Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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A growing number of countries are bringing their physical gold reserves back home to avoid Russian-style sanctions on their foreign assets.
Subscription only:
https://www.ft.com/content/76bddb74-4ddb-4e36-b70c-c0e26d8bf557
*Great to see gold getting its importance aired even if it’s taken a war in Russia to highlight it.
Interesting, but also rather depressing as it confirms that nothing has really changed that much in Eygpt and in the light of the lack of news possibly not in Centamin either!
But it seems that B2Gold has completely given up the ghost in Egypt from what I have heard from a well informed acquaintance and as here is no mention of Egypt on their website for instance (https://www.b2gold.com/projects/exploration/other/).
Barrick may remain but they are not making any noise about this either (also nothing on their website) – that said though they have such a vast portfolio they probably don’t need to!
So what of Centamin’s relationship is with the Egyptian government, hard to say but there really should have been far more progress by now if they really are working as partners!
But from all that is apparent at present neither Centamin or EMRA seem to be any hurry to progress the awarded concession sites, which is pity, as Cote d’Ivoire projects are years away from being producing assets (if progressed at all of course!).
Cowichan
The common person is not buying gold at a scale that moves the dial. Never been this way
The commodity traders are in and out like Jack Flash and can trade on a scale that will turn the dial. Why do they trade? To make money and commissions. Been this way for decades
The economist led Central Banks (who influence traders) are meshed into hype and ideaoligies, and basically know not what they do.
The politicians need no education, degrees, industry acumen or industry experience. Just a lot of popularity ... and they set various policis which incluence economies
And the circus creates near chaos and somehow people are amazed
Good luck punters. I just go "long" through the noise
cheers and beers
The Gnome
Gold does not need to break out ,its price , is simply the measure of what fiat currencies are worth.
The ultimate judge of what ,depending on currency ,it costs to buy it.
Breakout 'soon' is that:
Increases since 1999...
Rents: 135%
Household Income: 77%
chart here:
https://twitter.com/charliebilello/status/1678405238741499905
(it's a great account to follow)
In the public sphere only the wealthy have the spare resources to increase gold demand as a safe haven. Beyond the rich it's up to central banks. Is that enough to force gold to 'outperform'?
And for those touting unsustainable government debt as a reason for people to rush into gold - again, the public is struggling to pay for food, rent & mortgages - with what will they buy all the gold?
# Trades 805
Vol. Sold 520,319
Sold Value £458.48k
Vol. Bought 4,386,881
Bought Value £3.87m
Ooops soz I meant to say that inflation was perceived to me topping very soo. and a big drop on its way- it’s been sticky since to say the least!
None of this matters Tony- you’ll go mad… the price is what it is and trade on the things that move it or just buy at this low price and hold for 5 months - inflation was non existent back then
Late October 2022, gold $1680 per ounce with Centamin on lower production and earning far less per ounce sold, priced at 87.5p.
Equities in Europe traded lower in the premarket on Monday ahead of the newest report on the European Union's investor confidence and in anticipation of the North Atlantic Treaty Organization's (NATO) summit in Vilnius, which takes place on Tuesday and Wednesday.
The DAX declined by 0.24% at 8:00 am CET. At the same time, the FTSE 100 dropped by 0.33%. The Eurostoxx 50 went down by 0.56%. A minute later, the CAC 40 decreased by 0.36%.
The euro lost 0.20% to the dollar at 7:59 am CET to sell for $1.09473. At that moment, the pound sterling fell by 0.30% against the United States currency to go for $1.28003.
Baha Breaking News (BBN) / JR
Happy Monday y’al
07 Jul 2023
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Hi Cowichan,
Think how how long the court case dragged on, likely this will be another case of years and years of talking that comes to nothing more than yet more talking until the new potential miners get fed up and go elsewhere or sell their concessions to any other guidable idiot!
https://tinyurl.com/4sxy2abe
Holes on their 2020 awarded concession sites until negotiations with EMRA are complete.
This goes against what Mr Horgan has thus far advised Centamin shareholders, as he is on the record saying concession exploration drilling outside the Sukari concession site would start H2 2023.
The refusal to proceed with exploration drilling is tacit admission Centamin doesn't trust the EMRA to uphold its end of the negotiations. The question is why is the EMRA stalling? Do they have military orders to thwart development? Is the Egyptian military keen on taking over such exploration activities? And gold production? That is what the following Egyptian news article alleges:
----------------------->>>
July 9, 2023
according to the intelligence website, the permits granted in November 2020 did not lead to any new exploration activity, as several companies that obtained the permits are still negotiating with the Egyptian General Authority for Mineral Resources, and refuse to invest until the agreement with them is completed.
These include Centamin, which operates the Sukari gold mine; Canadian giant Barrick Gold; And the Canadian B2Gold company as well.
These companies do not plan to start exploration at this stage, and they want to first obtain the necessary clarifications from the Egyptian Authority for Mineral Resources regarding taxes, customs, and procedures for moving from exploration to actual extraction under the concession permits granted to them.
[ Additionally ] the current call for applications for mining rights has not yielded satisfactory results so far, and for good reason, as the concessions offered are still subject to the old legislative framework, which requires companies to enter into a partnership with the Shalatin Mineral Resources Company, a company that partly owns by the military, and offers relatively unattractive profit-sharing arrangements
In the context of the militarization permeating the backbone of the Egyptian economy, all investors have become apprehensive about entering the Egyptian market, as army companies are exempted from taxes and customs fees, and land is granted free of charge, which makes competition with private sector companies or investors not possible. To work as subcontractors, given that they do not obtain projects and tenders directly from the government, as the army seizes all tenders by direct order, then distributes projects in exchange for a 40% deduction of their value, as gains for them, without efforts or work, which puts investors before two options, Either exit from the Egyptian market or accept to work as subcontractor.
full article here:
https://www.fj-p.com/351594/%D8%B9%D8%B2%D9%88%D9%81-%D8%A7%D9%84%D8%B4%D8%B1%D9%83%D8%A7%D8%AA-%D8%A7%D9%84%D8%A3%D8%AC%D9%86%D8%A8%D9%8A%D8%A9-%D8%B9%D9%86-%D8%AA%D8%B9%D8%AF%D9%8A%D9%86-%D8%A7%D9%84%D8%B0%D9%87%D8%A8-%D8%A8/
I think 95% know this… and the comment was not directed at you it was directed at the usual **** kitco post, and to think someone gets paid for this. The info serves about no purpose to help people trade- deeper analysis and open scenario planning with permutations is what I would expect from paid articles
But here in the UK we are constantly barraged with false facts and misinformation from all manner of sources including our own MP's!
Please check out some of this misinformation below
Dreadful BBC interview with CEO of the NHS Amanda Pritchard. She herself earns £86,000 but refuses to support decent wages for doctors and nurses.
Diane Abbott MP, 2 July 2023.
The independent MP Diane Abbott tweeted on Sunday 2 July that the NHS England chief executive earns £86,000.
Assuming Ms Abbott was talking about an annual salary or annual earnings, this is not correct. The real figure is much higher.
The most recent NHS England accounts show that the chief executive, Amanda Pritchard, earned £255,000-260,000 in 2021/22, having moved from the job of chief operating officer on 1 August, with additional pension-related benefits of about £74,000.
Some Twitter users also made this point in an attached community note.
For context, Ms Pritchard’s earnings are much higher than the average pay for doctors or nurses, and roughly double the mean annual earnings for a consultant.
However, it is also much lower than the pay of some other people who lead large organisations.
For instance the base pay of Tim Davie, the director-general of the BBC, was £494,000 in the same year, and the TUC reports that chief executives of FTSE-100 companies were paid an average of £4.26 million in 2021. Research by PwC said that the average total pay for FTSE-100 CEOs was £3.9 million in 2021/22.
Ms Abbott’s tweet was posted shortly after Ms Pritchard had finished an interview on Sunday with Laura Kuenssberg. Ms Pritchard did not express an opinion on doctors’ or nurses’ wages during the interview. She said on two occasions [13:30, 15:30] that “pay is a matter for government and the unions”.
Politicians must use accurate figures when describing the pay of public servants, so people get a true picture of how public money is being used.
https://fullfact.org/latest/
Thank you Steve, I appreciate that you are well informed and more knowledgeable than some on such issues , however there are those who for whatever reason aren't so my post was just to help them understand a little better.
Ooops
Meant to say- of the dollar declined, it would do on that job report-
And when the dollar felines gold goes up
Of course the dollar declined - it would simon that jobs report
What a disparity in the two jobs reports released this week. Yesterday ADP released its private sector payrolls for June which came in more than twice the estimate of economists polled by the Wall Street Journal. Economists had forecast that the report would reveal that 220,000 jobs were added to private sector payrolls last month and the actual numbers showed that 497,000 jobs were added.
Today the Bureau of Labor Statistics (BLS) released the nonfarm payrolls report for last month. Economists polled by the Wall Street Journal had forecast that the report would show an increase of 240,000 jobs were added. However, the actual numbers came in below that at 209,000 jobs were added in June, the smallest increase since 2020.
The softer employment numbers most likely will not be enough to change the resolve of the Federal Reserve as they consider raising rates at the next FOMC meeting. In addition, the rapid rise in wages adds to inflationary pressures. The lower numbers did not change market sentiment as to whether or not the Federal Reserve would implement a rate hike of ¼% at the end of the month.
In light of that, gold traded significantly higher. As of 5:40 PM EDT, gold futures basis the most active August contract is fixed at $1930.50, up $15.10 or 0.79%. On the surface, this might appear as though traders actively bid the precious yellow metal higher which is not precisely accurate. The dollar had a strong decline losing 0.93% taking the index to 101.91.
https://www.kitco.com/commentaries/2023-07-07/Gold-prices-gain-as-jobs-report-comes-in-well-below-yesterday-s-ADP-report.html
They are running low, so much so they are willing to entice foreign residents thru simple purchase of dwellings. The more you pay for your dwelling, the longer you can stay! (Note: It's not a new concept - the US dollar amount to qualify were just DRASTICALLY reduced. And temp residency can be renewed indefinitely)
a $50,000 USD home buys you ONE year temporary residency
$100,00 USD home buys you THREE years temporary residency
$200,000 USD home buys you FIVE years temporary residency
https://www.linkedin.com/posts/adsero_egypts-residency-program-activity-7074679992705572864-qE7S
Not a bad deal, considering house/condo prices are a fraction of what we're used to in the UK/US/Canada/Australia
Who's in? 007??
Marsa Alam has some stunning seaside properties - and you could check up on Sukari to report back to shareholders now and again...
On a not-so-sunny note - what happens if Egypt doesn't get enough US dollars to meet their importation demands? Already there is billions of product/foodstuff tied up in Egyptian ports waiting for payment in US dollars. Single country risk really, really sucks , Mr Horgan.
In this week’s episode of Live from the Vault, Andrew Maguire is joined by Danielle DiMartino Booth, financial author and founder of QI Research, to address UK and US policy-making, before turning their attention to the wider geopolitical arena.
The two industry experts contrast the Federal Reserve’s stance on gold as an asset class with that of global central banks, and investigate who benefits from the conflict in Ukraine and escalating tensions between Taiwan and China.
https://www.youtube.com/watch?v=1jljE0L_ACg&t=25s
There will always be a cost for waste clearance , but nowhere near the present which is really a catch up for near on a decade of near on non existent waste clearance and high grading, that said after this major clear-up which in essence may be regarded as a re sculpting of the open pit workings including the creation of additional and far easier access to the very important underground workings, so yes there will be a waste clearance cost but at far more manageable levels.
The waste clearance may have been covered in a Q1 results presentation. I recall something like it will be resolved by the end of this year. Will need to revisit CEO presentations but that would be the one to check out first.
Everyone keeps mentioning contract end, waste clear and so on and no one states the impact on aisc. When the mine is correctly run, there will always be an ongoing cost for clearance, but how much will it drop to?