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The Credit Market Funnel
Suppose the U.S. Treasury prints $10 billion in new bills, and the Federal Reserve credits an additional $90 billion in readily liquefiable accounts. At first, it might seem like the economy just received a monetary influx of $100 billion, but that is only a very small percentage of the actual money creation.
This is because of the role of banks and other lending institutions that receive new money. Nearly all of that extra $100 billion enters banking reserves. Banks don't just sit on all of that money, even though the Fed now pays them 0.25% interest to just park the money with the Fed Bank.
? Most of it is loaned out to governments, businesses, and private individuals.
The credit markets have become a funnel for money distribution. However, in a fractional reserve banking system, new loans actually create even more new money. With a legally required reserve ratio of 10%, the new $100 billion in bank reserves could potentially result in a nominal monetary increase of $1 trillion...
and so on, and so forth
How does one determine the value of $1 ... by what it buys in the market place you want to transact in ... and for sure you can buy less and less each day with your $1 .. you can BANK on that...
So the impact for gold pricing? my bet is your $1 will buy less and less gold ...like everything else....
the gnome
Just as the dogs are barking, National US debt tops $30 TRILLION... what a time to start a war?
WASHINGTON—The U.S. national debt exceeded $30 trillion for the first time, reflecting increased federal borrowing during the coronavirus pandemic.
Total public debt outstanding was $30.01 trillion as of Jan. 31, according to Treasury Department data released Tuesday. That was a nearly $7 trillion increase from late January 2020, just before the pandemic hit the U.S. economy.
The total debt comprises debt held by the public and intragovernmental debt.
The debt milestone comes at a time of transition for U.S. fiscal and monetary policy, which will likely have implications for the broader economy. Many of the federal pandemic aid programs authorized by Congress have expired, leaving Americans with less financial assistance than earlier in the pandemic.
Meanwhile, the Federal Reserve has signaled it could soon begin to raise short-term interest rates from near zero in an effort to curb inflation, which is at its highest level in nearly four decades.
“This is a jaw-dropping number that is a real cause for concern,” said Maya MacGuineas, president of the nonpartisan Committee for a Responsible Federal Budget. “It is the result of both borrowing for really important crises, most notably the Covid pandemic, but also trillions and trillions of borrowing for no reason other than politicians have stopped being willing to pay the bills.”
good luck to us all
the gnome
in person trips to various potential new mine projects - here is a picture of Bristow at the Donlin Gold/NOVAGOLD joint venture (Alaska) in December 2021
https://twitter.com/TNR_Gold/status/1489337279059570688/photo/1
Interesting the Proactive video of our CEO Mr Horgan reveals he recently returned from an Egypt/Sukari visit himself -
- the timing lines up with Bristow's recent in-person engagement @FutureMineral summit in Riyadh in January...
It looks like the dogs of war are baying louder now. Ray Dalio tipping a civil war at home in the land of the free (that term is certainly out of date), and Biden wanting a war on someone elses soil (same ol game!),
The doves of peace are fluttering...As organizations representing millions of people in the United States, we call upon President Biden to end the U.S. role in escalating the extremely dangerous tensions with Russia over Ukraine. It is gravely irresponsible for the president to participate in brinkmanship between two nations that possess 90 percent of the world’s nuclear weapons,” declared groups such as Peace Action, Physicians for Social Responsibility, Pax Christi USA, the Fellowship of Reconciliation, Just Foreign Policy, CODEPINK, Roots Action, and Veterans for Peace.
“For the United States and Russia, the only sane course of action now is a commitment to genuine diplomacy with serious negotiations, not military escalation—which could easily spiral out of control to the point of pushing the world to the precipice of nuclear war.”
I have always thought that those who start war, should be on the front line. Imagine Joe Biden and Boris on the front line...
Lets hope sanity and diplomacy win the day/weeks/years
best
the gnome
Oh Dear! So it wasnt the bird dogger of the seismic survey who was asleep at the wheel .... it was CEY?
Embarassing gaff
thanks
the Gnome
And HiSeis
Centamin's story has changed. They now say the seismic results were actually quote 'really positive' - so positive the remainder of the seismic program was deemed an unnecessary expense. Furthermore Centamin would like to assure me its previous comment that the seismic data was of 'insufficient quality' quote 'is no reflection on the Hiseis technology or service.'
I am flabbergasted.
What changed in 24 hours? I'll tell you. The CEO of HiSeis contacted Centamin and said 'WTF is going on here?'
I add my voice to his and so should every other Centamin shareholder. We must demand the results of the seismic survey be released and a public statement made CLARIFYING the situation immediately.
Besides being a very likeable and capable individual I do still have loads of confidence in Mr Horgan - but I do not have any confidence in the BOD and whatever game they pulled off with HiSeis - for some reason our IR dept has been directed to toe-the-line and it is resulting in doubletalk and redacted statements.
Everybody please get involved now because it looks like Barrick is going to sweep Centamin and all the marbles from us while the market has been MISLED as to the true potential of Sukari and its outlying resources that have ALREADY been discovered.
Important Note: I have been in contact with several Centamin (and contract) employees who converse (& agree) with me.
https://twitter.com/DonLawson_/status/1489657951124000768
https://www.linkedin.com/feed/update/urn:li:activity:6895297408075718656?commentUrn=urn%3Ali%3Acomment%3A%28activity%3A6895297408075718656%2C6895422696037974016%29
Maybe we should love Centamin a little more, it's been a dog for the last few years or so. :-)
Some of you, particularly those who think they have recently lost a dog to “death”, don’t really understand this. I’ve had no desire to explain, but won’t be around forever and must.
Dogs never die. They don’t know how to. They get tired, and very old, and their bones hurt. Of course they don’t die. If they did they would not want to always go for a walk, even long after their old bones say:” No, no, not a good idea. Let’s not go for a walk.” Nope, dogs always want to go for a walk. They might get one step before their aging tendons collapse them into a heap on the floor, but that’s what dogs are. They walk.
It’s not that they dislike your company. On the contrary, a walk with you is all there is. Their boss, and the cacaphonic symphony of odor that the world is. Cat poop, another dog’s mark, a rotting chicken bone ( exultation), and you. That’s what makes their world perfect, and in a perfect world death has no place.
However, dogs get very very sleepy. That’s the thing, you see. They don’t teach you that at the fancy university where they explain about quarks, gluons, and Keynesian economics. They know so much they forget that dogs never die. It’s a shame, really. Dogs have so much to offer and people just talk a lot.
When you think your dog has died, it has just fallen asleep in your heart. And by the way, it is wagging it’s tail madly, you see, and that’s why your chest hurts so much and you cry all the time. Who would not cry with a happy dog wagging its tail in their chest. Ouch! Wap wap wap wap wap, that hurts. But they only wag when they wake up. That’s when they say: “Thanks Boss! Thanks for a warm place to sleep and always next to your heart, the best place.”
When they first fall asleep, they wake up all the time, and that’s why, of course, you cry all the time. Wap, wap, wap. After a while they sleep more. (remember, a dog while is not a human while. You take your dog for walk, it’s a day full of adventure in an hour. Then you come home and it’s a week, well one of your days, but a week, really, before the dog gets another walk. No WONDER they love walks.)
Anyway, like I was saying, they fall asleep in your heart, and when they wake up, they wag their tail. After a few dog years, they sleep for longer naps, and you would too. They were a GOOD DOG all their life, and you both know it. It gets tiring being a good dog all the time, particularly when you get old and your bones hurt and you fall on your face and don’t want to go outside to pee when it is raining but do anyway, because you are a good dog. So understand, after they have been sleeping in your heart, they will sleep longer and longer.
But don’t get fooled. They are not “dead.” There’s no such thing, really. They are sleeping in your heart, and they will wake up, usually when you’re not expecting it. It’s just who they are.
Author unknown
Btw Tony, carefulyou dont give away too much personal info online ??
Nonfarm Payrolls (NFP) rose by 467K in January versus the median forecast for a 150K rise, data published by the US Bureau of Labor Statistics showed on Friday. That marked a slight deceleration from December's pace of job gains when 503K jobs were added (revised up from 199K).
https://www.fxstreet.com/macroeconomics/economic-indicator/nfp
https://www.bls.gov/news.release/empsit.nr0.htm
good to see Schroders buying back in having been a seller in December...multiple funds over there but positive nonetheless...
US NFP data blows predicted 125k out of the water coming in at 3x that, most of them Amazon employees I'd say..
Nice concise presentation by Martin Horgan!
Well done Spoonington for giving a dog who had an unfortunate start in life a loving home, I hope you both enjoy many years of very happy times together!
Last year things were really put in perspective for my wife and I when Harry & Sophie our two Bichon Frise both passed away , they were siblings and had lived with us since they were pups of 14 weeks old.
Harry developed Diabetes at age nine and Sophie was also diagnosed five months later so it was a case of two insulin injections each per day and as both developed cataracts from the diabetes, Harry went blind in three weeks of being diagnosed although Sophie was a year later.
Harry went to the eye hospital shortly after going blind because he was also in pain, He was operated on by a marvelous German surgeon the following day as one of his eyeballs was in danger of splitting, we were worried Harry would lose his eyes.
But the operation s a success both his eyes were saved, although he was long sighted in in one eye but the other had a plastic lens fitted and his sight was perfect in that one!
Both Sophie's eyes had plastic lens fitted and her sight was perfect , although after this procedure both dogs eyes needed two lots of Optimune eye ointment £55 a tube, two does of Yellox eye drops £17-£30 a bottle,so each month around £160 plus £150 insulin & needles, plus blood , urine tests & vet checkups for two dogs which should have been covered by their Lifetime Pet Policy, but that's not how RSA saw it!
We took part in BBC Rip Off Britain with Harry & Sophie concerning Royal Sun alliance the underwriters of More Than and many other supermarket pet insurance brands to expose the underhand tactics they use to avid paying claims and we were also in two features in The Mail On Sunday when we took RSA to the Ombudsman on two other occasions, and after a fight won!
So be warned stay away from any pet insurance underwritten by RSA.!
"Pet Plan" costs a bit more initially , but in the long run is far better and far less stressful!
But despite all the high maintenance each day, the costs, the fights with RSA I would give all my shares just to have those little dogs back again!
Giving them the right veterinary care meant we had Harry & Sophie were with us until they were nearly 14 years old and we still miss them terribly!
So cherish the time you have with your dog!
Thank you Rebess, I like the comment made towards the end referring to dividend as it hasn’t been addressed lately.
“Consistent stakeholder return policy“
I never tire of someone telling me I’m getting more money.
Also I think the share price, given a positive headline will move to what a few months ago many would have welcomed as a bid for an m&a approach.
It’s in the the waiting is nearly over. The stock market has kept Centamin honest, not rewarding until the projections are fact. I’m referring to the ounces produced.
Thanks Razor
It's the first time I've seen/heard Martin Horgan in the flesh so to speak. - A very upbeat presentation I thought. - Well worth seeing. - Also, thank you for your personal input and contribution. - Cheers.
Hi Paul,
Episode 58 covers some of he Basel 3 updates, I appreciate some find Andrews coverage boring or difficult to understand because of the terminology used, to be fair Andrew does his best to explain things but there is no getting away from the fact it is a very complex industry with a language all of its own, possibly all part of keeping what takes place hidden!
Ep.58 Live from the Vault: Gold and Silver Price Outlook 2022
00:00 Start
01:55 A summary of the past few weeks in gold
08:20 Where is the selling coming from?
11:11 What to expect in the gold market now?
15:05 Basel III now goes fully into effect!
17:15 Could March 2020-style EFP blow-up be repeated?
25:05 Changes to CME performance bonds requirement
28:55 An exciting update for Silver Stackers
31:00 EFP and the Refinery supply issues
https://www.youtube.com/watch?v=Ua-eP-zz5W0
Latest Episode 59: Gold & Silver ETF flywheel
https://www.youtube.com/watch?v=t2JDNKaddMk
Lol- am disappointed on final- am a Liverpool supporter and annoyed now as Salah and Mane will now most likely miss the Leicester game :-(. But on the plus side, one of them will be in fantastic spirits!
Let's hope Egypt win the Africa Cup on Sunday..the feel good factor should boost worker productivity at Sukari! LOL!
Amazing response Cowichan - It shows just how far your post ripples reach. - Well done sir. - Thank you.
Thanks- nothing new but good to see Horgan talking in the media- getting the message out there with confidence.
Worth a read...
https://www.fxstreet.com/macroeconomics/economic-indicator/nfp
https://twitter.com/centaminplc/status/1489524287635693571?s=21
I understand that it was supposed to be brought in by 2015 and has been put back AGAIN until January 2023 (Egyptian lawers? :-)) .
Regarding gold, does this mean that more paper will have to be backed be physical gold? If so, then will there come a point sometime this years when a lot of the paper will have to be turned into physical gold? AND if this is to happen, how late will they leave it and what will it do to the price of physical gold?
Maybe one for Mr T this one?
Getting held back despite decent gold price and higher production. Also operating ESG agenda.
Nutjob?