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Prepare to grow gold horns then as I see a move to $1900 before Christmas.
This is what I call moving... all on the back of the gold price. I'll start to grow horns if gold breaks $1,900.
Seeking Alpha 11th Nov 2021
Inflation is looking a lot less "transitory" after CPI figures released yesterday, which showed consumer prices jumping 6.2% from a year ago and the fifth straight month higher than 5%. It's also the fastest rate since 1990, and while that might cause some worry in the general population, Wall Street appears to be discounting the effects. Many continue to argue that the Fed won't get too aggressive, inflation could moderate next year, while some think stocks could even benefit along with a rise in asset prices.
Snapshot: Businesses are passing on higher costs to consumers, with 60% of small business owners raising prices in the previous 90 days, according to a November survey of 560 firms by Vistage Worldwide. Companies are struggling to get materials and are delaying orders, adding to demand pressures, while a labor shortage is putting upward pressure on wages. Some feel that will need to prompt a shift in U.S. economic strategy, which sought to jolt pandemic demand through unprecedented fiscal stimulus, though others say supply logjams are at the heart of the issue and targeted spending could help ease those problems more broadly.
"Inflation hurts Americans pocketbooks, and reversing this trend is a top priority for me. With the [infrastructure] bill we passed last week, and the steps we're taking to reduce bottlenecks at home and abroad, we're set to make significant progress," President Biden said in a statement. "Very soon we're gonna see the supply chain start catching up with demand, so not only will we see more record-breaking job growth, we'll see lower prices, faster deliveries as well. This work is going to be critical as we implement the infrastructure bill and as we continue to build the economy from the bottom up and the middle out by passing the Build Back Better plan."
Outlook: The hot inflation figures continue to worry West Virginia Sen. Joe Manchin, who has been warning of fiscal spending and serious price pressures since the summer. That could further endanger the economic agenda of the White House, which has not yet given into business demands to ease tariffs on Chinese imports and failed to persuade OPEC+ to increase oil production. "From the grocery store to the gas pump, Americans know the inflation tax is real and DC can no longer ignore the economic pain Americans feel every day," tweeted Manchin, who must vote for the coming $1.75T social spending package if it has any chance of passing the Senate.
No economic data points today from US
@Steve: "Gold now very close to yesterday's peak surge point..."
I'm nervously optimistic. Feel much happier if/when we break $1,900. I guess the miners are moving up on the *expectation* of the future price of gold.
I having a great race between my CEY and POLY lol
Hi Auson,
Last I heard from a good source is that things are going extremely well and to plan, that's why I am looking forward to Martin Hogan's update in Dec.
Thanks for your thoughts Mr Bond,
With all that's been happening in Egypt recently it's understandable that some people get carried away concerning new miners acquiring access to possible reserves.
However as we realise it took well over a decade and over one and a half billion dollars for Sukari to be where it is today, still Egypt's gold mining industry as it were and likely to be so for some years yet!
Sukari is still the engine room of Centamin, get that back up to full performance and the rest will follow!
I hope you are well.
Martin can only report ,hopfully ,the realistic possibilties and fact, unlike his predeccor.
Gold prices could much improve the profitability,or not.
Impossible to guess as so many have. (Experts ) .
Patience is the key.
Often lacking in so many .
mrtibbles,
Might it be safe to assume that by now enough of the unstable material has been removed to resume mining in the higher grade area ?
Gold now very close to yesterday's peak surge point...
If, in a panic for the exit, the constrainers on the other end of the rope let-go, who knows where Gold might end-up.
Hi Mr Bond,
Hope all is well with you!
Can't say why exactly but I am increasingly confident that Martin Horgan won't disappoint on the next Sukari update!
I can only think that those people/ entities selling have quite low expectations for the future price of Gold. Its strange because I thought the only reason to invest in Gold was a contrarian view on the Central Bank run economy.
If Gold does truely breakout then we are on for taking out the previous high, early chart targets touted last year were in the $2200 to $2500 range. But then the analysts seem to have lost patience with the lengthy Gold consolidation. Good timing with the Infrastructure spending bill now passed.
Wednesday, 11/10/2021 15:40
CONFIRMATION of the worst negative real interest rate for US savers on record saw gold and silver prices leap on Wednesday, breaking through what chart analysts had called key resistance in the yellow precious metal's Dollar price as new US data showed inflation in the world's largest economy racing to its fastest annual pace in more than 3 decades.
Gold priced in the Dollar jumped over $30 per ounce, smashing the $1835 level where this summer's highs met the downtrend starting at summer 2020's all-time peak above $2000.
Gold priced in the single-currency Euro hit a 12-month high at €1610, and the UK gold price in Pounds per ounce rose faster still, up 2.2% inside an hour to reach its highest since January at £1380.
Silver prices also jumped, rising more than $1 per ounce from this time last week to break above $25 for the first time since early August.
Inflation in the headline US consumer-price index jumped last month from 5.4% to 6.2% per year, blowing past analysts' consensus forecasts of 5.8%.
The fastest annual rise in the cost of living since December 1990, last month's figure came only 0.2 percentage off the highest since July 1982.
Back then, US interest rates stood at 12.6% per annum on the Fed Funds overnight target, giving cash savers a positive real return of more than 6% per year.
US interest rates at Christmas 1990 were more than 1% above inflation.
Today, in contrast – and ever since March 2020 marked the start of the US Covid Crisis – the US central bank is holding its key interest rate below 0.10%.
That means cash savers are now suffering the most negative real interest in modern history, facing a loss of purchasing power worse than 6 cents in the Dollar per year.
Good call Razor - They must have heard/read you.
Feel free to feel smug. - Why not. :-)
Lol Razor :-)
Thought it time to repost what I did when gold slid back to ~1846 last night... no change on position for me.
"I think it will hold/rise- the US data at 13:30 was enough to spook many that “transitory” may be a longer “transitory” than the Fed said… here’s hoping - no one know for sure…"
Cowichan, Goldgnome,
Would appreciate your views on the RNS today. Looks good to me, but I'm no mining expert, and only skimmed the 96pages to try to get my SP drivers out of it.
You're a man in the know Razor!!
DaggerMal
Thank you MrBond46 for the heads up. Only two silent now and one of them is prob asleep in a different time zone.
With gold on a roll and the right management focused and pushing Centamin maybe back to a respectable sooner than I had thought.. it’s been a long year in Cey land.
Dog to the park, cheers.
Still here Razors .
Been waiting for somthing worthwhile too comment on.
Yesterday was the right direction,but to early to be certain it will hold.
Cote D Ivorle is good news and well worth much futher investigation.
We have to understand with excellent future prospects.
The instant evelopment money is finite for rapid growth.
So IMO ,the BOD are choosing the best prospects to be more certain of success in the near term.
Hope that makes sense.
Now off for booster virus shot and flu jab.
How times have changed in less than two years.
GLA LTH.
I posted this yesterday…
“ Now that the POG has10 Nov 2021 19:17
Tee’d the share price up it would be nice for the company to release some positive news so the pps would rise even farther…
Or 7am on Tuesday would also hit the mark when they’re presenting at the RBCCM Global Mining & Metals Conference
Glad today happened anyway, it was well overdue.”
Feeling smug about it
:))
The all sold up.
The stock has its best in months and Cowichen Mrtibbles and MrBond46 all go missing!
How strange is that.
Perhaps the Egyptian mifia have them.
Speak up folks,
So they spend $90M to deliver $300M in the ground value and 6 years future supply of gold. This adds at least 10% to the value of the company by that time. Centamin is a growth company again. Expect the odd share rally when drill results get delivered and inferred becomes resources and reserves. Positive RNS that could take us a few pennies today.