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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.
Steve
If the USA economy was during great we would not have such a gold rally at over 18%. All the major gold rallies were associated with serious banking problems in USA. A few people will question the FED. Will it be a case of instead of just Houston we have a problem it is Washington DC and New York we have a really big problem. Tony
In economic measurement and decision making terms for the key decision makers, less than 2 weeks ago data is deemed up to date.
I was talking of now ,not the past.
There is no doubt the US Economy is not in good shape especially as the banks are getting no more Gov support from the end of last month.
The facts state otherwise .
https://www.reuters.com/markets/us/us-fourth-quarter-growth-revised-up-weekly-jobless-claims-fall-2024-03-28/#:~:text=The%20economy%20is%20growing%20faster,are%20around%20a%202.0%25%20pace.
https://www.reuters.com/markets/us/us-fourth-quarter-economic-growth-handily-beats-expectations-2024-01-25/
The US economy by some metrics is in ghastly shape
Almost all the new job creation is part time work positions
Full time employment has actually fell over the last 12 months
I much prefer Powell's approach as being DATA led.
Economists are wrong and right, just like a stock and everything else which can go up or down- so I would say that all economists will be right at some point and also wrong at some point.
And he's so wrong on bitcoin.
https://www.forbes.com/sites/dereksaul/2024/01/17/jpmorgans-jamie-dimon-says-he-wont-talk-about-bitcoin-anymore-after-trashing-it-one-last-time/?sh=2130dec629c1
He needs to wake up and smell the coffee as they say over there:
https://cointelegraph.com/news/btc-price-66k-blackrock-us-banks-bitcoin-etf
Chase CEO Jamie Dimon and billionaire hedge fund founder Ray Dalio admit they got warnings on US economy wrong — for now. High-profile investors and billionaires warned in the past few years that a recession was imminent. But the US economy is performing better than expected, with strong job reports and lower inflation
Completely wrong and so glad I didn't listen to him.
I hardly think the likes of Jamie Dimon, and most US commentators would sgree the US economy is in great shape.
In fact the contrary.
They were all very different in terms of cause.
We are now on an easing cycle about to occur, 4 years away from the first dip since a pandemic in recent history.
US economy in great shape.
I've lost count of the number of times since COVID hit we've supposed to had a crash.
Go with the data.
Events create change not looking back at history.
The rally since 12 February is 18.8%.
The 2003 dot com crash initial rally was 20% in 2003. 10 months later in 2003 another 12% rally occurred.
In 2005 to 2006 Q4 into Q1 rally was 20%. A second rally in 2006 gave 25.6% but then gave it all back in a decline. It took quite a few months to slowly claw it all back again.
2007 the rally was 16%.
2008 the rally was 16.7%.
2009 the rally was 24% and later on followed by 21%.
2010 the rally was 9.3%
2011 gave a rally in 3 quarters. Q1 was 4.5% Q2 was 5.6% and then Q3 was 21%
2019 gave 16% rally
2020 gave two rallies both were 16% with a several week consolidation in between.
1980 rally is unlikely to be ever repeated as so much has changed in how the market works since then.
The current rally is joining the previous top 6 in the history of 2000-2024 rallies. 3 rallies were associated with a stock market crash and recovery phase.
It's up to $2364 now!
Https://www.lse.co.uk/rns/CEY/2023-annual-report-and-notice-of-agm-zkelsnju5s2j3hg.html
European stock indexes traded flat to lower on the premarket session on Tuesday as investors awaited the release of the key CPI report from the United States, which is set to be published tomorrow.
The DAX and the FTSE 100 were flat at 8:05 am CET. The CAC 40 lost 0.10% and the Eurostoxx 50 decreased by 0.32%.
At 8:06 am CET, the euro and the pound sterling traded flat, to sell for $1.08596 and $1.26594, respectively.
Baha Breaking News (BBN) / RR
Gold currently $2345.66
The word they do not mention is Mercury, like used by the illegal small scale mining in Mali, Burkina Faso, Guyana, Peru (etc, etc)., but is otherwoise considered illegal and outlawed internationally. Like so many great global ideas, UN, World Bank, International Court of Justice etc...next to useless except for spending lots of OPM..... There is nothing small scale about this mining, the environmental devestation is horrific, and long term (intergenerational - thanks Dad!) issues very serious ...
the Gnome
T21A,
This conflict is yet another that is contributing to the general global uncertainty and the Myanmar military junta is involved in supply of illegal gold to help fund their corrupt regime which is certainly contributing to the detrimental effect on the POG from regulated mines and their overall value.
There has been a rapid expansion in illegal gold mining in Kachin State since the Myanmar military’s 2021 coup, with illicit gold mines operating around Myitsone, the confluence of the Mali and N’mai rivers, as well as along those two rivers and in Sumprabum and Putao, the northernmost towns in Myanmar.
31 Mar 2023
Aggressive and unregulated gold mining since Myanmar’s military coup two years ago has ravaged the land around Indawgyi Lake.
https://www.youtube.com/watch?v=iRji0vrzWmA
Illegal gold mining expanding unchecked under junta in Myanmar’s Kachin state
Residents say administrators take bribes to look the other way as their livelihoods are destroyed.
By RFA Burmese
2023.02.14
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Illegal gold mining expanding unchecked under junta in Myanmar’s Kachin state A gold mining site in Kachin state, Myanmar, Feb. 14, 2023. Mines are supposed to have a minimal environmental impact on the local population.
Screenshot from citizen journalist video
A rapid expansion in illegal gold mining since the military coup is poisoning the water supply in Myanmar’s Kachin state and destroying the livelihoods of residents who say the ethnic Kachin group that administers the region has failed to police the sector.
Illegal mining of gold, as well as jade and rare earth minerals, is rampant in Kachin state, where successive governments have failed to regulate the industry for generations. However, the number of unsanctioned operations has ballooned since the military’s Feb. 1, 2021, takeover amid conflict between junta troops and armed resistance forces in the region.
Residents of Sumprabum township told RFA Burmese that illegal gold mines had “nearly doubled” in Kachin state since the coup and are devastating the environment, despite local protests.
“They used to dig in areas farther from our village but now they are digging quite close,” said a resident of Hpon Ing Yang village who, like other sources in the area, declined to be named citing fear of reprisal.
https://www.rfa.org/english/news/myanmar/mining-02142023165243.html
Authorities have suggested a crime syndicate looking to evade taxes in Japan may have been behind the operation.
Hong Kong is one of the world's largest gold trading hubs and prices of the commodity have been rising amid geopolitical uncertainty.
https://www.bbc.co.uk/news/world-asia-68761514
Although Western investors continue to ignore gold even as prices continue to hit record highs, they are no longer actively getting in the way of higher prices, which means the current rally has legs to run higher, according to one market analyst.
In an interview with Kitco News, Robert Minter, Director Of Investment Strategy at abrdn, said that gold’s rally to record highs above $2,350 an ounce is just getting started, and it's only a matter of time before retail investors jump into gold-backed exchange-traded funds to kick off the next major leg higher.
https://www.kitco.com/news/article/2024-04-08/gold-price-nearly-19-rally-you-havent-seen-anything-yet-abrdns-robert
We're doing very nice now everyone that's held this for last 6 months so I've now made a nice little profit here.
It seems a great company on the turn and making some good money with gold above 2000 and I'm looking forward to April 18th if it drops ill just add a few more fore the next 12 months
GLA
You guys waited a long time jow being rewarded...wish I had bought in at sub a quid ....gerrrŕ.....u guys 👦 think it can ceack those 2 quid levels again??
PCI was I programme I implemented for a FTSE company years ago when compliance was mandated.
Opps typo Mr T- "PPI" - "PCE" is the key only allegedly the FED value most
The latest trade data shows hedge funds continue to pile into gold and silver, and while prices have pushed significantly higher, some analysts have said that the precious metals still have room to move higher.
https://www.kitco.com/news/article/2024-04-08/gold-and-silver-are-still-not-overvalued-hedge-funds-add-their-bullish-bets