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https://www.investing.com/analysis/gold-shift-of-power-from-west-to-east-200585010
Mr T
the exploration was compromised, which can oftne be the case, when you are a junior and the brokers and analysts are barking (mad?) at you. having to manage an influx of 5-7 RC drill rigs, plus auger rigs, plus geochem sampling crews in locality which might be 1 or 2 bus stops from the end o the world is a tough thing to do. Personal experience.
best
the gnome
Hi Mr Gnome,
From you explanation it seems that the exploration was an a bit of a poorly run half baked effort that cost rather a lot and has delivered very little to date ?
Or have I misunderstood?
Hi RedSparrow,
I have a friend who retired 5 years ago rom running his own dental practice of 35years, the final straw was because he felt that successive governments were now denying patients so many procedures on the NHS and forcing them to go private despite them having paid their NI contributions.
The NHS and the steady increase of patient charge bands started in the nineties and has carried on until as you point out there are now limited choices of treatment on the NHS.
I broke a tooth just after the start of the pandemic and after around 8 months managed to get an NHS appointment for some emergency treatment (band 2 £65 ), my new dentist who is excellent gave me the choices and his recommendation was a gold crown because the tooth above was already gold, or the NHS (band3 £282) chrome gold coloured crown which would be less inert, more sensitive to temperature changes and last around 50% less time.
So I went for the gold crown which including the initial Band 2 NHS X Ray and tooth prep came to £685.
https://www.nhs.uk/nhs-services/dentists/dental-costs/how-much-will-i-pay-for-nhs-dental-treatment/
Unfortunately the way that the successive government have systematically cut what Dentistry costs are covered by the NHS and indeed other things such as opticians charges and prescription charges gets very little if any media coverage, although the many of the general public will complain to their dentist , (who is actually on their side) but never put their complaint in writing to their MP
How often are dentistry costs featured in any political manifesto, yet increasing what the NHS patient pays has been yet another very effective stealth tax used by successive governments.
If this were not bad enough the government is now cutting the range of routine procedure that that are available on the NHS and increasing waiting times for what is available and blaming the pandemic rather than than admitting that their failed policies and ineptness are to blame!
Thanks Cowichan...I happened to meet Caigen Wang of Tietto in Cape Town a few years ago just before the TIE IPO and invested at that time. The BOD has been strengthened since then with the arrival of Paul Kitto and the newsflow for the rest of 2021 will be interesting. Also invested here and looking for a decent return by the middle of 2022.
Yes, Mr Tibbles, it's going to take a lot more than pot banging to save the NHS. The government has run out of other people's money, and the retirement age has been increased, dentistry is nearly all private (although I do have an NHS dentist but treatment is limited) and NI contributions are still required.
Which way with gold and Centamin this week? I feel the time is near.
The sun's o'ercast with blood: fair day, adieu!
Which is the side that I must go withal?
I am with both: each army hath a hand;
And in their rage, I having hold of both,
They whirl asunder and dismember me.
King John
William Shakespeare
(A play, not poem, but my Monday contribution.)
I'll bet the air pollution in Cornwall rose while G7 was ongoing.
;-).
Good morning RazorsEdge, and all.
Lets hope for a good week, fingers crossed.
Major European stock markets posted gains on Monday following the 47th G7 summit during which member states agreed to reduce gas emissions to zero by the middle of the century. At the same time, the G7 condemned Russia's and China's human rights and trade policies.
Meanwhile, multiple reports over the weekend claimed the British government will delay fully lifting coronavirus-related restrictions in England by up to one month. The tensions between London and Brussels regarding the Northern Ireland Protocol continued, with Prime Minister Boris Johnson warning his government could suspend the deal if the European Union continues to apply it "in this way."
The DAX rose 0.10% at 8:01 am CET, while the FTSE 100 climbed 0.25%. The CAC 40 advanced 0.26%. Both the euro and the pound stood slightly in the red against the dollar to sell for 1.21044 and 1.41125, respectively.
Breaking the News / ND
Thanks Cowichan
I would beg to differ. If one looks at the time lines of Ampella and the Batie discovery you will see
1. Batie was in fact detected before Paul Kitto joined Ampella by regional targeting off the country wide aeromagnetics, local geological knowledge provided by Dr Morour Francois Ouedrago who happened to have done his PhD in the area in 1987 during which he noted the structural controls and wide spread alteration associated with the gold occurrences that were detected originally by artisinal miners and then mined by the French in a small (think wheel barrows) way (1950's?), then follow up stream sediment sampling by Ampella pre-Kitto. Ampella had got ground in the area (2007) as one can see by their prospectus, but they could only get what was available at time of listing..it took a year or so) Paul got the prospect drilling going that led to the Konkera discovery, but without knowing the broader crustal scale target existed, where etc, the drills could have gone anywhere.
2. The fact that Batie mineralisation is refractory, appears not to be known long after a lot of money and time was spent by Ampella, and then even more by CEY. Note it was known by CEY when they bought it, but they did not regard it as a first order issue? (it maybe solvable with a new approach, new technology which can often be the way with such metallurgical issues, but soemtimes these can take decades!)
Begs the question why did it take so long to know this. To answer somewhat broadly, there is common industry practise to try and measure the total gold grade in a sample. Today we have new technology which does this more convincingly than previously..see link below
https://www.csiro.au/en/work-with-us/industries/mining-resources/sensing/photonassay-xray-gold-detection
However the new technology still has the old thinking embedded. It is not the total gold, it is the total extractable gold that a mining company makes money out of.
So what should have been done at lets say a JORC resource of 1 m ozs, is that a through GeoMet study should have been done...
The shortcoming can be addressed further down the track (far from ideal), if one has good quality geological logging, backed by such measurements as made by a portable XRF, so that a mineral zonation can be confidently established within the resource volume. The problem here is how to get consistent high quality geological observations in a rushed drill out in Africa. Common failure point...and on the story goes.
So I would not be so despairing of CEY bringing the Batie mineralisaiton into Mining.
Yes they did not cover themselves in glory in their exploration efforts (needed more exacting site based QA/QC is what I have heard through the bougainvillea's).
Issues
1. Met related, robust geomet model, recovery and process
2. Possibly strip ratio?
3. energy costs
4. Competitive ROI reurn on capital meeting corporate objectives.
Love to have a new updated JORC reso
If anyone is interested in what became of Ampella's top management after their West Africa deposits were purchased by Centamin in 2014... they're well on their way to actually building a mine in Cote D'Ivoire via Tietto minerals https://www.tietto.com/
How is it possible that the same CEO has made a brand new discovery in 2015, drilled it to a multi million ounce resource and permitted it through to the production stage while during the same timeframe Centamin's management has done NOTHING with Batie West except pay a yearly million dollar exploitation license fee, which by-the-way expires at the end of this year??
Thus my twitter post highlighting a mining company who actually lives the 'G' in ESG by providing clear and transparent communication with shareholders as to the state of their production pipeline. A graphic timeline to build Tietto's Cote D'Ivoire mine can be seen here: https://twitter.com/DonLawson_/status/1403387462169219077
In regards to keeping shareholders fully informed and also getting things done on the ground I think Paul Kitto puts Centamin's leadership to shame. Paul's CV
Paul has been Exploration Manager, West Africa for Newcrest Mining Ltd since 2015, and prior to that was CEO of Ampella Mining Ltd from 2008 until 2014 when Ampella was acquired by Centamin PLC. Paul led Ampella in discovering and growing the 3.25 million oz Konkera resource at the Batie West Project in Burkina Faso.
https://www.tietto.com/projects/abujar-cote-divoire/
Hi Mr Gnome,
You are quite right, what hope is there of so many of the general public ever showing any interest in what Andrew Maguire is explaining or let alone associating how the implications of banks Comex trading effects anything in their lives!
It is staggering how so many of our UK general public seem to think that the NHS and the State Pension are some sort of benefit or government subsidised handout that they should be grateful for!
They fail to realise that the their National Insurances contributions are no different as paying into any any other insurance fund and they are entitled to receive treatment as and when needed and a pension when they are eligible
Certainly in the UK the public seem oblivious to the fact that their elected members are dibbing into the National Insurance pot to fritter away on other things like paying off the national debt!
If the government could be trusted it would male sense to do away with private medical insurance and to increase National Insurance contributions by a reasonable ring fenced amount to provide NHS treatment as needed.
Most people who are paying NI contributions and also paying into private health insurance for what can only be described as restricted medical cover would much better off, admittedly there would be some who wouldn't be happy about paying the increased NI contributions, but the majority of people would be more content knowing if they need medical treatment it is available,
I sympathise with your mother in law, it is appalling that the NHS has been allowed to decline to its present state, it now specialises in putting people off the ever growing list of procedures for what is regarded as being routine or non life threatening ,quality of life is no longer a consideration it seems, in fact if you can get to see a GP then you are made to feel guilty for even asking if some treatment can be provided by the NHS even though you have been paying national insurance !
Incidentally I don't know if you are aware but George Osborne was using the NI pot to pay off the national deficit, unfortunately we didn’t get enough people to support a parliamentary debate
Twitter £24,221,220,000, paid into the NIF was used by the government to reduce the national debt.
Freedom of Information Act 2000: National Insurance Fund
https://www.gov.uk/government/publications/national-insurance-fund
"Review governance of National Insurance Fund
https://petition.parliament.uk/petitions/233408
"Save the NHS” what a great diversionary tactic by Boris & his crew! my neighbour who took part every Thursday in the pot banging criticised me for not doing so, over the past months one of his hips had deteriorated so severely he could only walk with sticks ,he saw the GP then a consultant who confirmed an replacement was needed, waiting time now 4 years!
Although a private op in the same private hospital used by the NHS was available in 3 weeks which has so far cost my neighbour £14800, although he has given up any idea of pot banging in the future!
My AXA PPP health insurance has decided since 2017 as the NHS has decreed that varicose veins conditions are purely cosmetic (unless Thrombosis or blood loss through exposed vein) that AXA will only pay for one surgical procedure per leg in perpetuity of the policy, despite the consultants opinion on the best procedure!
Unless you are paying for top notch private health care, then they are a waste of time!
So where do we go from here the NHS & Private Care are both unfit for purpose!
(Varicose veins done properly by 2 procedures each leg cost £16000)
I agree, come on everyone lets give Don some support on Twitter!
No, Mr B, she doesn't do flippant or funny. I learnt that many years ago. She's more of the 'put down' type. We get on OK, though; I just have to 'adjust' and button it in her company - don't mention certain topics. Such is life.
Perhaps your mother in law, was being sarcastic or flippant , about the program and it's content, ;-).
Hi Mr Tibbles
I'm not sure how you managed to go from Calvinistic Puritanism, Oliver Cromwell style, to inadequate funding for the NHS, but it was ingenious, nonetheless.
Very early last January, my mother-in-law had a cataract operation on one eye, which was done privately. The waiting list on the NHS was horrendous, but she is in her late 80s so she couldn't wait that long. She did have the same operation on her other eye on the NHS a few years ago. The NHS hospitals were so geared up for the Covid pandemic, I don't think they could cope with too much else.
Anyway, despite her operation having been done on the 4th January, during lockdown, the doctors said she ought not to be on her own for a couple of days. So, I collected her from the hospital and she stayed with me. One evening she was looking at the TV listings on screen and said to me, 'Whatever next? There's a programme here called "AR*E Fashion Week".' I looked, but it read 'ARISE Fashion Week'. To this day, I don't know if she thought it was fashion for a particular part of the anatomy or clothing for stupid people. I began to wonder if the operation had been a success.
Sorry for being off topic, but it's Sunday.
Difficult to imagine why anyone would take any notice of an economist (Economics: the "art" that came into being to 'make astrologers look respectable')
.... but we have Krugman (of NY Times fame, and regarded as a savant amongst the economists of the world), sailing forth yet again about bitcoins (and yes he has done gold to bits!) , and this is after his "interesting" analogy between bitcoin and the gold standard? Recapping in part "In April 2013, Krugman invoked Adam Smith to make another moral case against bitcoin, this time claiming that the use of gold, silver, or bitcoin as money was a waste of resources. "Smith actually wrote eloquently about the fundamental foolishness of relying on gold and silver currency, which— as he pointed out—serve only a symbolic function, yet absorbed real resources in their production, and why it would be smart to replace them with paper currency," Krugman wrote. "And now here we are in a world of high information technology—and people think it's smart, nay cutting-edge, to create a sort of virtual currency whose creation requires wasting real resources in a way Adam Smith considered foolish and outmoded in 1776.""
I wont bore you with the details but it does seem that Krugmans arguments are based purely on his desire to maintain the monetary power of a group of PhD economists stuffed inside a private unelected institution, called the Fed. If you like to have a chuckle read
https://reason.com/2021/06/10/paul-krugmans-10-year-history-of-being-wrong-about-bitcoin/
The argument would make more sense given the faith in markets as a the "value determining means" in the global financial structure, to have the markets far more transparent with clear, efficient and effective rules to ensure the desired outcome.
Not to suggest all economsits are wayward, as I did enjoy the thoughts of Galbraith, and chuckled on his aside about economic forcasting...You might be as well off consulting a fortune-teller....he also argued that Americans would lead longer, more fulfilling lives if they spent less on private luxuries and more on their external environments (good grief!)
Thats it for the weekend, one more game of football to go, and it should be a good few weeks for gold! and CEY
best
the gnome
Cowichan
I certainly do support your Twitter post. However, I don't have a Twitter account, neither Facebook nor any other social media accounts. I think you would agree that that is a wise move since I am bound to end up serving a few years in Chokey if I were let loose on Twitter.
Official inflation figures are meaningless. Something else that is meaningless is that the City goes along with all the talk that the rising inflation we see at the moment is just transitory. Well, it depends on what your idea of transitory is. Yes, a huge deflationary bust in about a decade's time I'd go along with. For now, inflation is the preferred 'tax' the West is trying to use to 'pay' off its debts. It's what the rich prefer - they can shield against it. What the rich never want is an outright default. They will lose the lot. See how they whine to Argentina. It's better to let the poor pay for all the debt instead - they're used to a bit of hardship and it's what they're there for.
Hold physical gold.
MIDAS SHARE TIPS UPDATE: Our precious metals mining tip Capital produces a golden glow
By Joanne Hart, Financial Mail on Sunday
21:51 12 Jun 2021, updated 21:51 12 Jun 2021
Gold was trading at just over $1,500 (£1,100) a troy ounce in January 2020. Six months later, the price had risen to $1,800 an ounce and today it is flirting with $1,900 as investors look to gold as a bulwark against economic uncertainty and rising inflation.
Capital Ltd is a prime beneficiary of optimism about the precious metal. Offering a range of mining services to gold producers, the company recently reported its best ever first quarter. The second quarter, to June 30, is likely to be even better.
Demand is at record levels and brokers expect full-year sales to rise more than 40 per cent to $192million, with underlying profits equally well ahead at around $50 million.
Midas recommended Capital in May 2020 when the price was 61p. The shares have since risen 34 per cent to 82p and should deliver further growth.
Capital specialises in helping mining giants such as Barrick Gold and Anglo Gold Ashanti to drill. The business has moved into related areas too, including earthmoving and geological analysis.
Earthmoving is big business and Capital won its biggest ever deal last December, a $250 million four-year contract from London-listed Centamin.
Midas verdict: Mining is a cyclical business but chairman Jamie Boyton has worked hard to shield Capital from the inevitable ups and downs. Contracts are long term and there is good growth potential across the business, especially as Capital considers moving into other commodities besides gold. At 82p, the shares should continue to deliver gains.
Traded on: Main market Ticker: CAPD Contact: capdrill.com or +230 464 3250
https://www.google.co.uk/amp/s/www.thisismoney.co.uk/money/investing/article-9679435/amp/MIDAS-SHARE-TIPS-UPDATE-Capital-produces-golden-glow.html
Reading the recent inflation numbers made me recall the appearance of the Burrito Index.
https://www.businessinsider.com/if-people-knew-the-actual-inflation-rate-it-would-crash-the-economy-2016-8?IR=T
If the real inflation was advertsised...Global investors might start demanding yields on Treasury bonds that are above the real rate of inflation. If inflation is running at 7%, then bond buyers would need to earn 8% per year just to earn a real return of 1%.
What were the US figures? 5% for the last 12 months. For the last 3 months however it was 2%, which if maintained would lead to 8% inflation annualised. Even if you take out the things the central bankers think are irrelevant (energy and food prices?), we get 1.9% for the last 3 months, and this gives 7.6% annualised.
The value of the fiat currencies is going south, but of course they dont want to worry the peasants (whose salaries and wages have been going no wehere for years), and I strongly suggest you do your own Burrito Index...call it the borwn ale index or whatever, but watch what effects you, and take with a grain of salt (n Australia we have large Salt Lakes) anything you read in the press or what the economists and pollies say...
Gold to the moon.
best
the gnome
Thanks Mr T
In regard to the gold markets and their structure I find Andrew McGuire's sessions very interesting. The pity is that most do not know about these, nor do they know about the things that effect them profundly orchestarted by unelected people following their favourite idelogies, and so they walk on in sad disarray, barking at headlines and shadows as they flicker into the screen. One doesnt have to spend too long thinking about why mental health issues are rising expnentially, and this even without the divine right to lockup the peasants to save them from the monsters (Vicotrian Chief Minister of Health speak for the virus).
But all is not lost, we all fight on, and laughter is by far the best medicine...
https://www.youtube.com/watch?v=ZtYU87QNjPw
best
the gnome
You assume the US has the gold it says it has in it's non audited bullion vaults.
And they will not be able to get more unless at the re-valued price.
If they can get their hands on it.
They could maybe, sell other countries stored gold, and confiscate private citizens AU as they did in the 30s.
Really they are in the s**te up to their necks, without a feasible plan, apart from War.
Custer's last stand comes to mind.
But they will I am sure find some way to slide out of it.
As long as the $ is reserve currency.
Hi joep1,
I see you have some concerns with GGP and their slowness to release drill results and a possible conflict of interests in that regard. In my opinion this is also an issue with Centamin. Loads of drilling and no resource update since 2014 in Burkina Faso. I've attempted to engage Centamin LTH's on this forum but they seem to be lost in a world of their own. I'm reposting a post from Friday - surely we can get a few more likes and retweets on Twitter?!
That said I do believe Centamin has great potential if management would get off their hands and move ahead both in Egypt and West Africa. I know new concessions can take a long time to negotiate but that is no excuse for exploratory drilling to be on hold in and around Sukari for the last decade. So if you do invest — be prepared to wait.
-------------------------------->>>
retweet & like this
https://twitter.com/DonLawson_/status/1403387462169219077
.@CentaminPlc
FYI this is what a transparent timetable looks like to develop a mine in Cote D'Ivoire c/o
@TiettoMinerals
Also, #Centamin shareholders are still waiting for a resource update & a full legal disclosure in Burkina Faso
@BlackRock_UK
@OSC_News
@Buchanan_PR
@TheFCA
Global and USA inflation goes very high, basel 3 comes in and gold gets revalued sky high, global and USA are able to wipe debt with gold. Then USA can raise interest rates to 20% or higher, the day is saved and the dollar remains dominant. Is this the masterplan?