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He gives logical reasons in the article.
The market has been injected with too much Botox is the way I see it.
We all will soon see.
Economist Nouriel Roubini, who correctly predicted the 2008 financial crisis, sees a “long and ugly” recession in the US and globally occurring at the end of 2022 that could last all of 2023 and a sharp correction in the S&P 500.
“Even in a plain vanilla recession, the S&P 500 can fall by 30 per cent,” said Roubini, chairman and chief executive officer of Roubini Macro Associates, in an interview this week. In “a real hard landing”, which he expects, it could fall 40 per cent.
So its not a bad bet to expect there will be some downside adjustment coing inthe near futire to shares which will mean Gold will ....
best
the gnome
Thanks Cowichan
My read, is that the deposit is problematical in terms of commerciality, IF ONE ASSUMES YOU NEED TO PRODUCE X00,000 OUNCES PER ANNUM. For various reasons this is what most companies do.
So I can imagine that for Centamin and "most companies" this is the outcome, and hence they could not sell the Batie Project. It simply did not provide a ROI.
So rather than spend money on trying to flog a dead horse to no one who is interested (!?) they just gave up on further losses, and ceded to government
It one way of getting the project off of managment time, and of giving to the rightful priject owners.
So I m not dismayed that it has not turn out l am happy that the Doropo 5 m ounces has come out of the Ampellla investment
It could have been done better, but this is the mining industry, and it is not the smartest industry in the room.
CEY needs to focus, and I believe it is , and this is part of the focussing process, and yes, I have misgivings, but they must move on. Death by a 1,000 cuts is not exciting
best
the gnome
thanks goldgnome -
if this is the case with the Batie resource the current management & directorship have deceived shareholders by indicating they have been in active divestiture mode
But I doubt if any among us will pursue an explanation or accountability though , we are a pretty sad bunch of 'investors'
isn't any wonder executives abuse their power when repercussions clearly are few and far between
Thanks Spoonington
It does look like another act of stupidity, by both sides. One would have hoped that they could have learnt from some of the stupid conflcits of the last 80 years, but the only thing we ever learn is they never learn.
Whoever thought they would benefit is an interesting question?
Oddly the US seems well positioned to gain the most, and lose the least. Their citizens dont get exposed to a shuddering cold winter, no exposure to low flying shrappnel, minimal exposure to any collateral risks like nuclear powerstataion malfunction and so on.
Not sure what Germany was thinkiing, nor any of the other Europoean countries for that matter.
Its great to be at the bus stop near the end of the world, watching from afar, wondering. Well not a lot of wondering, just happy to be geeting a ringside seat at the AFL grandfinal comining up fast !!! Go the Swans !!!
and of course, go GOLD !!!
best
the Gnome
Major European indexes rose in premarket trading on Tuesday as investors awaited German producer prices data and focused on the United States Federal Reserve's two-day meeting, which starts today and during which the bank is expected to agree on a new rate hike. Elsewhere, speakers including French President Emmanuel Macron and German Chancellor Olaf Scholz are set to take the stage at the United Nations General Assembly.
The FTSE 100 increased 0.59% at 7:06 am CET, the DAX jumped 0.65% and the CAC 40 climbed 0.66% at the same time.
The euro and the pound traded flat against the dollar, selling for 1.00239 and 1.14293, respectively, at 7:07 am CET.
Baha Breaking News (BBN) / NP
CowichN
I have it from good sources, that Batie has been given back to the govt of Burkina Faso, who would be the rightful owners, given Centamins failure to comply legal constratints and for the project to meet Centamin hurdles. Can't sit on the pot without peeing too long, as they say
best
the Gnome
Here is an interesting report for anyone who hasn’t seen it - Rand have of course claimed it is fake news, whether you believe this is up to you but the premise is interesting none the less
https://nyadagbladet.se/utrikes/shocking-document-how-the-us-planned-the-war-and-energy-crisis-in-europe/
This time the sanctions seem to be hitting Europe more than their intended target.
Whilst I feel bad as it is the innocent Europeans who suffer in particular those who already have less than most, Europe brought this on themselves by allowing the US to impose its will on NATO & cause the proxy war.
It looks quite possible that Germany & others may have to back down from their extreme measures against Russia including their prolonging the conflict by providing weapons & training otherwise the consequences for their own people especially over winter are likely to be dire.
It is clear that this conflict is not going the way either side wanted/predicted. The ultimate outcome is unclear but major changes to international trade & relations are almost a certainty - go gold :)
WANT A BIT OF FUN...LETS LOOK AT A RECENT BIT OF PRESS FROM A US FIN JOURNAL
Investors expected sticky inflation to lift gold prices this year. Instead, the opposite happened?????
The most actively traded gold contract is on pace to decline for six consecutive months, with a loss of 14% through that period so far. That is a significant drop for an asset that is supposed to be a haven and marks the longest losing streak since September 2018, when prices fell 9.9% over six months. (IT WOULD BE IF THE GOLD MARKET WAS A FAIR, FULLY TRANSPARENT AND FRICTIONLESS MARKET WHICH IT CLEARLY IS NOT. THIS HAS BEEN POINTED OUT FOR DECADES, BUT STILL STUPID COMMENTS REMAIN. SIMPLY IF YOUR ASERTION IS THAT THE GOLD MARKET IS FAIR, RATIONAL ETC, THEN WHAT IS THE IRREFUTABLE EVIDENCE OF THIS?)
NEWSLETTER SIGN-UP...LOL!!!
Gold is prized by investors for its usual stability during times of turmoil (GREAT, IF IT IS A FAIR, TRANSPARENT AND WELL REGULATED MARKET). Prices jumped near all-time highs earlier this year, shortly after Russia’s invasion of Ukraine upended markets for stocks and commodities (WHY?). In early March, gold settled at a 2022 high of $2,069.40 a troy ounce. Now, it is down 7.9% so far this year, on pace for its worst annual performance since 2015.
Stocks are trading lower than they were in early March. The war has dragged on and concerns about inflation have only intensified. But the haven metal has been stuck in a trading range of about $1,650 to $1,800 since June (WHY?). Gold recovered some on Friday, rising 0.4% to $1,683.50.
BLAH BLAH BLAH.
IF YOU HAVE A BRAIN, AND BASE YOUR LIFE AND DECISIONS ON RATIONAL ARGUMENT, ITS A HARD TASK TO UNDERSTAND THIS SORT OF RUBBISH. RUBBISH IT IS FORM MY HUMBLE VIEW
THE VALUE OF GOLD WILL LONG LAST THE PATHETIC VIEW OF SUCH ARTICLES, WRITTEN ON THE BASIS OF $X/WORD, JOURNALISM, REGARDLESS OF WHETHER THE WORD HAS ANY TRUTH, BUT RATHER THAT THE WORD SELLS PAPERS OR PEOPLES SUBSCRIPTION FEES (OR WASTES PEOPLES LIVES!)
MY APOLOGIES FOR MY DIGRESSIONS
OFF TO SCOTLAND SOON
THE GNOME
The US sanctions are most famous for negatvely impacting on the innocent people of the country being sanctioned.
It would suggest this is fair game from those in power, and who feed on Other Peoples Money
https://www.brookings.edu/research/economic-sanctions-too-much-of-a-bad-thing/
A bit like the debt (interest of which is) hoisted onto innocent billions in developing countries, by their "democratically elected governements", a debt that winds up in Minsterial bank accounts in Switzerland and he Treasure Islands.
As for the MIR affair, it is a bit like the Ukraine V Russia confrontation being a proxy for the ever green US v Russia confrontation, with the Ukraine being the (very) sad meat inthe sandwich.
All quite a stupid affair (s)
Dont worry, my medication will kick in soon, and all will be well!?
the gnome
I read an article earlier .
Making it short, as I like.
Turkish Banks being threatened with "Secondary Sanctions" for using MIRS, look it up if you dont know.
So now the US think it a serious threat to Swift.
Do their sanctions work, maybe or not at all, in the East.
Tornadotony
The exhorbitant privilege the US have in having their dollar "elected" as the global currency, is good for one country, and thats about it. Guess which one? ! Debt does not matter if it is all in your own currency, of which you can print as much as you like. All the rest of the world finds this very hard to do, and as such suffer much when they have high interest rates hoisted on them, which of course, favour the US. Funny about that? Hoisted on them, well lets have a look at our robust chaps at the Reserve Bank of Australia, which worship and follow every step taken by the US Fed...even if it does not make any sense to Australia? Independence?
The Fed have made one mistake after the other, which has resulted in overshoots, and undershoots, whih make a mad persons walk look sane. The negative effective interest rates were for too long, The Volker correction in the 1980's was an overkill. Greenspan was almost an incoherent Greenspin, but they worshipped his every word?
Powell scrapped his original address, according to two people who spoke to him, and instead delivered unusually brief remarks with a simple message—the Fed would accept a recession as the price of fighting inflation. Well reads like a careful piece of strategic analysis doesnt it?
The Fed has two mandates: full employment and stable prices; officials define the latter with a formal 2% inflation target (NOT A LOT OF SUBSTANCE IN THIS MIND YOU, NOT MORE THAN A THUMB SUCK). For most of the past two decades the Fed could focus on full employment because inflation seldom deviated much from 2%. Today, though, with inflation at 8.3%, the highest since Mr. Volcker’s tenure, Powell has concluded that, like Volcker, he must devote his attention to that problem, even if doing so takes a serious near-term toll on employment...OH WELL, THERE GOES 50% OF THE MANDATE IN A BLINK. AND THERE WILL BE A NEGATIVE IMPACT ON EMPLOYMENT! We have wage rises, salary rises all on rapid display, almost at the same time as we have no evidence of productivty increases. In fact productivity declines are the order of the day. So how are the clowns going to contain the wages increase, which has stagnated for years, and is now needled by the inflationary pressures, which result in singificant portion from Fed previous over-stimulated stimuli for too long?
The clowns are doing so well.
Its a penalty these days if you have a brain,
the gnome
Just follow the link, find Centamin and click on the green Q&A button
https://www.goldforumamericas.com/program-agenda-gold-forum-americas/
Centamin plc
Ticker: L:CEY
Presenter: Martin Horgan, CEO
Webcast: goldforum.info/?e65play-virtual29
Sep 20 4:00 pm MDT
I asked about Batie West/Konkera - if there was any progress on its sale or joint venture
Correction on previous as USA was up to date. UK average salaries are equivalent to $40,000 and so its 43% of the median instead of 39%. Still nowhere near 65%- 70% pre-Covid-19.
The USA median salary is $92,800 per annum. A hamburger flipper in a poor state earns $35,000 a year. A hamburger flipper in an expensive area earns $51,500.
Closely related to the median are two values: the 25th and the 75th percentiles. The salary distribution is 25% of the population are earning less than 52,600 USD while 75% of them are earning more than 52,600 USD. Also, the 75% of the population are earning less than 253,000 USD while 25% are earning more than 253,000 USD.
In the UK the 50% median is the same as the lowest hamburger flipper or just above them on $36,000.
The distortion in salaries between USA and Europe has reached extreme levels. A few years ago, the median difference in salaries was nowhere near the current 39% for the UK. An average salary approaching 3 times higher than in the UK!
Major stock markets in continental Europe recorded slight gains ahead of Monday's session, as investors prepared for key central bank decisions scheduled for release throughout the week.
While Wednesday is expected to be marked by the Federal Reserve's another aggressive rate hike of 75 basis points, the Bank of England is expected to increase its benchmark rate by 0.5 percentage points. The Eurozone July construction output was the only data on the agenda for today.
The DAX gained 0.18% at 7:01 am CET, while the CAC 40 simultaneously grew by 0.14%. The British markets remained closed to mark the funeral of late Queen Elizabeth II.
Baha Breaking News (BBN) / ND
Their fix was only a short term measure to counter the rouble getting hammered, once the rouble regained ground they naturally pulled it.
My interest is in the longer term aim to establish a separate exchange from the LBMA & also a separate currency from USD which will very likely involve at least some part of gold backing.
These moves are receiving support from the BRICs & other nations who are all sick of the US using its currency to bully the rest of the world. These nations combined have a very significant influence economically, population wise & their control of key resources in particular energy which is a major worldwide issue at the moment - accordingly underestimating their ability to make good on their intentions is perilous.
I don’t think these plans will come to fruition overnight but I do think they will happen & accordingly I will continue to hold 10% of my portfolio in gold bullion - I see it as prudent insurance against financial turmoil - if all the fiats fall to sh*f I believe gold will out & thus protect me.
Of course I may be wrong in which case I am doomed but so is everyone else :)
records. ------>>>
Our Sukari team have been smashing records across both our mining and drilling operations last month. Our mining team exceeded their previous daily production record by 325 BCM’s and their monthly production record by 35,343 BCM’s, while our blast hole drilling team beat their monthly record by 10,292 m, with the entire fleet also achieving a record month of 12,519 metres more than their previous record. Well done to all crews who contributed to achieving these results, and most importantly, delivered them safely.
#CAPD #mining #productivity #Egypt
https://www.linkedin.com/posts/capital-limited_capd-mining-productivity-activity-6975636536537092096-Uosi?
----------------------------------------->>>>
Maybe they'll get the waste clearing job done much sooner than original estimates.
the "BANKS" not "backs" I mean lol
Yes, but I post gold on gold and crypto on crypto- you need to be far more balanced- the article you posted was from one person eg their view- I did a quick google and it took about 5 secs to find an contrarian view, also on IMF, so no consensus on IMF- well's there's a surprise- so you are being very selective and using the fact that is in in IMF a reason to push your viewpoint- strange you didn't post the other contrarian...
Equally, I find it incredible that people post on "the system" and yet crypto has shaken this up massively, it's the system eg backs that are ripping everyone off- look at all the money made/lost in the US Dollar/UK Pound made recently, not to mention the nutty fees paid by all on payments across banks, cards etc etc... Crypto is here to stay- clearly you don't like it, but that's your choice, I will counter each time you do...
Blockchain is an envitable transition, decentralised tokens however have as much chance of replacing FIAT as I do in getting a word in the wife.
The only people who try to convince you to buy anything are sellers and that fact permiates every part of society.
True enough SteveJones, but I read gold comments on crypto threads all the time - don't you? Also, we've all talked about recessions, inflation, economics etc on this forum for years - yourself included recently , so it's pointless to get miffed at anyone wishing to post an IMF commentary on crypto which the crypto crowd themselves wish by and large to be seen as an alternate currency - education, whether one agrees with it or not benefits the whole community .
But I also agree that much of the stuff posted on crypto is click bait as you say and not worth reposting - the source matters - the IMF isn't exactly an unreliable source of info
No worries Cowichan, but this is not a crypto forum Cowichan- and I don't post CEY on crypto forums... the prob with crypto is it's sooooo broad- anyone who goes for minor eg Terra being a classic example is a risk too far for me- I stick to what I see as the key ones with differing methods which I believe will all succeed and worth the risk as my smallest amount of my funds allocated as the highest % risk asset- the next highest being gold miners... the vast majority of commentary out there is pure clickbait- the nature of the beast, as is so much of the gold people predicting on youtube- how wrong have they been...
A completely different crisis to 2008- hence my mild recession and not like 2008. Inflation will top and drop- rate rises will to and drop about 6months later (the drop part).