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Major European stock indexes were lower in the premarket session on Thursday as investors across the bloc awaited data on the United Kingdom's gross domestic product, French preliminary inflation report, Germany's retail sales, and the unemployment rate for both the EU and Germany.
In other news, NATO has formally invited Sweden and Finland to join the alliance, after concerns over their accession were settled through the Memorandum of Understanding with Turkey.
Frankfurt's DAX was down by 0.55% at 8:00 am CET, and the CAC 40 dropped by 0.64% at the same time. London's FTSE 100 fell by 0.83% a minute later.
The euro was 0.12% higher against the dollar, going for $1.04545 at 7:54am CET. At the same time, the pound rose 0.29% compared to the dollar, selling at $1.21505.
Baha Breaking News (BBN) / AB
Mr Powell told a European Central Bank conference in Portugal on Wednesday that while financial markets had understood the Fed’s determination to quash inflation, he was “racing against the clock” to keep business and household expectations from becoming unmoored.
“The clock is kind of running LOW on how long will you remain in a low-inflation regime,” he said.
But he vowed to nip the potential disanchoring of inflation expectations in the bud, saying “we will prevent that from happening”. The Fed would restore price stability even at the risk of raising interest rates TOO HIGH, he said.
“Is there a risk we would go too far? Certainly, there is a risk. But I wouldn’t agree that it’s the biggest risk to the economy. The bigger mistake to make, let’s put it that way, would be to fail to restore price stability,” he said.
WELL HE HAS MADE SO MANY MISTAKES NOW A FEW MORE WON'T MATTER. OVER SHOOT HERE, NO SHOOT WHEN YOU NEED ONE THERE, AND SO ON.
NO CONFIDENCE
the gnome
Not disputing that Centamin is one of the longest standing players in Egyptian mining , what a shame that senior management were less than honest with share holders and made such a mess at try to run Sukari it is taking three years or more to put things right!
Hardly a track record to brag about, why not do the job properly from the outset!
The area directly adjacent Centamin to the south looks to be concession #4 on the map — an important location within trucking distance to the existing processing plant and infrastructure. If Shalateen gets privatized perhaps a back door for players with deep pockets to team up with Centamin down the road?
http://emra.gov.eg/UI/Lang1/TDIDataShow.aspx?ID=67
https://www.linkedin.com/posts/ismailmohamed3760_gold-sed-egypt-activity-6947837975393099776-R1vK?
Currently the ownership structure of Shalateen Mining Company is divided between the Mineral Resources Authority at 35%, 34% for the National Service Projects Organization, 24% for the National Investment Bank, and 7% for the Egyptian Company for Mineral Resources.
https://twitter.com/centaminplc/status/1542134213738102785?s=21&t=g6od5TtoLBkh98aRYO6SOQ
Major European stocks recorded declines in Wednesday's premarket trading as investors prepared for the latest inflation data from Germany and Spain after the opening bell.
With the NATO summit in Madrid underway, Turkey yesterday signed a Memorandum of Understanding with Sweden and Finland and showed support on their road to join the western military alliance. Several officials of the European Central Bank were also expected to deliver comments throughout the day.
The DAX dropped by 0.53%, the FTSE 100 lost 0.61%, and the CAC 40 fell by 0.54% at 7:29 am CET.
The euro slipped 0.12% against the dollar to sell for 1.05064, and the pound gained 0.11% to reach $1.21974 at 7:39 am CET.
Baha Breaking News (BBN) / ND
Happy hump y’al
Thanks Cowichan
There is a tendency for Mining Companies to be marked on resources, AISC, margins, perf against budget etc. by the borkers, ,and hence this is what they talk about.
They mumble something about organic growth, which they must regard as "mushroom organic"..keep it in the dark (from investors), feed it this and that etc....
I would prefer and get a lot more comfort about the "organic growth path" becoming much more transparent to investors, and so we know what is going on, what is getting prioritised, what is being achieved (etc)
the gnome
Given where we are in the global central bank rate hiking cycle, the team believes a global recession still won't hit until the first half of calendar 2023. With this as a base case, the team says now is the time to start considering a defensive portfolio.
Here are the fast stats for sectors that work best in an "early contraction" phase (i.e. the one we are about to enter if they are right):
Staples and utilities outperformed 13 of 15 times;
Health and Telecom outperformed 12 of 15 times;
Gold outperformed in 5 of 8 cases and has the second-highest average return.
At the other extreme:
Industrials have never outperformed;
Diversified financials and basic materials outperformed in just 2 of 15 cases.
US real estate tends to underperform (rising rates are generally not great for REITs)
Everyone comfortable for the ride?
the gnome
1m sold v 3m bought
*can’t be negative.
Posted 9 Hrs Ago
With talk of another Egyptian licence bid round on the horizon, see how SRK Exploration’s recent experience in preparing technical and financial documentation for the 2020 bid round, led to one of our clients successfully securing a 175km² gold exploration licence in the Eastern Desert.
Project Description
SRK Exploration began working with Nubian Mining Company (NMC) in 2019 on its newly acquired, 666 square kilometres South Aswan Block gold project in the southern Eastern Desert of Egypt.
Many of these high-grade, low tonnage veins were mined for gold since the Early Arab Period and then sporadically until the mid-20th century. Immediately north of the Aswan South Block lie the Um Ashira and Hairiri mines, and to the south the Haimur and Um Garayat mines. Those to the north are currently being exploited by the Shalateen Mining Company.
SRK Exploration conducted a licence-wide geological interpretation using multispectral ASTER and Sentinel-2 satellite imagery , that was verified by SRK ES and NMC field teams through reconnaissance mapping. Artisanal workings identified in satellite imagery provided additional targeting criteria. Targets were prioritised and programmes of detailed mapping, trenching/channel sampling and drilling were planned.
In 2020, SRK Exploration contributed the technical aspects of NMC’s submissions to the International Bid Round for gold and associated minerals licences in Egypt.
NMC was subsequently successful in its bid for the 175 square kilometres Um Rus Block, a gold exploration licence surrounding the historical Um Rus gold mine 50km north of Marsa Alam.
The Um Rus tonalite-granodiorite intrusion covers an area of ~6 square kilometres at the eastern end of the Neoproterozoic, ENE-trending Wadi Mubarak shear belt. Gold-bearing quartz veins are found throughout the intrusion and were mined by the ancient Egyptians, and between 1900-1907 at the Um Rus underground mine on the eastern edge of the intrusion.
SRK Exploration completed a licence-wide structural analysis of satellite imagery and is now following-up on priority targets with detailed investigation using conventional field mapping and sampling, supplemented by interpretation of high-resolution UAV (drone) imagery.
https://www.linkedin.com/posts/srk-consulting_gold-target-selection-in-the-eastern-desert-activity-6947482661045096448-grLK?
We're excited to announce that Martin Horgan, CEO of Centamin PLC is speaking at the Egypt Mining Forum on 4 July 2022.
Hear from one of the largest and long-standing players in the Egyptian mining and minerals ecosystem on the future of the sector, particularly on precious metals.
Visit www.egyptminingforum.com to learn more.
https://www.linkedin.com/posts/egypt-mining-show_emf-emf2022-egypt-activity-6947510567347613696-5ZNk?
------------------------------------->>>>
I hope Mr Horgan includes his promised Q2 exploration update for shareholders - the drill results should be released regularly like in the days of (dare I say it) Mr Pardey's reign
Well seems to me all that bulls---t at the g7 done nothing for gold at all. God bless the American dollar and there stock market. Jesus loves them. :)
This seems like a decent punt now at just 81p, especially if pog holds/increases -- very tempted.
Biden thinks like a BABY
Boris acts like a baby
Macron is a baby
'They're no match for us': Ukrainian pilot says they can defeat Russia, but only with more Western help
“The Ukrainian air defense capacity was gutted in the opening few days of the war in February,” Daniel L. Davis, a military expert with Defense Priorities and a combat veteran, told Yahoo News. “Latest reports are that Russia is able to fly somewhere between 200 and 300 sorties per day. Most reliable assessments suggest Russia has had around 30 combat fixed-wing aircraft shot down during the war — which means thousands of jets fly each month and only six or seven get shot down in any given month.”
And until Ukraine can knock out Russian air defense systems, Davis warns, sending it Western fighter jets and helicopters is not likely to do much good, since those will simply be shot out of the sky.
https://uk.yahoo.com/news/theyre-no-match-for-us-ukrainian-pilot-say-they-can-defeat-russia-but-only-with-more-western-help-201712523.html
A little light reading for you Mr T. The US stands for one thing. The USA, there is no other way. Whether its the legal side, the financial cartels, the corporate cartels..... or just how sanctions work...Oliver North?
“They are making laws, what we say as extraterritorial, that means they can touch every company and every employee in the world as long as they are a small link to the U.S. market.”
https://www.goodreads.com/book/show/50358483-the-american-trap#other_reviews
The American Trap,” is a work by Frédéric Pierucci, a former executive of French energy and transport giant Alstom who spent two years in a U.S. prison for his role in a bribery scandal.Pierucci’s book opens with his arrest upon his arrival in New York in April 2013 on accusations of financial crimes by the Justice Department under the U.S. Foreign Corrupt Practices Act. The French executive eventually pleaded guilty to his role in a worldwide bribery scandal, and his company agreed to pay $772 million in fines....“cautionary tale for globe-trotting executives at multinational companies increasingly facing the threat of litigation when they are allegedly on the wrong side of U.S. law.”
Since publishing in China on May 1, the Chinese-language version of the book has topped the “new book” list on Dangdang, a popular Chinese e-commerce site,
Sanctions? when and if convenient. ...
and so on
the gnome
European stocks traded mostly lower in the premarket session of Tuesday amid news of Group of Seven (G7) and NATO meetings. Both events come amid renewed condemnation of Russia for its military invasion of Ukraine and the new measures being taken against it.
In that context, yesterday, the G7 leaders called on tougher sanctions against Russia over the military operation while showing renewed interest in reducing Russia's revenues. Besides, Ukrainian President Volodymyr Zelensky warned that an attack on Ukraine from the Moldovan separatist state of Transnistria would be a "global mistake."
The DAX lost 0.18% at 7:29 am CET, while the CAC 40 fell 0.18%, and the FTSE 100 rose 0.09%. The Spanish IBEX 35 was also down by 0.20%. The euro fell by 0.07% against the dollar at 7:31 am CET, selling for $1.05769. In comparison, the pound grew by 0.06% to go for $1.22722 a minute later.
Baha Breaking News (BBN) / JG
Thinking you'll see exit from oilers into goldies this week as oil possibly peaked but pog hasn't?
Moscow insists it has repaid the Eurobond payments in roubles using its own settlement system - which is not recognised internationally
Russia defaulted on its foreign debt for the first time in a century, as the grace period to repay roughly $100 million of bond payments expired at midnight on Sunday, according to Bloomberg.
Moscow has brushed off the event as artificial and manufactured by western countries whose sanctions barred it from making payments internationally. It has argued that it has made the coupon payments in roubles for the country's 2027 and 2047 eurobonds that are priced in US dollars, using its own settlement system, which is not recognised internationally.
A debtor cannot unilaterally change the currency of payment which is considered a violation of the terms of the bond contracts. That is generally considered a default by ratings agencies, but due to a slew of sanctions, the agencies have withdrawn their ratings.
Mr Putin doesn't care a fig about sanctions and farts in the West's general direction!
https://www.thenationalnews.com/business/markets/2022/06/27/what-a-russian-forced-debt-default-means-and-what-comes-next/
But then if Nixon can change the rules to suit the US bank cartel and Wall Street in order to manipulate the worlds commodity (inc precious metals) market prices with paper then why shouldn't Putin also change the rules to suit Russian interests?
No doubt Wall Street 7 City Traders will already have worked out ways to make money out of this!
Western sanctions against Russia , what sanction!
Why does'nt the G7 sort out this mess?
Whilst the parts of the world starve Putin steals the Ukrainian wheat and the Sudanese wheat is in danger of rotting because the Sudanese government says it has no money to buy it from its farmers!
More than 18 million people, nearly half the Sudanese population, are expected to be pushed into extreme hunger by September, according to United Nations estimates.
Russia's invasion of Ukraine, both key grain suppliers, adds to Sudan's existing food security troubles.
READ MORE
Third of all Sudanese 'food insecure in first three months of year'
Major pro-democracy group in Sudan issues blueprint for ending political crisis
Sudan's UN-brokered talks indefinitely postponed
Wheat imports from both nations make up between 70 and 80 per cent of Sudan's local market needs, according to a 2021 UN report.
Last month, dozens of wheat farmers from Sudan's Northern State staged a protest outside the agricultural bank after it refused to take their harvest.
“I grew 16 acres [6.5 hectares] of wheat this season, filling some 120 sacks amounting to a total of 12 tonnes,” farmer Modawi Ahmed told AFP.
He said the bank only agreed to buy less than half of his harvest, and he now fears the rest will spoil.
https://www.thenationalnews.com/mena/2022/06/19/sudanese-farmers-watch-wheat-harvest-rot-despite-shortage/
Mr Johnson said: “While Vladimir Putin continues his futile and unprovoked war in Ukraine and cravenly blockades millions of tonnes of grain, the world’s poorest people are inching closer to starvation. From emergency food aid to reviewing our own biofuel use, the UK is playing its part to address this pernicious global crisis.”
https://www.telegraph.co.uk/environment/2022/06/23/boris-johnson-pumps-brakes-drive-green-fuel/
Thank you Razor's,
Still thinking about banning Russian gold then, even if the ban goes ahead though the Swiss refiners and vaults will find a a way around any ban, the Swiss still haven't repatriated all the Nazi loot with it's rightful owners and India, China , Brazil Saudi's and others that support Putin will just take advantage.
The G7 should send a multinational fleet to collect grain from Ukraine and also stand up to Putin rather than observing the destruction of a nation, Putin is just like any other bully they will just take and take and wont stop until someone stands up to them.
At present Ukraine is suffering the death of a thousand cuts and if the West is'nt prepared to properly support them then they may as well lay down their weapons and let Putin take over,
The UK foreign secretary Truss is pathetic, a complete joke!
Boris is just a lying toerag who wants to remain king and shag!
Thanks Razors.
sounds like oil and gas sanctions.
Be interesting to see.
Major European stocks recorded gains ahead of Monday's session as the 48th G7 summit continued for the second day in Germany, while NATO officials prepared for the upcoming conference that is set to start tomorrow.
The G7 meeting could result in the most developed economies worldwide banning the imports of Russian gold soon, according to United States Secretary of State Antony Blinken.
The DAX gained 0.86%, while the FTSE 100 increased by 0.55%, and the CAC 40 grew 0.75% at 7:24 am CET. Both the euro and the pound traded slightly in the green against the dollar a 7:34 am CET to sell for 1.05651 and 1.22828, respectively.
Baha Breaking News (BBN) / ND
Happy Monday y’al
Prices of precious metals increased on Monday as four countries from the Group of Seven (G7) reportedly plan to announce a ban on imports of gold from Russia. Moscow's revenues would decrease by $19 billion per year when such a measure is imposed, according to United States Secretary of State Antony Blinken.
Gold rose by 0.46% to $1,834.85 per ounce at 6:32 am ET.
Silver advanced 0.97% to $21.36 per ounce concurrently. Platinum was up 0.67% to $917.38 per ounce at 6:32 am ET. Palladium increased 0.69% to $1,896 per ounce a minute later.
Baha Breaking News (BBN) / MS