Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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Brent down 6% +
Yep alas so
Dow heading for a 400pt fall at open
Maybe the market has got wind of good results I wouldn't be surprised lol
Holding up well today considering... need some new though...
Trending
Bezos vs. Biden
Speaking of inflation, another Twitter feud erupted over the weekend between the White House and Jeff Bezos, who is increasingly becoming vocal on social media (shades of Musk?). The Amazon (AMZN) founder already criticized the Biden administration for rising price pressures back in May, saying the failed "Build Back Better" bill and proposed $3.5T to federal spending would have only exacerbated the current inflationary environment.
Bezos has also taken issue with claims that "wealthy companies do not pay enough in tax," and is likely upset at Biden's support for organized labour given recent unionization efforts at Amazon that have been building since he took office!
The latest: "My message to the companies running gas stations and setting prices at the pump is simple: this is a time of war and global peril. Bring down the price you are charging at the pump to reflect the cost you're paying for the product,
" President Biden tweeted on Saturday
Before Bezos took to Twitter with a response. "Ouch. Inflation is far too important a problem for the White House to keep making statements like this. It's either straight ahead misdirection or a deep misunderstanding of basic market dynamics."
"Oil prices have dropped by about $15 over the past month, but prices at the pump have barely come down. That's not "basic market dynamics." It's a market that is failing the American consumer," White House Press Secretary Karine Jean-Pierre wrote, wading into the tussle. "But I guess it's not surprising that you think oil and gas companies using market power to reap record profits at the expense of the American people is the way our economy is supposed to work." According to AAA, the price for a gallon of regular gas now averages $4.80 nationwide, around $1.70 higher than a year ago, but down 4% from the record high of $5.02/gallon seen on June 14.
Go deeper: Pump prices can vary tremendously by location, and currently span several dollars even based on the state due to taxes and fees. Some point out that gas station operators have very small profit margins on their gas (making the bulk of their money from in-store purchases), though refiners and oil-and-gas companies can have influence on those final prices. Looking to alleviate pain for U.S. drivers and the economy, the Biden administration has already tapped the U.S. Strategic Petroleum Reserve and is seeking to enact a federal gas tax holiday. It has also lobbied the G7 to impose a cap on Russian oil exports, tried to increase the global production of OPEC producers and just proposed a drilling plan that could allow limited leasing off Alaska and in the Gulf of Mexico.
Wall Street Breakfast:
Fears mount !
Trouble is brewing in Europe, where the euro just hit its lowest level against the dollar since 2002. Traders are gauging the amount of hiking the ECB will be able to pull off, given growing fears of a recession that could compound problems resulting from the war in Ukraine. That would translate into a tougher time matching U.S. interest rate hikes, on top of risk-averse investors that continue to pile into the safe-haven greenback (the dollar is up 9% vs. the euro since the start of the year).
Bigger picture: "The question of how the ECB will deal with a potential widening in spreads is set to come increasingly to the fore as they almost certainly embark on their first hiking cycle in over a decade this month," noted Deutsche Bank's Jim Reid. "And yesterday we heard some further comments from ECB officials on that hiking cycle, with Estonia’s Muller pushing back against the calls from others to start with a 50bps hike, saying that it was appropriate to begin with a 25bps move in July, and then 50bps in September as they've signaled."
On the geopolitical front, Russia next week will shut down the Nord Stream 1 pipeline for summer maintenance activities, but many regulators and analysts fear the EU's biggest piece of gas import infrastructure won't be turned back on. Shares of Uniper (OTC:UNPRF) plunged 28% in Germany on Monday following reports that the gas giant was talking to the government over a potential bailout package worth as much as €9B. Many companies are buckling under the cost of soaring prices for natural gas imports, and crunches could trigger a collapse in the eurozone market.
Across the channel: The Bank of England also sounded the alarm in its latest financial stability assessment published this morning, warning that the outlook for the economy has "deteriorated materially" and is "very uncertain." "Given this, we expect households to become more stretched in the coming months," according to the report. "They will also be more vulnerable to further shocks.
Wall Street Breakfast: Clouds On The Horizon
Stormy predictions are making waves as the market heads into the second half of 2022, with all in agreement that inflation must be brought under control and supply shocks have to come to an end before things can turn around. "We can't afford to be fooled again on this, or else it's going to get beyond us," Chicago Fed President Charles Evans warned last month, fearing dreaded inflation expectations that could make it even harder to bring down prices. While a recent decline in commodities has provided slight optimism, the central bank's monetary policy will feed directly into investing sentiment over the next six months, as well as the potential for a damaging recession.
Quote: "The good news is that H1 is now over, the bad news is that the outlook for H2 is not looking good," wrote Jim Reid, global head of credit strategy at Deutsche Bank. "Many of the tailwinds for investment markets are now becoming headwinds. That points to a phase of ongoing market turbulence," added Joe Little, chief strategist at HSBC. "Investors will need to be realistic about return expectations, and they will need to think harder about diversification and portfolio resilience."
On the economic calendar this week are minutes from the Fed's June policy meeting tomorrow and the release of the closely-watched jobs report on Friday. Investors are already on edge following last week's warning from Facebook-parent Meta (META), which slashed engineering hiring to prepare for "one of the worst downturns that we've seen in recent history." Meanwhile, the Atlanta Fed's GDPNow forecast for Q2 is now pegged at -2.1%, setting up the perfect storm. It was only four days ago that the GDP tracker predicted a negative print, falling precipitously from an estimate of 2.5% growth in mid-May that flatlined by mid-June.
Tropical depression turned hurricane? "That brings us to the final question: Will equity markets rebound from the current bear market (a decline of at least 20% from the last peak), or will they plunge even lower? Most likely, they will plunge lower," wrote Nouriel Roubini, professor emeritus of economics at NYU's Stern School of Business. "After all, in typical plain-vanilla recessions, U.S. and global equities tend to fall by about 35%.
But, because the next recession will be both stagflationary and accompanied by a financial crisis, the crash in equity markets could be closer to 50%."
Hi halfpenny,
Very good point, but I doubt the FED will want to admit that their fiscal strategy is flawed at the risk of damaging the strength of the dollar.
They will more than likely come up with some skulduggery or manipulation to fudge the true facts and keep the sham going for a bit longer!
$ taking off like a rocket to the stars
I asked a well respected mining analyst for their opinion on these analysers , it seems from their answer below that they will certainly provide some important benefits!
Tibbs
"About handheld XRF analysers, they are a great tool for reconnaissance work as they provide an indication of the assay results you can expect doing proper, certified analyses.
This prevents the company sending in samples for expensive lab work that is not worthwhile. Therefore the save much on time, effort and cost when exploring.
The results cannot however be used for resource estimation and reporting."
Sorry my last post in in the wrong thread it is referring to the post from Cowichan re "About handheld XRF analysers
https://www.olympus-ims.com/en/xrf-xrd/compact-and-portable-xrf/
Hi Spot, quite a coincidence considering what a pub friend was saying a couple of weeks ago when he was back on leave from his senior sales executive role in mining related company that operates in the the region
When my pub friend is back the talk on our table at some point gets around to mining and Centamin and he said that Martin Horgan's approach was a complete change to the past Sukari custom and practice, came as a shock to some, but it and had brought about a complete culture change, Martin Horgan questions everything, no more putting things off any more, but let's get on with what needs to be done !
Lets hope we get some good news from the company soon!
Lol- no worries Mr T. :-)
Steve, I am sorry, I addressed you by the wrong name in my last reply, very remiss of me, I do apologise!
But yes, you are absolutely right!
The reasoning behind the € dip is the opinion that the ECB cannot raise rates much higher than they are without tipping themselves into a prolonged recession. Now when will the Americans realise that also is the question?
Barrick
Or they are being paid big bucks to bring the laptop and CEY information mmmm
I hope we start to pick up soon and EMRA are providing a protective shield
€ just hit a 20yr low against the $ Dow futures just turned negative here we go again all aboard the Big Dipper lol
Just coming at this from another angle and i could be wrong, but could it be Mr Horgan is kicking ass at sukari getting people off there buts to do what they're paid to do and its not going down well.
Seen it before in other industries.
Just a thought?
I think the 20th July?
Should be due next week or week after right?
"Let's hope they can make a peaceful transition back to democracy and that two years does not drag on to a decade! Once these military types get a taste for power it's hard to let it go !"
A very valid and sobering comment from Cowichant on recent Burkina Faso announcements, who knows what might happen in the next two years, likely Centamin has made the right decision, at least we know where we are now ,rather than having more uncertainty!
Absolutely agree Mike,
Especially so when consensus does'nt suit the political policy/agenda of the day,
In the 1920s in America, tens of thousands of people, mostly poor, were dying of a disease called pellagra. The consensus of scientists said it was infectious, and what was necessary was to find the “pellagra germ.” The US government asked a brilliant young investigator, Dr. Joseph Goldberger, to find the cause. Goldberger concluded that diet was the crucial factor. The consensus remained wedded to the germ theory.
Goldberger demonstrated that he could induce the disease through diet. He demonstrated that the disease was not infectious by injecting the blood of a pellagra patient into himself, and his assistant. They and other volunteers swabbed their noses with swabs from pellagra patients, and swallowed capsules containing scabs from pellagra rashes in what were called “Goldberger’s filth parties.” Nobody contracted pellagra.
The consensus continued to disagree with him. There was, in addition, a social factor-southern States disliked the idea of poor diet as the cause, because it meant that social reform was required. They continued to deny it until the 1920s. Result-despite a twentieth century epidemic, the consensus took years to see the light!
https://www.aei.org/carpe-diem/michael-crichton-explains-why-there-is-no-such-thing-as-consensus-science/
I would doubt Mr Bristow would know more about the controls on gold mineralisation or prospectivity of Egypt, by employing people of this knowledge and experience!
CEY does need to be every considered about protecting its position in Egypt, without doubt. Its competitive position can be lost very quickly. It needs to protect its Intellectual property!
the gnome
European stock markets traded higher in the premarket session of Tuesday ahead of fresh economic data from Germany, the United Kingdom, and the Euro Zone on services.
Regarding the situation in Ukraine, President Volodymyr Zelensky revealed earlier that approximately 22 million tonnes of grain are stranded at Ukrainian ports. Besides, both Sweden and Finland confirmed talks on the accession to the North Atlantic Treaty Organization (NATO) were finalized yesterday.
The DAX gained 0.89% at 7:12 am CET, while the CAC 40 added 0.64%, and the FTSE 100 rose 0.51%. Meanwhile, the Spanish IBEX 35 went up by 0.57%.
The euro improved by 0.20% against the dollar at 7:14 am CET, selling for $1.04429. The pound grew by 0.12% to go for $1.21187 simultaneously.
Baha Breaking News (BBN) / JG
Tuesday, Wrote Mr Kipling...