Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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Hi Bobliz,
Good to know that you are still popping in for a look and especially as a long term holder to take part in the ongoing debate.
Your right of course about the initial challenges to getting the Sukari mine established, its still not that easy even now after the recently reformed Egyptian mining code trying to run a mining business in Egypt whilst at the same time having to cope with all the governmental departmental and judicial bureaucracy, not to mention the power struggles and corruption going on behind the scenes.
But all that seems rather less significant now when compared to the environmental changes our planet is experiencing, and yet if that were not enough there are those world leaders who rather than working together to create solutions to the environmental challenges with the breakdown of society and the worlds no longer fit for purpose monetary and market systems choose instead to compound the global destruction by waging war on one another!
Its depressing to say the least.
Keep well
Tibbs
Precious metals extended gains on Friday with gold jumping more than 3% as the conflict between Israel and Hamas continued to drive investors to safe-haven assets.
The yellow metal surged 3.05% to go for $1,925.60 per ounce at 12:08 pm ET. Silver rallied 4.16% to sell for $22.74 per ounce at 12:09 pm ET, while platinum gained 1.53% to change hands for $883.08 per ounce at the same time and palladium added 0.22% to sell for $1,120.92 per ounce a minute later.
Baha Breaking News (BBN) / NP
Gold’s closing scene
1929.86USD
+61.03 +3.27%
Days trading range
High: 1930.81 Low: 1868.90
HI Tibbs,Razoe Cowichan , Dasut and respected others not forgetting Siko
I am still lurking here and enjoying the profound and very intelligent and concise posts of the contributors. I could not resist however Tibbs applauding your post re Horgan and sorting out the crock of s##t he was handed by his predecessors. However slightly in their favour I would say that the fledgling Egyptian mining industry rested on Cey shoulders and max profits and return to to the Egyptian Govt coffers was essential bearing in mind the Court case sitting on CEY shoulders at that time. Much backsheesh and palm greasing was needed .
Global economics now going to hell in a hand basket , USA heading for stagflation at best China facing meltdown in Real Estate and industrial output to the West, Russia (although a minor force in global economics terms but massive in visibility and influence with the BRICS) probably in default of debt come Spring Summer next year.
Silver ever the poor mans hedge but Gold for those with the available funds to back into.
Rambling views of an old f''t. Happy with 50 odd thousand at average 1.18 .Look forward to divi announcement for next year, Very rarely trade these days (too old and slow ) but reinvested divi at 84 and 79 respectively. Wow one of the very right decisions . Dont make many of those
Kindest regards to all here and remember , you can buy a yacht and a Ferrari but not a family.
Bob
Andrew Maguire is joined by precious metals broker Bill Holter to discuss how a 100-year plan being implemented by the West is coming to an end with rising interest rates and the looming spectre of CBDCs
The precious metals experts delve into potential delivery failures hindering the gold wholesale market, why silver is the “go-to” barter currency if the global financial system fails, and the risk of holding your wealth in cash in a credit collapse.https://rb.gy/tjjfu
Of course I mean the content of the RNS- lies are not permitted.
The gold market is holding on to solid gains Friday as U.S. economic data points to a growing risk of stagflation, as consumer sentiment continues to drop but inflation expectations rise sharply.
Friday, the University of Michigan said the preliminary reading of its Consumer Sentiment Index fell to 63, down from September's reading of 68.1. The data was significantly weaker than expected, as economists were forecasting a drop to 67.2.
"Consumer sentiment fell back about 7% this October following two consecutive months of very little change. Assessments of personal finances declined about 15%, primarily on a substantial increase in concerns over inflation, and one-year expected business conditions plunged about 19%. However, long-run expected business conditions are little changed, suggesting that consumers believe the current worsening in economic conditions will not persist," said Joanne Hsu, director of Surveys of Consumers, in the report.
https://tinyurl.com/5p7e5a8b
Steve ,
As you point out the RNS does influence the directional movement of the share price, but the RNS announcement is just a mandatory market requirement , it is the detail behind reason for the RNS which is of paramount importance,especially so for long term holders.
“Economics and RNS are the only things that matter.”
Bang on Steve. Have a good weekend.
+ 5.25p + 6.34%
It’s a rear weekend that the closed price is so agreeable.
Jeffa- I play it as it is- I agree no one has any idea on what goes on the inside, it's just endless speculation which is fine for a bulletin board- but as always, to be taken with the largest pinch of salt.
Economics and RNS are the only things that matter :-).
Fab day here- good weekend all.
88.05 closing - FAB!
Hi Cowichan,
We dot know and will never know everything about what goes on inside Centamin ,but Martin Horgan comes across as having integrity and he is highly respected in the industry.
It frustrating to say the least how long its taking to sort out so many issues Sukari ,although it must be a pretty daunting task to know what to sort out first and no doubt Martin Horgan is being careful not to announcing anything that may cause any further loss of confidence in Centamin.
I’m still struggling to see where Horgan has lied. Cowchain, with the help of Henderson and their spokesperson, Tiddles, continue, trying to create a picture of impending doom.. shameful antics by all three.
Hi Dasut,
After what seemed to be in some respects a rather disappointing update, especially for those of us who don't have your knowledge of Sukari, or your professional knowledge of mining methods for your thoughts on how things seem to be shaping up!
Not brilliant by any means, but as you say better than it was three years ago, so I suppose we have tp hope things getter better from now on!
Tibbs
Well said DASUT
Centamin real time price + 4.05% at 86.20
Astro999, take a look at the current Gold price $1905, that will be the reason for the SP rise.
The reason the LOM Strip ratio was 5.3:1 was that it was wrong because it didn't achieve the necessary waste removal to optimise ongoing annual production. 6.5:1 isn't great but a hell of a lot better than the last 18/24 months.
Is this going to be achieved only time will tell but right now I don't have any information that tells me different.
One slightly good thing is that we are being told that they will achieve the bottom end of the forecast, can they make up quarter 3 shortfall ? My opinion for what it is worth is that it will be a close run thing albeit a good point is that they will have had a sizeable stock pile of ore on the ROM which will give them a kick start to the 4th Quarter.
What I take from the presentation is some positivity of getting back to a mine working as a mine should work not a mine that is in the process of back to basics to understand the ore body and writing up a plan to go mining, which is what we have been experiencing over the last couple of years or since Horgan came on board.
Now the proof really will be in the eating and we will see how good the newish team are and next year will be crunch time and rather than accuse the board of lies we will unfortunately still need to wait for proof by way of results against their new plans.
Having just confirmed that they are in line to meet forecast of between 450 - 480 ounces for the year, all be it towards the lower-end, if M Henderson is right about Lies regarding meeting said targets/forecasts, then between now and the end of the year, they will have to fabricate a reason for this to be so. - A mine-incident - a roof fall - whatever. - So, watch this space.
M Henderson,
Its always easy to claim prior knowledge of an impending event post event , but I did take it seriously even though the you provided no evidence or source of the information.
In defence of Centamin they are to great extent limited by FCA regulations regarding what can be released into the public domain and so possibly they decided as the situation was already being dealt with as a matter of course there wasn't any justification for an RNS which could have influenced the market.
Just to clarify .after your claim I contacted The Head of Centamin Investor Relations, see their reply below -RE: Clarification announcement about the news circulating regarding the stopping production in Sukari for more than 10 days ?
From Centamin
We are not aware of the news you are referring to.
We had a substantial plant maintenance programme scheduled in Q1 this year, which was successfully completed as planned: https://tools.eurolandir.com/tools/Pressreleases/GetPressRelease/?ID=4275992&lang=en-GB&companycode=au-cey&v=.
For clarification, the Sukari paste-fill plant commenced commissioning in Q2, not the gravity circuit. The Sukari gravity circuit is in the design phase with a construction decision expected by the end of this year: https://tools.eurolandir.com/tools/Pressreleases/GetPressRelease/?ID=4357244&lang=en-GB&companycode=au-cey&v=.
Head of Centamin Investor Relations
So M Henderson with these facts in mind if you are still suggesting that there is some impending unannounced but detrimental news that Centamin aren't disclosing then may I suggest that rather than spreading unsubstantiated rumours on internet forums that you contact Centamin for an explanation and if you feel that their response is insufficient then to refer your claims to the FCA.
In the meantime I will inform Centamin Investor Relations that you may be in contact with them.
Cowichan
I am here, and now after Q3 results and missing target numbers ? Isn't that what I mentioned before and I was ridiculed and taunted ? I preferred not to respond at that time waiting Q3 results although I was sure of the source of my information.
and for the answer for your question ..there is another Lie by the end of year to trying to achieve the year target numbers.
The only right direction is north
Try to look on the bright side Mr T-------at least they identified a problem with one of the machines and fixed it this time. The last lot would have run it into the ground and not have the spares in place for when it finally broke. We all know unexpected things can happen and it looks like they dealt with it pretty well this time round.
Even though they have said Q3 figures will be down but full year guidance remains the same, I think we will take a bit of a hit when it comes out with the Q3 update next week.
Some people on here seem overly critical of Martin Horgan and his "steady as she goes" style. BUT, look at these things Mr T and try to be positive. (1) Assuming we do meet the lower end of the predicted ounces mined for the year, then at least we have met a target . (2) He seemed on the ball with getting that machinery repaired . (3) He hedged some of the gold at $1900. That could be a good call or a bad call, depending on the price of gold at the time, but I think securing that price was a decent move. I think he is trying to "build an innings" and if he keeps nurdling ones and twos to keep the scoreboard ticking over, then that is good. That said, I'd love to see the cover drive or the lofted drive for 6.
Why the jump on SP? gold price? or company performance?
And some positivity, up she goes :-).
European stock indexes were in a downward trend during premarket trading on Friday, as investors awaited the most recent industrial production data from the Eurozone. Additionally, market participants analyzed dissapointing inflation figures from the United States.
The German DAX lost 0.20% at 7:20 am CET and the UK's FTSE 100 fell by 0.11% at the same time. France's CAC 40 was o.25% down while the Euro Stoxx 50 decreased by 0.29%.
The euro traded 0.19% above the dollar at 7:21 am CET, selling for 1.05487. The pound was 0.24% up compared to the US currency, changing hands for 1.22044 simultaneously.
Baha Breaking News (BBN) / RR
Happy Friday y’al
Enjoy your weekend!
Gold currently + .44% at $1877.14