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I am not sure his analysis was right, higher interest rates would mean the deficit rising on increasing the bond interest payments,
Sureley if the Gov were serious about reducing their deficit,then cut military spending and military aid to pretend to end other peoples wars, rather than negotiatons, but no ,they prefer to keep military arms contractors busy ,probably the USs biggest exporter.
A very vicious circle.
Or simply sell some of their supposed ,Gold reserves. But that might be difficult ,even if they have not already sold them several times in paper promises.
hi dasut,
nostalgia has it's it place.
point taken unfortunately josef was like so may brokers,very good at selling the product and encouraging people to invest but of his lack of understanding the shop floor fundamentals of the business he was unable to challenged the professional capabilities of new appointments made to replace the likes of trevor schultz for example.
https://www.glasslewis.com/musical-chairs-centamin-director-voted-off-board-reappointed-immediately/
https://*********************/newsfeed/article/retirement-of-non-executive-director-762146
whilst i also accept ,although i cannot agree with entirely that it seems to be custom and practice in order to do business in these types of countries the company needs too have on the payroll a mediator based on their popularity with the ruling ''mob" if youssef wasn't capable of fulfilling the role of sukari general manager fully then he should have been given a more appropriate or fitting title,by not doing so is not being entirely honest with shareholders or the market.
"GOLD, SILVER MANIA: One Of Michael Oliver’s Most Important Interviews Ever"
"... fasten your seatbelt, this is the acceleration phase. This is the point in the gold bull trend where if you’re not there, you’re going to miss it ..."
https://kingworldnews.com/gold-silver-mania-one-of-michael-olivers-most-important-interviews-ever/
Will he be proved right? I think so.
….till it isn’t
Tony, Gold is driven by sentiment, often what is cited as the cause of a rise is just the excuse. Gold seems to want to go higher, the more it rises the more it creates bandwagon …. Till sentiment changes, hence the trend is your friend
Inflation is expected to fall later this year and/or real fears of a recession.
There is also the problem of the US $trillions debt which legislators have no solution for decreasing.
These may be some of the factors behind the push up in the last few days
I am staggered that a tiny increase in USA unemployment just as University students graduate in USA and some decide to sign on and then join a protest group then get a paying job is a good reason to pump up the gold price. The jewellery and physical markets have collapsed across the globe. Only a handful of central banks are driving the gold price. The total amount China central bank purchased in April was just 60,000 ounces. I wonder if this is a paper rally as Comex ounces stored have been increasing not being withdrawn. On some days the withdrawn amount was zero ounces.
8,400 I mean lol
Gold up, UK. gdp above forecast…
FTSE hovering on 8,4000
Could be a nice rise this morning…
Equities in Europe traded mostly flat in the premarket on Friday ahead of the newest reports on the United Kingdom's gross domestic product (GDP), industrial production and trade balance, and the minutes from the European Central Bank's (ECB) latest monetary policy meeting.
The DAX, the CAC 40, and the Eurostoxx 50 all stood flat at 8:00 am CET. At that time, the FTSE 100 lost 0.14%.
The euro declined by 0.06% against the dollar at 7:59 am CET to sell for $1.07761. Meanwhile, the pound sterling stood flat against the United States currency to go for $1.25205.
Baha Breaking News (BBN) / JR
Happy Friday y’al
Enjoy your weekend
Gold currently $2358.17
160% ?
Now that would be something worth posting
+ 160%. $2345.93
Tibbs I agree but Josef didn't do badly in the early years and from zero he got the mine up and running, problem was he didn't see the incompetence of so called professionals who replaced his original very experienced and highly professional team and people I had dealt with over many years on different mines.
As for uncle Youssef he was never involved as a hands on General Manager they had Mine Managers doing the hands on day to day stuff. He was well connected political senior manager a position you will see in all developing businesses in developing countries. Josef didn't speak Arabic he is a born and bread Aussie and he needed someone to understand the local politics that he could trust. Even his dad Sami lived most of his successful career in Australia and wasn't therefore as well connected, bearing in mind mining was in it's infancy back in the early 2000's. Like it or hate it unfortunately it is the way of the world and things like expatriate employment quotas mean taking some difficult employment decisions.
Hindsight is wonderful but take a look at the gold price in the late 1990's early 2000's when Sami and Josef were trying to get investment for the then Pharoah Gold. It is easy to criticize but as I say credit where credit is due getting a resource up and running isn't easy and this is where Josef has the skills (Not Mining skills).
Exceeds forecast... at last... 231k
https://uk.investing.com/economic-calendar/initial-jobless-claims-294
42,069 views 7 Mar 2024 #gold #economy #KeithNeumeyer
"There’s a rush into gold because of the de-dollarization of the world. It has nothing to do with the interest rates,” asserts Keith Neumeyer, CEO of silver powerhouse First Majestic. In a conversation with Daniela Cambone at this year's 2024 PDAC Conference, Neumeyer confidently reiterates his vision of silver surpassing $100 per ounce. With 1.2 billion ounces in demand and only 820 million ounces in production, there's a notable disparity, Neumeyer emphasizes, highlighting the looming silver deficit, set to escalate in 2024.
https://www.youtube.com/watch?v=QRLP-CePIhc
Major European markets traded mixed on Thursday as investors await the Bank of England's latest monetary policy decision. Today, Ferrovial, Telefónica, EDP, Enel, Pirelli, and Salvatore Ferragamo will publish their results.
At 8:01 am CET, the DAX and the FTSE 100 were flat, while the CAC 40 fell 0.20%. A minute later, the pan-European Euro Stoxx 50 inched down 0.30%.
On the currency front, the euro was flat against the dollar at 8:00 am CET, selling for $1.07435. In comparison, the pound lost 0.06% to go for $1.24906 at the same time.
Baha Breaking News (BBN) / JG
Gold currently $2315.12
Thank you Dasut, but also about a appointing the suitability qualified personnel who will implement the most suitable mining methodology to exploit and develop the reserve.
Tibbs I don't disagree it is however about the resource not a Chairman and Non Executive Director, success will be the grunts on the ground.
Agreed MrGnome,
It's all about parting gullible and trusting investors from their money so the buggers on the top table can keep the sham going for a while whilst filling their boots before bailing out!
Hi Dasut,
Centamin investors past experience is proof enough that Josef never was any expert in gold mining, although he is a privileged El Raghy sibling who was awarded millions of free shares for nothing and can hardly claim to be any expert appointing the right people to run a mine properly considering how many years he was prepared to have another family member who was unqualified in mining,greedy and incompetent, although agreed a former Eygptian police captain as Sukari general manager and also to have permitted Andrew Pardey to continue for so long with his continued incompetence and money wasting projects in his over promoted roll!
It's very easy to claim to have invested in Centamin when you have been given millions of shares on a plate for doing very little!
This is buying old mines (same ol , same ol), dressing them up...and so on....
What a shower!
Before investing into any of these what may be regarded as "Pyramid" schemes people should consider who is it who is putting all the money in and really taking all the financial risk ,certainly not this bunch of board room seat hoppers who participate in a few board room meetings in various supposed potential profitable gold mines, most of which will just be investors money pits
Yet these all non exec board room seat hoppers who put up sweet FA and hold no responsibility for any incompetence in anything else other than parting gullible and trusting investors from their money are the parasites who receive the non exec retainer fees freebie shares and expenses.
What happens when these Pyramid schemes collapse and retail investors lose a packet the same old BOD excuses will be churned out "Oh well mining is a risky business , "The grades didn't stick up, "How were we to know" and then after spouting all this crap they will ride away with their saddle bags full to take up the tops seats on the next gold mine pyramid scheme due to their supposed professional expertise and experience!
There is a history in Western Australia, Josef El-Raghy is non-executive chairman of AIC MInes. https://www.aicmines.com.au/board-of-directors/
Major European markets traded mostly higher in the premarket session on Wednesday amid the publication of more economic data and earnings reports from major companies in the area.
Before the opening, BMW Group posted its latest earnings report. The company announced that revenue for the first quarter of fiscal 2024 decreased by 18.9% to €4.1 billion. Meanwhile, market participants will receive data on industrial output in Germany and more earnings reports today.
At 8:01 am CET, the DAX gained 0.24%, while the CAC 40 added 0.06%, and the FTSE was flat. The pan-European Euro Stoxx 50 was also flat a minute later.
At 7:56 am CET, the euro and the British pound were down by 0.13% and 0.16% against the dollar, selling for $1.07412 and $1.24887, respectively.
Baha Breaking News (BBN) / JG
Happy hump y’al
Gold currently $2318.11
I am not sure that Wia is a big miss I think it is one to keep an eye on albeit currently I believe only on the Australian stock market.
Josef is from our experience a start up guy albeit this came about by default not sure it is what he intended and proven not to be a hands on long term development type when it comes to running a mine but what does a Chairman actually do when it comes to running a mine other than select a strong competent team to bring in results? Pardey is Non Executive Director heaven forbid, this does certainly bring into question someone's skills in recognising abilities.
It will be interesting to see who actually gets the job of running the company namely the CEO or the good old fashioned MD (if Pardey gets the nod then I run for the hills).
Currently a board of Accountants, Geologist and an Exploration guy.
I say this because from experience it isn't unusual for the Majors to use start up teams to get the resource up and running and then give way to Mine management development team to take it through it's plan.