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“It was just a mistake and we’re paying for it, and you just have to let it get through the system and don’t repeat the error,” said Doug Holtz-Eakin, who was an economic adviser to President George W. Bush...been a rash of mistakes since then, more to come.
White House officials acknowledged that the March law, known as the American Rescue Plan, MAY have contributed to rising prices, a possibility they said they were aware of before it passed.
There are multiple causes for surging inflation. The Delta variant (and of course we have a newer and more grotesque variant in S Africa, and predictably more to follow, UK to hut borders, Australian politicians in denial, and you can imagine what is going to happen....) has prolonged pandemic disruptions that the White House and many economists had expected to ease. Overseas factories and ports shut down, limiting the supply of goods when Americans had money to spend. Meanwhile, many Americans were reluctant to return to jobs and others had lingering child-care constraints, causing labor shortages.
Extremely low interest rates, reflecting Federal Reserve policy, and multiple rounds of government stimulus are contributing to booming demand for goods. Strong demand and limited supply are a recipe for inflation.
In March, as part of a plan crafted on the 2020 campaign trail to prevent a repeat of the 2009 recession, Mr. Biden signed into law a $1.9 trillion coronavirus-relief bill that included $1,400 checks to many Americans, an extension of a $300 weekly jobless-aid supplement, and a one-year expansion of the child tax credit that provides periodic payments for many households.
And we are heading into recovery mode. LOL gimme a break
the gnome
Mr T
without doubt about the media hype, but of course now its on steroids, with the social media! mixed with an inability to concentrate more than 8 seconds.
As Warren B and many other famous investors used to say if you dont understand the business dont invest, and ... do your own research. Well thats out of date, no time to do your own research, just follow the thumbs up and the crowd.
But we live in the times of social media madness, which drives the extraordinarily popular delusions and the growing insanity of Crowds:
RECOMENDATION: 1841 Extraordinary Popular Delusions and The Madness of Crowds: All Volumes - Complete and Unabridged Charles Mackay....as if it was written
best
the gnome
Hi Spoonlight,
Unfortunately and increasingly so many valuations of stocks are based on media hype and speculation rather than the true facts, certainly that is the case with many mining companies whose boards promise guidance based on "Pie in the sky" & "Baloney" forward looking estimates to excite the market analysts (many of whom have no mining experience) to get the punters to part with their cash to keep the pyramid scheme going for a bit longer
Oil is down over 6% ( WTI ) and down approx 4% average for the 2022 futures contracts out to Dec 22.
Got to help those Diesel costs and AISC
Hi Spoon
Agree re your 'words' comment.- At this time, the big unknown for me is the 'true' direction of travel. - Has Horgan's arrival set a new course, a new compass setting, a direction different from previous directions/destinations?- This is the big question.-Time will reveal the answer. - December 8th may provide a clue. -
But a gold one which is why not battered like many other stocks
It’s a stock!
So why has cey not gone up, does not make sense.
Shutdown my cryptos as a precaution
Shares on the major stock market indexes dropped in the premarket on Friday as the investors remained worried over the possible effects of the ongoing coronavirus wave and the measures the countries around Europe could opt for to curb the spread.
Germany's seven-day coronavirus incident rate reached yet another record high, while multiple governments decided to stop or limit flights to South Africa, due to fears of the newly discovered COVID-19 strain.
The DAX tumbled 1.69% at 7:01 am CET, while the CAC 40 concurrently plunged 1.63%. At the same time, the FTSE 100 was down by 1.65%. The euro jumped 0.15% versus the dollar, selling for 1.12242 at 7:09 am CET, while the pound lost 0.16% versus the greenback, to go for 1.32998 at the same time.
Breaking the News / BU
Have a good weekend y’al
Sorry to trouble you Cowichan, when are the drill results released?
Viking
Rig 89 is on site for our client SW Mining in Egypt, at their Él Sidi project, undertaking exploration drilling, some of the first in Egypt for several years. The site is also using one of our new solar lighting plants, which we are progressively rolling out across our operations to replace diesel run units. With favourable solar conditions, they are capable of running throughout the night, powered by the rechargeable battery.
https://www.linkedin.com/posts/capital-limited_capd-activity-6869845064626110464-STWR
---------------------------->>>
Can't wait until Barrick (& Centamin!) start releasing their first non-Sukari drill results...
Hi Cowichan
Don’t get me wrong, I am not blaming Horgan for the position CEY got itself into however I do believe his progress in doing his job & rectifying the operational problems has been poor.
He has had over 18 months & we are yet to see anything concrete in relation to the mine engineering issues or development of other resources. Neither of these issues are long lead time issues, they were existing well known situations which required an action plan to be devised & implemented rather than a lot of talk and empty promises.
I am looking forward to the December update as I remain hopeful that we will finally receive a concrete action plan addressing all the current problems, I do not expect them to be solved overnight but I do expect I well thought out strategy to be put forward.
My opinion remains that the CEO must accept responsibility for poor performance as well as accepting the generous rewards when things goes well. Whilst I respect your opinion, mine is that Horgan’s honeymoon period is well & truly over & it is time we saw real progress instead of words.
Hopefully that will be demonstrated in the December presentation & I will accordingly cease my whinging :)
Good luck to all
Spoon
Asia markets dropping, Nikkei -3% as I type- ftse futures -1.85%, s and p futures -1.2%, dow futures -1.4%, DAX futures -1.87%
Fair comments Cowichan!
The crypto trading hamster that outperformed the S&P 500 has died, and it happpened before he was paid his due commisions.
The crypto community is in mourning after the untimely death of Mr Goxx, the crypto trading hamster that outperformed the S&P 500 since he began in June.
“Mr Goxx has brought joy to people all across the globe and reminded us not to take life too seriously,” Mr Goxx’s anonymous caretaker said in a tweet on Wednesday. The caretaker said Mr Goxx showed no signs of serious illness, and fell asleep peacefully on Monday morning.
The office of Mr Goxx, has gone into deep mourning.
Mr Goxx captured the internet’s imagination this year as he placed trade after trade for various cryptocurrencies in his hamster trading office, which consisted of a wheel of intention, buy and sell decision tunnels, and various sensors and cameras.
Since he began trading on June 12, Mr Goxx posted a career performance of 19.7 per cent, nearly double the S&P 500’s return of 10.9 per cent over the same time period.
The hamster’s last trade was selling 3229.4 tron tokens on November 20, which proved timely given the cryptocurrency plunged nearly 10 per cent this week after eToro said it would delist TRX from its platform for US investors.
The top three holdings of Mr Goxx’s portfolio were stellar, ether, and chiliz, according to the hamster’s last livestream video.
The success of Mr Goxx allowed his caretaker to raise more than $US12,000 ($16,678) from the sale of Goxx Capital-themed NFTs. The proceeds funded a larger trading portfolio for the hamster, as well as the construction of a bigger and better trading rig, according to an interview last month with Insider.
For now, the idea of continuing the crypto trading project with a new pet is of no relevance to the caretaker as they mourn the loss of Mr Goxx.
“Thank you and rest in peace, Max (a.k.a. Mr. Goxx). You will be missed, and your memory will live forever on the blockchain,” the caretaker said.
Rest easy Mr Goxx.
A relative of Mr Goxx has however said he may take up trading gold, as there seems to be more opportunity for "fun and games"
the greatly saddened Gnome
Hi Spoonington,
In regards to treating our CEO different - it must be so. Mining is such a long lead-time adventure it wouldn't suit blaming any of our current situation on Mr Horgan. In fact, it is due to Mr Horgan that we are turning the page on past failures. Sure, we'd like to see instant ounces added and a new mine in West Africa but we'll need some patience.
Now the board of directors is a FAR different story. They were the ones to approve each and every short, medium and long term growth strategy and they are the ones to blame for not advancing one over another.
In my last post I could have gone back further and outlined more broken commitments but suffice it to say I'm doing everything I can think of to encourage a board refresh - or at the very least a new standard of accountability. Barring long term holders going back and digging up these failures who among Centamin's management will point out anything but accomplishments? Nobody.
Lastly, each of Centamin's board members were given the task of mitigating key risks to the business from their first day on the job - single country risk being chief among them.
They've been gifted a decade of exceptionally good cash generating operations at Sukari to find those solutions - so there is no excuse they haven't found one yet.
PS
I don't believe it's fair to Mr Horgan that he should be made to fabricate excuses for the board's legacy of poor performance regarding project generation and execution (especially Batie West)
The board should issue their own statement as to the failings of the past - perhaps with the Dec 8th reboot.
Yes mistakes like that do not inspire confidence.
I think Buchanon are a lazy bunch who don't care too much,or incompetent.
They are there to take pressure off the CEO ,at least supposed to.
He has to make sure he is fully focussed on progress, with I hope daily reports from Sukari.
Not to answer simple queries, that Buchanon should be able to answer.
Yep- it’s worse than talking to politicians! Why didn’t they simply say “the update will be no longer published on 1st Dec as communicated, but now communicated as a presentation on 8th Dec” - it’s really what simple instead of wasting everyone’s time speculating.
The response to Mr T was a joke- and didn’t answe the question
Steve I understand your annoiance, about time Buchanon strted earning their fee.
They are in charge of investor comunications and announcements or supposed to be.
I just hope Hogan and the BOD deliver some morecofidence to us all ,moralle is low.
I’ll email them a lot of expletives if I read any commentary in the press on 1st December that centamin fail to deliver promised update and the SP drops…
Hi Razor's, I understand they have all been informed of the date change so they should be aware.
Thank you Mrtibbles, it’s interesting that various media sources are still carrying Dec 1st the next update date.
Please also bear in mind that we are now in a closed period as far as releasing what might be regarded as market sensitive information prior to 08th Dec 2021
Ok thanks- guess that’s all we’ll get
Razor- not playing today but just got to the driving range and saw gold has gone up a bit lol!