Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
As expected inflation running hot across the board in the CPI. Earlier news on Bloomberg was that central buying of gold is slowing right down so not just CPI bad for gold. No chance of interest rates dropping in H1 State side. USD rising and yen for the time being has lost the 151 handle as they fight to support the currency. Expecting things to hit the fan on US open.
Market responded accordingly alas.
Let's see what commentary says...
Gave it the kiss of death
Absolutely agree Mr Gnome, that was the crux of the BBC programme and the conclusions of the linked study papers.
The question is not whether there should be small scale mining, is it is, whether it should be done properly, according to regulation, safety standards, human labour standards etc etc.
The BBC were explaining why there may be a case for making informal mining safer and less environmentally damaging.
Around 60 people have died in an explosion at an informal mine in Burkina Faso
https://www.bbc.co.uk/programmes/p0bqmljh
Despite its negative aspects, the contribution of small-scale mining to the resource sector and social development cannot be disputed. About 15% to 20% of the world’s non-fuel mineral production comes from this sub-sector.
https://theconversation.com/why-it-doesnt-make-sense-that-all-informal-mining-is-deemed-illegal-57237
Not all mining is carried out by large-scale corporations. According to the World Bank, small-scale or ‘artisanal’ mining provides direct income to some 40 million people across 80 countries (in comparison, just seven million people were working in ‘industrial’ mining in 2013). Often informal and inefficient, it nevertheless accounts for 20–25 per cent of the global production of gold, tin, tantalum, diamonds and cobalt. It has a significant environmental impact, too. Alluvial gold mining – when gold is extracted from stream and riverbed deposits – in Madre de Dios is estimated to have led to the deforestation of more than 1,000 square kilometres of tropical rainforest, leaving behind hundreds of mining lagoons.
https://geographical.co.uk/science-environment/artisanal-mining-is-leaving-a-trail-of-devastation
All oppressive regimes of whatever political persuasion are capable and guilty of environmental damage the world over and caring about our planet and its environment should be high on the agenda of every government or political party .
I am not accusing Centamin of any illegal activities quite the contrary!
What I am saying is that in general the majority of corrupt and oppressive regimes care not a jot about the long term environmental damage or the detrimental affects on the well being of the local workers and communities due to the unregulated the informal and illegal mining.
Illegal mining activities can contribute to skill mismatch and job losses
https://mpra.ub.uni-muenchen.de/117637/1/ILLEGAL%20MINING%20%20AND%20EMPLOYMENT%20IN%20GHANA%20FINAL%20PAPER%20FOR%20MPRA.pdf
We've just taken out the January 2023 high of 125.5, hang on tight fellow holders, I think she's gonna rip...
Blimey Goldgnome- sounds very familiar, someone who agrees with me!
I’ve posted on here before- and use some of this all the time.
For example, as part of my decision making whether to drop out the day before an RNS or close of play, I always asks myself the final question “is the fear of the loss greater than the fear of missing the gain?” (You can of course try to jump in first thing next trading day, but u often miss the first few seconds “jump gain/opening price”)- I’ve posted this exact l same thing before!
I’ve also posted “trade the price” eg I never think the price is looking toppy, just cos it’s risen recently or some historical chart says so and so on- trade purely on data points , the price is the price.
Chart traders(people who like control and constantly look for ways and comfort in convincing themselves they can control and uncontrollable) of course can’t do this/ they keep looking back which is why most retail traders fail. Equally some people hold a stock simply as they’ve held for years and cannot sell as they are fearful of the stock they held unsuccessfully for years rising if they dumped it and they’ll regret(this will sound very familiar to some on this forum). I think that they probably treat other things in life the same way and need to learn to let go and move on but their personality and irrationally prevents them from doing so). Some who finally make the monumental decision to dump the stock after years can’t stop watching it even though if they’re not invested and the value to them financially is zero and they should move on and spend their efforts on something that actually impacts them positively financially).They gain solace if it goes down (phew glad I sold it) or (damn why did I sell it!)- but either way it has made zero difference as they don’t have the stock anymore- let it go.
As for sport- this is so true- I have played many sports and the better you do the more pressure you apply to yourself to “not screw up” your position / lead, and sometimes muck it up. And when mucked up freedom hits and you play better- of course sometimes the pressure makes you play better and you win- but as I’m no professional sportsman I have learned to accept that sometimes pressure makes me muck it up and sometimes makes me win- there’s no reason I can put my finger on. A putter sometimes misses a putt and then says I’ve missed it cos I was too quick and didn’t concentrate enough- but then on the next hole will concentrate and miss the putt then miss it and then say it was because they over concentrated and needed to let natural flow work-
So funny to watch!
Happy trading :-).
Ha gnome that all rings very true - I find it much harder to sell effectively. Anyone else find that the best way to see a share sink is to buy some and a reliable way to watch them soar is to sell.
European stock equities traded higher in the premarket hours on Wedneday, as investors awaited the release of the United States' inflation data for March during the day and the upcoming meeting of the European Central Bank (ECB) scheduled for Thursday.
London's FTSE 100 was up 0.38% at 8:07 am CET. The Euro Stoxx 50 improved 0.16%. Frankfurt's DAX added 0.09% and the CAC 40 gained 0.07% at the same time.
The euro was flat against the dollar, going for 1.08510 at 8:08 am CET. The pound sterling also traded flat versus the greenback, trading at 1.26760.
Baha Breaking News (BBN) / RR
Happy hump y’al
Gold currently $2356.31
The gold price protection programme is being used from July 2023 through to June 2024 (240,000 ounces at a $1,900 gold price per ounce). This was to match the remaining significant capital investment period which ends in H1 2024.
So we are close to seeing the full benefit of the current record gold price. Hopefully management front loaded these ounces 2023 and took advantage when Gold was below $1900.
The idea that people will always make rational decisions in their own self-interest is just plain wrong...one of the key planks of economic theory (lets not use the word wisdom)
Kahneman’s greatest insight was that investors make mistakes, which sounds like the bleedin’ obvious. But his groundbreaking realisation was that our mistakes are the norm, not the exception. In our busy lives, we constantly rush to judgment using mental shortcuts (or heuristics), leading to persistent biases in our decision-making. Even when clear evidence suggests we ought to rethink our positions, we often cling fast to our initial judgments. Gulp, sounds like me?
...once you accept the humbling conclusion that you will inevitably make mistakes, you can seek to understand them and therefore become a better investor.
We hate losing money far more than we enjoy gaining it!!?? Losing $100 hurts twice as much as the pleasure from gaining $100. Even in sport, it has been shown golfers play better when putting for par (fearing the “loss” of a bogie) than when putting for the “gain” of a birdie. Loss aversion is in our DNA. As humans evolved, threats were always far more consequential than opportunities...phew its not just me ...
A study revealed 74 per cent of professional fund managers think they are above average. The other 26 per cent thought they were average. Mathematically, this is simply impossible, half must be below average. In Kahneman’s view, overconfidence is the most significant of our biases. He said: “What would I eliminate if I had a magic wand? Overconfidence.”
Research by Kahneman and Tversky provided important insights into the phenomenons known as “anchoring bias” and the “endowment effect”.
Anchoring bias describes the fact that investors rely too heavily on the initial opinion or piece of information they are given on any topic. Imagine, for example, you were told a widget sells for between $85 and $100 but is available today for $75. You might view this as a good deal.
However, if you were simply told a widget costs $75, you’d far more likely question what is a widget? And you’d question its true value. The deliberate “anchor” placed first in the information you are given distorts your financial analysis and is a common pitfall in financial decision-making.
The endowment effect is a term coined by Richard Thaler, and in a 1991 study, Kahneman and colleagues proposed that it occurs, in part, due to loss aversion. A mistake investors make is when we own something (such as a share in BHP), we mentally give it more value than it might objectively hold. This leads to a paradox where we are more likely to keep a BHP share we own rather than acquiring one we don’t, despite the result being the same in both scenarios – ownership of the share.
This cognitive bias skews our perception, often preventing us from selling assets when it might be prudent to do so, as we overestimate their worth due to per
The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved.
• 2024 revenue forecast increased from US$945.9m to US$986.2m.
• EPS estimate increased from US$0.125 to US$0.141 per share.
• Net income forecast to grow 77% next year vs 21% growth forecast for Metals and Mining industry in the UK.
• Consensus price target up from UK£1.37 to UK£1.40.
• Share price rose 5.4% to UK£1.21 over the past week.
By Simply Wall Street 09-Apr-2024
https://simplywall.st/stocks/gb/materials/lse-cey/centamin-shares/future?utm_source=braze&utm_medium=email&utm_campaign=Critical+Updates&utm_content=Email
Wikipedia
Centamin was first listed on the Australian Stock Exchange in 1970.[2] In 1999, it acquired Pharaoh Gold Mines, a company that had been exploring for gold in Egypt since 1995, and became "Centamin Egypt".[2] The company was granted a 160 square kilometre exploitation lease over the Sukari Gold Project in the eastern desert of Egypt in 2005.[3] A listing was secured on the Toronto Stock Exchange in 2007 to raise funding for production,[2] and first gold was poured in June 2009.[3] The Company moved to a full listing on the London Stock Exchange in November 2009,[4] and was delisted from the Australian Stock Exchange in 2010.[5] In 2011, it redomiciled to Jersey and changed its name to "Centamin plc".[6]
What's your point? Are you accusing CEY of illegal activities?
It's lefty, Marxist plotters who conflate what the illegal miners do with the environmentally permitted activities of miners such as CEY,
I once heard a BBC Radio 4 programme talk about the harm that "informal miners" do.
Informal miners? See how they put a slant on illegal mining. That is like calling a burglar an informal visitor to your home.
Is this too extreme?
"Ron Paul: $20,000 Gold"
Not only is Ron Paul saying Gold can 10x and add a zero without breaking a sweat, he points to history and shows it's already happened once before.
https://en-volve.com/2024/04/09/ron-paul-20000-gold/
Any one remember IPO prices for centamin how much? When it was . My understanding 1.60. In 2010 is that correct? If any one know a place reply thanks
Fair comments Dasut,
Yes not easy, to say the least it would require far more co operation between governments and law and other enforcement agencies and market regulators than exists at the present!
The unfortunate thing is that Illegal Mining exists in areas that are lawless therefore easy to corrupt/ involved in conflict/ suffering extreme poverty and all that comes with such problems.
We all understand that it is wrong but how is it stopped?
TornadoTony,
This is just old school thinking and not the case over the recent past-
Same myth that crypto and gold can’t rise togther.
Markets, gold and crypto all seen great rises.
The proof is there for all to see.
The world changes exponentially these days and old school thinking doesn’t work.
I thought CEY had a gold hedge in at $1900. Any idea how many oz’s are hedged and for how long?
Good points Mr Gnome, the damaging effects of illegal and unregulated mining are all too often ignored by the markets, corrupt governments and the supposed regulators
At first glance, the Amazon rainforest of Peru’s Los Amigos Conservation Concession might seem like a pristine wilderness. Brightly colored birds flit through the jungle. A dense canopy of trees echoes with the cries of howler monkeys. Jaguars pad quietly through the shadows. Giant otters swim in Cocha Lobo Lake. But the forest is hiding a toxic secret: It is tainted by mercury at levels as high as those found in industrial regions in China, according to new research.
The mercury is the product of hundreds of illegal, small-scale gold mines, and is leaving its poisonous fingerprint in forest wildlife. “These forests … are receiving an enormous load of mercury, and the mercury is indeed entering into the food web,” says biogeochemist Jackie Gerson, a postdoctoral researcher at the University of California, Berkeley, who led the research as a Ph.D. student at Duke University. The new study, the first to describe such effects anywhere in the world, is another strand in the growing web of evidence that connects mining to mercury pollution in rivers, fish, and forests.
Gold mining has recently outstripped coal burning as the world’s single largest source of airborne mercury pollution, annually releasing as much as 1000 tons of the potent brain and reproductive poison into the atmosphere. Using mercury to extract gold is a miner’s dream: The cheap, liquid metal, when mixed with a slurry of water and raw ore, binds with the precious gold. Miners then heat the globs of mercury and gold until the mercury burns off, floating away as a vapour.
https://www.science.org/content/article/illegal-gold-mines-flood-amazon-forests-toxic-mercury
All the major gold rallies after 2000 in previous.