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ISA retained, trading account sold off. Expecting pull back when USA opens. Positions in Centamin and AAZ to be taken in the summer. Holding on other miners. Wish all luck. For trading accounts CGT limit is £6,000 in UK for 2023/24.
Peter Williams was also a co-founder of Independence Group (now about $11b), was directly involved in setting up Papillion (5-6 m ozs, Fekola deposit) in Mali and Gryphon Minerals (5 m ozs, Wahignion in Burkina Faso) and is involved with African Gold in Cote Ivoire ...https://www.listcorp.com/asx/a1g/african-gold-limited/news/pegmatite-discovery-on-agboville-project-cote-divoire-2827441.html
as they say, been around a bit
TheGnome
Major European stocks registered gains ahead of Tuesday's session as investors awaited the March retail sales data for the Eurozone scheduled for release later today. Throughout the week, markets will assess March inflation data from Germany, Spain, and France.
The DAX gained 0.66% at 7:11 am CET, while the CAC 40 rose 0.72%. The FTSE 100 expanded by 0.60%, and the Euro Stoxx 50 climbed by 0.59%. Both the euro and the pound increased by 0.22% against the dollar at 7:22 am CET to sell for 1.08848 and 1.24094, respectively.
Baha Breaking News (BBN) / ND
Keywords: EUROPEAN MARKETS
After a “year on the ground” with the combined Elemental Altus Royalties, STEVEN J. POULTON, pictured here, and FREDERICK BELL are assaying an expansive folder of metals projects across Africa, the Americas, Canada and Australia.
The two, Steven, 46, and Frederick, 36, say they might transact an Egypt gold project via spin-off, mirroring a recent Morocco spinoff into a small London pub-co explorer. Or a clean spinoff into a new equity (shell). Or via a joint venture or multiple JV.
Elemental Altus ELE ELEMF controls something like 2,000 square km of concessions/licenses in Egypt. I just talked with the two, who are based in London.
“We are discussing the overall strategy with our company,” Steven says. "It's a timely question."
If the Arabian-Nubian Shield, with Egypt on one side and Saudi Arabia on another, and large miner Barrick all over the place, catch investor heat as precious metals prices (we believe) continue their climb, anything with an EGYPT address probably would appreciate.
Centamin Plc, a $2 BILLION U.K. gold miner, is the marquee miner in EGYPT. Elemental Altus also has marquee status of a sort in Egypt: La Mancha Fund, owned by Egyptian billionaire Naguib Sawiris, is an ELE investor.
Elemental Altus in addition to Wadi Dubur in EGYPT's Eastern Desert, has licenses in Ethiopia’s Tigray (where I have not been in 8 years), among other ‘Shield’ properties.
In Egypt, Heye Daun (also pub-co Osino Resources OSI OSIIF in Namibia) has kept his private Lotus Gold active with 10 blocks, 1,700 square kilometers, in the same area as Elemental Altus: Eastern Desert.
Pictured here: Lotus (named after the Egyptian white lily) drilling at site.
More to come. I have been purchasing ELE shares.
---------------------------->>>>
My Thoughts:
I have not been purchasing ELE shares.
Interesting to note Elemental Altus Royalties CFO David Baker was the key person behind Centamin's defence team from the hostile takeover attempt by Endeavour Mining while he was working at Tamesis Partners in London. https://www.tamesispartners.com/
Now he's working for an Endeavour associate company with Naguib Sawiris as the main investor in both... Mr Sawiris is persistent and if he can't beat you he'll get you to join him, eventually
And Peter Williams (now a non-executive director at Elemental Altus ) was a founding director of Ampella Mining and was present during the exploration/delineation of both the Konkera/Batie West deposit and the Doropo deposit - the latter still under consideration by Centamin
https://www.linkedin.com/in/davidbakermining/
https://www.elementalaltus.com/investors/presentation/
https://us5.campaign-archive.com/?e=[UNIQID]&u=d3a1417c9ff35564e0ddc31e9&id=0c6bea06bb
..have to say, although market are close today and we could have a completely different reaction comes tomorrow.....but look at what effect it has had a little rise in USD index on POG...now futures down almost 1%..
Interesting to see if this move is design to catch out stops, or is a more meaningful move downward...
I believe is more the second option.
Yes a pull back definitely on the card.
With no economic indicator till Wednesday, looks like market is picking up where it left on last Thursday....one or more Fed rate rise expectations .
I am just trying to figure out when POG $2000 level (ish) resistance will become support. For a mid long term investment view on miners, imv valuations have reached high levels if POG remain below the $2000 and yet many catalyst on macros are pushing for much higher POG... Best trade with caution right now.
Expecting a pull back to tests 50ma at circa 1900 in the short term, expecting a circa 2030 handle on spot, come the June contracts Expiry.
A chance to add or day trade.
...indeed as I am writing, USD index just shot up past 102, meaning that for gold price is not going to be so straight forward for a rise in short terms...
IMO POG needs more of changes in the geopolitics economies, than simply a correlation between USD, rates and the Fed,
unless bond yields don't get back down to very low levels (need a new QE..)
Thanks for the link.
I find it difficult to understand the validity of below statement from Proactiveinvestors article, but overall I agree that gold has many positive catalyst coming its way...Would be interesting to figure out which single catalyst can greatly affect POG.
Surely the BRICS countries possible creation of a new currency pegged to gold price should be one to note.
But on Proactiveinvestors article when it says:
As yields on bonds decrease and interest rates rise, the gold price is also likely to rise, as the dollar purchasing power and consumer standard of living decrease.
=============
Now normally when Fed. rate rises also bonds yields rises (not decrease). But i am guessing the writer is assuming that we are going to get CPI rising with the Fed. pausing rate rises and a bond yield decreasing.....Well is all to be seen if is going to happen and not so straight forward. Who is going to buy US debit if yields are coming down, and worst if also U$D value is coming down?
Hi Cowichan,
Thank you for this posting this latest announcement, in view of your observations and comments I thought it may be useful to remind everyone of the existing Sukari concession agreement which I posted after an inaccurate announcement in the Egyptian media
15 July 2014 News floated today that profit sharehttp://images.intellitxt.com/ast/adTypes/icon1.png would start June 2015. It also contains a few comments from Mr-AlRajhi and an official at the ministry of petroleum.
The second link -from a couple of days ago- contains comments from the president of EMRA, who said according to the settled accounts, profithttp://images.intellitxt.com/ast/adTypes/icon1.png share should start January 2015.
www.akhbarak.net/articles/15892110
www.akhbarak.net/news/2014/07/09/4665760/articles/15856436
Subject: Profit share & 500 Million disagreement?
Official Response Tue, 15 Jul 2014
The profit share will be what the profit share will be – the joint venture partner, ie the government, sits in the 50% owned subsidiary Sukari Gold Mines. The management board of this subsidiary has representatives of the government and an equal number from Centamin. All of the investment into the Sukari mine is audited, with Sukari Gold Mines very much being a part of this process. Similarly, all gold sales go through Sukari Gold Mines, where the operating surplus will be divided 50/50 between the government and Centamin, once the original capital has been repaid back to Centamin and its shareholders. The 3% royalty has been paid to the Egyptian Treasury ever since production started (this also goes through SGM).
There is no issue with regards to the money that has been ploughed into Sukari, particularly the costs of Stage 4 (c.$350m) – this needs to be recouped before any of this operating surplus can be shared. This is not due to kick in until later this year, or possibly in Q1/Q2 next year. It is all a function of the ramp up in production and the gold price.
There is no dispute between Centamin, the Egyptian government and/or EMRA, nor the 50/50 Sukari Gold Mines subsidiary. this is likely some people declaring that they want profit share now. This is a political game more than anything, as the deal is the deal (in fact Centamin have advanced the country a few million dollars as a demonstration of their faith in this deal – this will also be recouped out of future operating surpluses due to the government). What is wonderful is that very few people seem to understand what this 50/50 deal is – it is effectively a 50% tax on free cash flow. In fact the 50% will not kick in until 2016, as in 2015 this will be 45%. To counter this there is no VAT, no corporation tax, no other taxes to pay at all beyond the above and the royalty, on a blended rate compares reasonably well with 1st world mining jurisdictions (like the US, Australia, Northern Europe etc).
Syed El-Abnudi April 9, 2023
The companies wishing to enter the bidding should have a mining business record, such as years of experience, not less than 10 years.
It should also have a volume of gold reserves estimated at more than 10 million ounces of confirmed gold.
It should also have an annual gold production volume of at least 500,000 ounces.
A summary of the criteria for the technical and financial evaluation process, in addition to an overview of the contract and the terms of production sharing
The participation system and the sharing ratios are 49% for the investor, 31% for the Mineral Resources Authority, and 20% for the Shalatin Company, in addition to that the recovery rates will be 65% of the costs and 35% will be shared between the investor 50%, the Mineral Resources Authority and the Shalatin Company 50%.
The last date for submitting bids for Bid No. 1 of 2023 is Thursday, 10/8/2023 at twelve noon Cairo time.
https://elbarima.com/%D8%A8%D8%A7%D9%84%D8%B5%D9%88%D8%B1-%D9%88%D8%A7%D9%84%D8%AE%D8%B1%D8%A7%D8%A6%D8%B7-%D8%AA%D9%81%D8%A7%D8%B5%D9%8A%D9%84-%D9%85%D8%B2%D8%A7%D9%8A%D8%AF%D8%A9-%D8%B4%D9%84%D8%A7%D8%AA%D9%8A/
--------------------------->>>
The EMRA is run by idiots. They don't understand free market economies. They don't understand much of anything. Considering nothing has changed for the better under Sisi , where is the Egyptian economy going to be in 5 years?
Also this play is well worth a listen, was it really an iceberg that caused the Titanic to sink, or was this all part of an elaborate cover up involving a cartel of corrupt White Star directors, bankers and the FED who knew the Titanic was in no fit state to sail?
Weeks after her fiancé, a musician who drowned on the Titanic dies, Emma Heyer is still inconsolable.
She reads the reports from the survivors endlessly and Each night she goes into fitful sleep, imagining the dead man’s final moments.
The officials have nothing to tell her and, although sympathetic to her loss, seem somewhat over anxious to get rid of her. Just what exactly are they hiding? It’s then that she meets Danny Gunther, a newspaper man hungry for a story.
https://www.bbc.co.uk/sounds/play/m00046fv
There are 40bn reasons to upbeat about the prospects for the gold sector.
In dollar terms, the number above is the value of merger and acquisition activity seen so far this year in the sector.
But just what’s behind it and why has the price of the yellow metal been so erratic since the start of the year?
Here Proactive takes a deep dig to see what lies in store for UK gold miners.
https://www.proactiveinvestors.co.uk/companies/news/1010435/newmont-newcrest-and-the-reasons-to-be-upbeat-on-gold-miners-1010435.html
https://www.proactiveinvestors.co.uk/search/advancedSearch/all?keyword=centamin
How the US government seized all citizens’ gold in 1930s
Published: May 21, 2020 3.32pm BST
During extreme crises, governments can also seize people’s gold. There have been some stunning examples of “gold confiscation” in the past. Most memorably, this occurred in the US in 1933 during the great depression – albeit it’s more accurate to call it a nationalisation than a confiscation, since citizens were compensated. The government of Franklin D Roosevelt seized all gold bullion and coins via Executive Order 6102, forcing citizens to sell at well below market rates. Immediately after the “confiscation”, the government set a new official rate for gold that was much higher as part of the Gold Reserve Act 1934.
https://theconversation.com/how-the-us-government-seized-all-citizens-gold-in-1930s-138467
The Truth About Bundesbank Repatriation of Gold From U.S.
– Bundesbank has completed a transfer of gold worth €24B from France and U.S.
– Germany has completed domestic gold storage plan 3 years ahead of schedule
– In the €7.7 million plan, 54,000 gold bars were shipped and audited
– In 2012 German court called for inspection of Germany’s foreign gold holdings
– Decision to repatriate from Paris and New York was ‘to build trust and confidence domestically’
– 1,236t or 37% of German holdings remain in New York Fed facility
– Bundesbank wants to hold gold bullion
– U.S. government declines to audit gold reserves … doesn’t want world to realise gold’s importance in the global monetary system
https://news.goldcore.com/ie/gold-blog/german-gold-repatriation/
In Hyperinflation's Aftermath, How Germany Went Back to Gold
Jun 9, 2011,06:00pm EDT
https://www.forbes.com/2011/06/09/germany-gold-standard.html?sh=473954fa5934
https://www.youtube.com/watch?v=7xB_1dIygvs
On January 16, 2013 Germany’s central bank, the Bundesbank, said it will ship back home all 374 tonnes it had stored with the Banque de France in Paris, as well as 300 tonnes held in Manhattan by the US Federal Reserve, by 2020.
https://www.mining.com/germans-give-up-on-getting-back-their-gold-held-in-us-45305/
Fast forward 18 months and Buba, as the Federal Bank of Germany is often called, has only managed to bring home a paltry 37 tonnes of gold.
https://www.kitco.com/news/2017-08-24/Germany-Gets-Its-Gold-Back-From-The-Fed-And-It-s-A-Big-Deal.html
No #China did not implement capital controls overnight, you are correct on that front. But in order for China to sustain its economic growth it was forced into unproductive investments.
Note that #China’s GDP is an input number and not an output figure like in western economies. National accounts are based on data collected by local governments which are rewarded for meeting growth targets; hence, they have an incentive to skew to the upside the data they provide to the Central Government.
China has been forced to increase its M2 at unprecedented levels to sustain that growth (currently $40 trillion with a GDP of 18 trillion). This money can’t leave because of the capital controls in place.
Starting July 2017, banks and financial institutions in China have to report all domestic and overseas cash transactions of RMB 50,000 (US$7,600) or more; the previous threshold was RMB 200,000 (US$30,350). Any overseas transfers by individuals of US$10,000 or more need to be reported.
Additionally, those seeking to transfer money will need to explain how they plan to use the foreign currency and fill out an online form pledging not to use foreign exchange to purchase overseas property, securities, life insurance, or similar products.
Please do the following exercise and tell me what you find. Go to the PBoC and look at the imports exports between China and Hong Kong. Then go to the HKMA and do the same. The numbers should be the same… they aren’t
So the internal ballon (GDP) keeps being inflated by keeping capital locked in China.
When I say China needs desperately USDs it’s relative to its M2. FX reserves ($3,1 trillion) to M2 is now at less than 8%. The Asian Tigers in 1997 collapsed when this ratio fell bellow 25%.
China’s real estate is valued at more than $60 trillion and banks have only been provisioning for less than 2% - and we know what has been happening in that space. Real estate directly and directly constitutes close to 30% of GDP.
Having said all this, the @BrookingsInst , in a research paper published in March 2019, estimated that #China's GDP growth from 2008-2016 could be 1.7% (annually) lower than publicly acknowledged. You can do the math…
https://twitter.com/mnicoletos/status/1644547047909912576
---------------------------->>>
Bottom Line - China is a black box of government controlled economic 'performance' as in a 'stage show'. China cannot allow the renminbi to become globally important because they need strict capital controls in place keep the affluent Chinese from moving it out of country i.e. converting it into alternate currencies for 'safe keeping' . Like it or not the EU, UK & US will dominate the currency realm simply because they are free economies - to the extent any economy can be called free. That is why gold is favored by the Chinese people - it is a bit of self autonomy under the hand of an all influencing authoritarian regime.
good night.
fiance in the US goes to ---
Military and leeches abroad To try and extend their power over all parts of the world.
That will inevetible fail.
NATO the EU are controlled for now but will awake if nuclear conflict looms. Maybe.
:-)
And that is possible, the first to press the button.
who was the first?
Well then no need next time for funeral plans
HI Mr Bond
Very true but you missed the point. Who can carry that debt forward. The US or China Russia et al. Who has the base to support that debt. Certainly not China or Russia . Debt is only feasonable on the ability to finance it .
Bob
Bob get real.
Talking about debt, dont you realise the un-payable debt of the US.
Very little ,Gold bullion ,its been sold with paper certificates, like dollars are.
:-)
Take a lok at gold vaults audits in the US .
There hasnt been one in living memory.
It took 8 years to send 20 tonnes back to Germany, which had to be re-smelted into pure marked ingots, when it got there .
A rush job.
Hi Tibbs
You cannot ignore the US and feel that there economy will suffer. With the technology industrial strength and population driven by greed and motivation for profit .If you differ you are going to hell in a basket. China overburdened by debt, Russia leached of tax funds by Oligarchs and based upon corruption at every level .Get real and face the facts Tibbs. The 2nd most boasted army in the world cannot overcome a population one third its size Busted and exposed reality. Laughable.
Bob
7 Apr 2023
In this week’s Live from the Vault, Andrew Maguire follows the avalanche of sanctioned de-dollarisation moves triggered by the pivotal meeting between Xi Jinping and Putin, accelerating the implementation of a gold-based currency.
The London wholesaler comments on the global uprising of numerous countries joining forces to establish a more equitable, multipolar monetary system - all of which is increasingly leaving the US economy in the rear-view mirror.
https://www.youtube.com/watch?v=iBMgYjfhEyI
So what's so special the relationship between USA and the UK?
The USA doesn't really care a jot about the UK!
In the 1930's, during the Great Depression, the US military drew up plans for a possible war with the British Empire, code named, War Plan Red. US forces planned to invade Canada, advancing on Toronto, Ottawa and Halifax in the east, Winnipeg in the centre and Vancouver in the west. The opening stages of the invasion would involve an amphibious assault on the port of Halifax, which would be vital in preventing British forces from landing and reinforcing the Canadians. Likewise, Vancouver on the Pacific Coast had to be taken to prevent British and dominion forces from India and Australia
The color coded war-plans were military operations created by the United States after World War 1 for possible conflicts against threats around the world. The greatest viewed threat to the United States was Great Britain and her Empire, and two war-plans were created that included Great Britain, Plan Red, and Plan Red-Orange. Red Orange envisioned the Anglo-Japanese alliance being in effect, but after the expiration of the alliance in 1924, and the failures of keeping Japan in the League of Nations, Only Plan Red seemed feasible. The plan called for pushing the British out of Canada, the Caribbean, and the whole western Hemisphere, causing the empire to fall apart at the seems. But with WW2 looming, and the un-desire by the national leaders for an Anglo-American war, the plan was shelved. But for the sake of Alternate history, let us look at how Operation Red could have played out if it actually occurred. However unlikely it would be.
https://althistory.fandom.com/wiki/War_Plan_Red
https://www.politico.com/magazine/story/2018/06/21/that-time-the-us-almost-went-to-war-with-canada-218881/
https://www.reddit.com/r/HistoryWhatIf/comments/47jh0r/what_if_war_plan_red_actually_happened/