exactly what is the score here ?There should be serious consequences
Was he such an old fool, he seems to have more integrity than Cameron or Boris and I doubt he ever lied as much as they continue to do so.
https://inews.co.uk/news/politics/jean-claude-juncker-should-not-listened-david-cameron-brexit-961807
Time is said to be the greatest healer. But for Jean-Claude Juncker, the President of the European Union between 2015 and 2019, the gaping wound of Brexit five years after the referendum still seems sore.
The Brexit vote, he argues, goes against history. But not helping the healing process for the fiercely pro-European former Prime Minister of Luxembourg – his views were shaped by listening to his father’s stories of the destruction of the Second World War – is that it happened on his watch.
He blames his former nemesis David Cameron for the “mistake” of Brexit, himself for listening to Cameron, and the ‘misinformation’ that he claims ‘brainwashed’ the UK’s electorate.
“I should not have listened to David Cameron,” he says leaning back in his chair in his office in the commission’s Brussels HQ.
“He told me not to interfere in the debate in the UK, not to come to London, not to do interviews with the British press. I made a mistake because I did not defend the EU’s point of view in the UK. They asked me to shut up, so I shut up. That is something I criticise myself for. I should have spoken out rather than stay silent.”
Whether or not his intervention would have turned the 2016 vote in favour of Remain is up for debate. When US President Barack Obama infamously said Britain would be at the “back of the queue” for any trade deal, the intervention backfired tremendously. And this was with a politician popular in Britain. Juncker – perhaps unfairly – has often been portrayed as the ultimate European bureaucrat.
e has more to say on Cameron’s failure though. Before calling the referendum the then Prime Minister renegotiated some terms of Britain’s membership arrangements. It was an intense and controversial deal to secure a special status for the UK.
“And yet, I saw that this agreement we negotiated with the British government played no part in the referendum campaign,” Mr Juncker, 66, said.
“No one told the British public what we agreed on, say, the free movement of workers,” he adds, shrugging his shoulders at what he says was ultimately a pointless pact.
It could be argued, however, that Mr Cameron failed to secure all he needed to really win over the British public, with German chancellor Angela Merkel refusing to grant Britain an ‘emergency brake’ to halt migration within the bloc.
Juncker was already seen as a bête noire by the Brexit campaign. He was the EU’s ultimate insider, an architect of the Euro, and – as Luxembourg Prime Minister for almost two decades – had attended more EU summits than any other leader. He was branded an arch federalist, said to be an alcoholic, and even tied to the Nazis through his father, who was forcibly conscripted into the German army following the invasion of Luxe
When US President Barack Obama infamously said Britain would be at the “back of the queue” for any trade deal, the intervention backfired tremendously
Now that's something we can agree on....that bloke trying to thwart democracy at the request of the slime Cameron.
Whichever side of the debate you stand on i think we can agree that was appalling but then Obama is appalling and so is Cameron. These 2 obviously know nothing of ordinary folk who don;t take kindly to threats, they think the public are dumb sheep who need herding.
I take your points on Juncker Mr T and you may be right but he didnt help himself to be honest what i witnessed in the Euro Parliament.
As said always was 50/50 and i now kind of regret Brexit because with the 3 million HK passports offered we have gained nothing and lost more..
The Conservatives to me are just a mafia ..and with the aid of the media we have a one party state...nothing short of civil unrest or civil war will change this...and i don;t see this happening....
There is nothing wrong with a good bit of civil unrest, and even a bit of blood on the streets, tallyho!
It camnt be worse than the gradual death of any sensibility, and having to swoon and swelter under the "guidance" of Boris
There is nothing wrong with a good bit of civil unrest, and even a bit of blood on the streets, tallyho!
It can't be worse than the gradual death of any sensibility, and having to swoon and swelter under the "guidance" of Boris.
I am sure we could get some obliging West Africans to show you the way. Loved the work of the Burkinabe's in the 2014 coup d'état, that got rid of the President of 27 years, the same man who reportedly had a lead in the assassination's of his best friend, Thomas Sankara (the previous President).
For an interesting insight of recent, please have a look at
https://itunes.apple.com/us/movie/the-upright-women/id1562724159?ls=1
Perhaps it might be up tot he women to organize the reset?
best
the gnome
Mr Gnome,
Those who voted for Boris seem to have forgotten what a waster he is, only thinks of himself!
https://www.bbc.co.uk/news/uk-england-london-46258584
Three water cannon bought and refurbished for more than £320,000 while Boris Johnson was London Mayor have been sold for £11,000.
The vehicles were bought by Mr Johnson as crowd-control weapons following the 2011 riots.
They were sold for £11,025 to Nottinghamshire-based Reclamations (Ollerton) Ltd who will dismantle them and export the parts.
Current Mayor Sadiq Khan said "we have managed to finally get rid of them".
The vehicles were bought by Mr Johnson from Germany in 2014 and he volunteered to be blasted by one of them to reassure people of their safety.
Then-Home Secretary Theresa May banned their use in riot situations in England and Wales in 2015, and later used the purchase to ridicule Mr Johnson in the Tory leadership race after David Cameron resigned.
Water cannon have been used in Northern Ireland but have never been deployed in the rest of the UK.
Water cannon
IMAGE COPYRIGHTREUTERS
image captionLondon's three water cannon were bought and refurbished for more than £320,000
The cannon Mr Johnson bought cost £322,000 to purchase second-hand and then refit. Costs included £32,004 for low emission zone compliance, £19,035 for re-painting, £3,109 for signage, and £970 for the fitting of radios and CD players.
Mr Khan said: "For too long, London taxpayers have had to bear the brunt of Boris Johnson's appalling botched water cannon deal. This has been another waste of taxpayers' money by Boris Johnson."
After Mrs May banned the cannon's use, the Metropolitan Police said it was "naturally disappointed" with the decision.
It said while the weapons would rarely, "if ever", be used, they were "a sensible precaution which would allow us to deal with a number of specific public disorder situations".
"In the wake of the London riots, with a worrying rise in knife crime and with his hands tied by the political decisions in the Home Office, Boris made tackling crime his number one priority."
The sale was announced as details were revealed of 72 youth projects that will receive the latest round of grants from the Young Londoners Fund.
The schemes, which are aimed at diverting young people away from crime, will receive a share of £13.2m.
Some good news for you post Brexit MrT. https://www.ons.gov.uk/economy/nationalaccounts/balanceofpayments/bulletins/uktrade/march2021
Zambianminer Jesus Mary Joseph and the wee donkey your asking for a real lecture now. Mr Tibbles thought the results last week where a vote to remain.
Indeed Mr T.
It does make me wonder why the UK persist with what surely must be a flawed electoral system and process, that serves up such duds as Boris. Not to mention the poodle Blair, and the list is long! And then they go on pensions when their deeds are done or the populace finally wakes up? One of the many wonders of the civilized world?
best
the gnome
Hi Mr Gnome,
Unfortunately the majority of UK's mainstream tabloid media is heavily influenced by pro Tory owners who use them for tax advantages in their business empires and to promote Tory rhetoric a in order to gain commercial advantage over the public sector ( pick up outsourced services,
and government contracts etc on the cheap) .
Why else buy a newspaper that is loss making other than to use it as means to influence the thoughts of the masses by presenting news that appeals to the very worst in people in order to manipulate the outcome for your own commercial gain and use as a tax avoidance instrument.
The Tories have never been interested in a fair voting system, only one in which they are most likely to win!
May 2021
Downing Street announces plans to change English voting system following string of Labour victories
The government is pushing ahead with changes to electoral law that could make it easier for Conservatives to win future mayoral elections.
Home secretary Priti Patel has already unveiled plans to introduce the first past the post electoral system used to elect MPs in Westminster.The government is pushing ahead with changes to electoral law that could make it easier for Conservatives to win future mayoral elections.
Home secretary Priti Patel has already unveiled plans to introduce the first past the post electoral system used to elect MPs in Westminster.
Mayors across England are elected from the existing supplementary vote system, in which the public ranks their two favourite candidates.
Prof Tony Travers, of the London School of Economics, said analysis of Thursday’s polls suggested this change could open a potential route to victory for the Tories in cities such as London.
"It’s likely that first past the post would make it somewhat easier for the Conservatives to win if they could come up with a really good candidate," he said.
There is also evidence that voters are confused by the use of the supplementary voting system. Some 5% of ballots cast in this year's mayor of London election were rejected because people had voted for too many candidates.
The government will have to pass fresh legislation to change the voting system, which would also affect elections for police and crime commissioners.
Labour has pledged to oppose the changes.
Other parties have gone "woke", reacted way too much to twitter etc which represents such a small part of the total vote. Labour now gaining "woke" Uni voters and high earning middle class, Tory gaining the working class. Opposition focus is poor and misguided.
Good to hear from you Zambian & Lynny,
It is not just food. On the ‘Buy British’ Facebook group, recent requests for advice on UK-sourced homemade goods include everything from Lancashire sofa cushions to ‘leisure batteries’ power sources for mobile homes
Food, though, as it so often is, has become the foremost application in a new surge towards supporting British industry.
Since Brexit, there has been a tectonic shift in consumerism as shoppers look to champion UK-made goods, aware as they are perhaps of the additional costs of trading with Europe, of the benefits of contributing to the national economy, and possibly also to supplement national pride.
Whatever the reason, this collective desire is very apparent.
Recently, there was concern in one Facebook group that Quaker Oats are apparently made in Dublin!
Soon, other members were suggesting supermarket-own varieties, namely those produced by Aldi and Lidl, which are milled here on British shores, and are apparently still “smooth and creamy” when stirred with water as with milk.
Another social media post celebrated a bag of granulated sugar that displayed the words “proudly grown in Britain” on top of a Union Jack!
One man shared a picture of a chocolate bar, going so far as to explain the fact it is not only manufactured in Stoke-on-Trent, but is also the work of a British-owned company.
A double win, there, for British pride.
That said the supermarkets in Britain have long sold goods featuring Union Jack flags, they have espoused a homely agricultural ideal when it comes to beef, talking of 'Welsh lamb' and 'West Country beef', local cheeses and English wines, today they are maximising this output.
There are an increasing number of flags on packaging.
Aldi and Lidl, possibly in a move maybe to counteract impressions they are German and reliant more on imports, have been heavier still with their trumpeting, it seems.
Both have pages dedicated to British food on their websites, pledging to do more to buy from internal suppliers.
Traditionally, the paradigm of culinary culture has been firmly cast as seasonal and artisan. It is about looking to our close countryside, where fruit and vegetables grow and are packed into handsome delivery boxes, and it is about recognising the tireless endeavour of the farmers who bring us the tenderest of steaks, if not the Romanians who pick our summer strawberries, a job we only want to do on Saturday afternoons for fun.
Running alongside this now, however, is this apparent shift towards British food not just for its cultural relevance, not only as an ethical, sustainable choice, but as a distinct and robust lifestyle choice, reflecting a pro-Brexit stance.
Cont
The link is very evident from the discussion sites exhorting people to buy British.
It might turn-off those who identify as Remainers, but isn't it ultimately a good thing?
After all, when it comes to sustainability, limiting food miles and making the most of our lush pastures, sought after since before the Roman empire, are only good.
Granted we should be elevating our food sector, which has, over recent decades, been evolving, diversifying, and improving in quality, and as the pandemic has shown, there is much to be said for shorter supply lines.
But just far can the 'buy British' exhortations get us?
If we applied it to all our purchases, would we have the food to get by?
In short, no, we would run out by August, according to experts!
The National Farmers’ Union says we are just over 60% efficient, and that is talking generally.
When it comes to vegetables, we grow less than 50% of what we consume, and fruit is even less, we produce just 15% of what we eat!
“For an island nation, being able to feed our population is absolutely critical,” NFU president Minette Batters said recently.
“Even as a global trading nation, shocks can expose fragilities in any reliance on imports.
We all experienced the impact of this during lockdown!
“Imports will always play a crucial role in our food system but our own self-sufficiency must be paid more attention by the government. It is stagnating. We sit now at only 64% self-sufficiency, having fallen from over 75% in the mid-1980s.”
There are lots of reasons for this fall, and, granted, some of them are down to cheaper goods, such as Danish bacon, and Polish apples, being shipped in. There are arguments to suggest concentrating on British pork and apples would be a positive repositioning of resources.
But since the 1980s, the British food system has also become a whole lot more adventurous. French Camembert is basically a staple now, and slices of Iberico ham are hardly luxuries.
We should probably not regress!
The farmer and author Joe Stanley says there has to be balance: “Is buying British fundamentally better? Just because it’s grown here doesn’t make it more sustainable.
“There is a lot to be proud about when it comes to British produce. We have the highest welfare standards in the world, some of the highest quality meat. When it comes to sustainability, let’s hope people buy British, and shop local, and support our industry. British consumers have been traditionally concerned with price, which is a more American mindset than a European one. So there’s a lot to celebrate if people are paying more attention to food.
“But it’s also a huge shame that the buy British mindset, this Union Jack patriotism, is getting tied up with nationalism.
The petty flag use we see in our government is altering things!
“We’re having these conversations about buying British, and at the same time we are straying into an unfortunate nationalistic territory.
cont
We’re witnessing the toxification of the British brand!”
Joe Stanley says Europe is as important as ever, both when importing and exporting food!
We absolutely need to nurture trade links,” he says. “There’s a reason America is so desperate to sign a trade deal with us – because we’re a wealthy nation that imports a lot of food.
“It’s taken generations to foster relationships with our European partners to get the food system we have. Liz Truss thinks, ‘oh, Kuwait eats a lot of lamb, let’s go there’. Europe is full of wealthy people, and we should want to sell them our food.
“I’m sure people don’t want to go back to a diet of potatoes and cabbage. We were a culinary backwater. Everyone expects to be able to access a decent range of food. Sure, we should buy seasonal, and be local, but it cannot be only about that, realistically.”
The farmer and broadcaster Gareth Wyn Jones says the 'buy British' discourse is largely positive. After all, he says, last year was one of the best years for lamb, which was “up £1 per kilo”.
“I think it’s a really good thing. People are getting behind British agriculture. It’s about bloody time. We have a lot of bridges to cross.
“We should be adding to it – salad, fruit, veg. We need to be building that British economy on what we’re growing and eating. In the bigger picture we’ll be more sustainable, more seasonal, and with no added cost. We shouldn’t have strawberries in December and French beans from Kenya.”
But Wyn Jones adds that while the buying British sentiment is a welcome one, so too is continuing to nurture links with Europe.
“Diversity is good for food. We do have to ask ourselves, when it comes to cheaper food, ‘how is that produced?’ Do we want avocados brought in from Mexico, where its popularity is causing problems.
“But yes, as some who put Welsh lamb into Europe, I don’t want trade to stop. It’s one of the best products in the world. That’s why it’s imported. And yes, it works both ways. French Camembert. Spanish ham. Wine.
“But carrots – there is no reason why all our carrots shouldn’t be British. I was a Remainer. I want to stay in Europe. I’m not Nigel Farage screaming about buying British. But I’m also a farmer who cares about the environment, so there is a valid point to be made, however it’s dressed up.”
When it comes to carrots, we’re pretty good, actually. The British Carrot Growers Association says the UK grows approximately 800,000 tonnes of carrots annually and is self-sufficient for 11 months of the year.
Patterns get a little more drastic when it comes to food that favours a warmer locale. British tomato production amounts to about 92,000 metric tonnes per year, which is about a fifth of the total volume sold in the country in that timeframe, according to the British Tomato Growers’ Association.
We need to import over 400,000 tonnes of fresh tomatoes every year to meet demand. “The retail value of British tomato production... is around £190 million out of a total retail market