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Its bear trap and bull trap day in the gold market. I am on the side that gold elevates higher in H2. May is quite often a tricky month for everything.
Am not a chartist either - I follow economic indicators though.
Pog back up to $1840 atm
Yeah nothing personal, I am just not a chartist and never will be most probably. Even a 0.25% rate hike with 4 or 5% inflation is still good for gold, yet I am sure gold will tank if its even uttered. Some very illogical things occurring in the market
Thunder its just a question of timing. Its having a go as I write this. What I have written may be proven wrong but and gap from where USA closed yesterday is still likely to get back filled imop.
Mr Gnome,
Those who voted for Boris seem to have forgotten what a waster he is, only thinks of himself!
https://www.bbc.co.uk/news/uk-england-london-46258584
Three water cannon bought and refurbished for more than £320,000 while Boris Johnson was London Mayor have been sold for £11,000.
The vehicles were bought by Mr Johnson as crowd-control weapons following the 2011 riots.
They were sold for £11,025 to Nottinghamshire-based Reclamations (Ollerton) Ltd who will dismantle them and export the parts.
Current Mayor Sadiq Khan said "we have managed to finally get rid of them".
The vehicles were bought by Mr Johnson from Germany in 2014 and he volunteered to be blasted by one of them to reassure people of their safety.
Then-Home Secretary Theresa May banned their use in riot situations in England and Wales in 2015, and later used the purchase to ridicule Mr Johnson in the Tory leadership race after David Cameron resigned.
Water cannon have been used in Northern Ireland but have never been deployed in the rest of the UK.
Water cannon
IMAGE COPYRIGHTREUTERS
image captionLondon's three water cannon were bought and refurbished for more than £320,000
The cannon Mr Johnson bought cost £322,000 to purchase second-hand and then refit. Costs included £32,004 for low emission zone compliance, £19,035 for re-painting, £3,109 for signage, and £970 for the fitting of radios and CD players.
Mr Khan said: "For too long, London taxpayers have had to bear the brunt of Boris Johnson's appalling botched water cannon deal. This has been another waste of taxpayers' money by Boris Johnson."
After Mrs May banned the cannon's use, the Metropolitan Police said it was "naturally disappointed" with the decision.
It said while the weapons would rarely, "if ever", be used, they were "a sensible precaution which would allow us to deal with a number of specific public disorder situations".
"In the wake of the London riots, with a worrying rise in knife crime and with his hands tied by the political decisions in the Home Office, Boris made tackling crime his number one priority."
The sale was announced as details were revealed of 72 youth projects that will receive the latest round of grants from the Young Londoners Fund.
The schemes, which are aimed at diverting young people away from crime, will receive a share of £13.2m.
Charts and resistance do not drive stock prices, fundamentals, macros and operational performance do. The inflation increase and near guarantee of no rate hike this year is so structurally bullish for gold that it is a matter of time until it bursts upward..so many people are misjudging it.
I was definitely asleep at the wheel as looked at the AGM notice to get details of when and where to ask a question and I had missed the deadline.
Where did you find out that there were no questions as was hoping to read some sort transcript not just the results of the voting which I have seen?
Gold retreated but it has crept up for USA open. I suspect the weekend article in Gold eagle was right. Gold peak in May was to be this week. Looks like failure to break upper resistance. If so next higher low is 108-110 area and gold has another go in June if that is what actually unfolds.
Big overshoot on US CPI
Out of the 11 companies that had won in the recent auctions, there were only 4 left to sign contracts (Centamin, Barrick, B2Gold and Nuba mining).
Today Nuba signed the contracts..
So 3 more to go..
Hopefully our turn is soon..
https://www.almasryalyoum.com/news/details/2329328
There is nothing wrong with a good bit of civil unrest, and even a bit of blood on the streets, tallyho!
It can't be worse than the gradual death of any sensibility, and having to swoon and swelter under the "guidance" of Boris.
I am sure we could get some obliging West Africans to show you the way. Loved the work of the Burkinabe's in the 2014 coup d'état, that got rid of the President of 27 years, the same man who reportedly had a lead in the assassination's of his best friend, Thomas Sankara (the previous President).
For an interesting insight of recent, please have a look at
https://itunes.apple.com/us/movie/the-upright-women/id1562724159?ls=1
Perhaps it might be up tot he women to organize the reset?
best
the gnome
Gold has been struggling this year – but is the turnaround finally here?
Earlier this year, amid gold’s struggle, we noted all the negatives: that bitcoin was stealing gold’s thunder; that bond yields were rising; that the US dollar was rising; that the world no longer valued physical assets as much as it does digital.
But, especially, we noted the role that rising yields were playing.
Gold pays no interest – you don’t get a yield. If bond yields are rising, money that would otherwise have gone to gold (in the event that yields were flat or falling) goes to bonds instead. Gold suddenly has an opportunity cost to it, as well as a storage cost. Thus rising bond yields are bad for gold.
For some reason, the effect of bond yields on gold is most visible with the ten-year bond. I’m not sure why, but one theory is that the average time it takes to take a mine from discovery through to production is around ten years, so gold and ten-year bond yields tend to correlate.
But we also noted that gold was oversold, that it was sitting on an important technical level, that we were headed into a positive time of year for gold (April is usually a good month). What’s more, we noted that business was getting back to normal.
Rising yields indicate that people expect economic strength. A strong economy gives rise to inflation. Gold is the de facto hedge against inflation. In the long-term then, rising yields are good for gold.
The bottom-line roadmap was that we expected a rally in April, a turn in May, a June low and then highs later in the year.
We got the April rally: gold went from $1,680 to $1,845 a couple of days ago. It now sits ten bucks lower. Are we now getting the May turn? It’s possible, but the landscape has changed.
There are two big changes in the underlying drivers. Firstly, bond yields have turned down. Inflation expectations, meanwhile, have risen again. As Charlie Morris notes in The Fleet Street Letter this week: “If the reduction in the bond yield continues, then markets will start to favour more defensive assets. This would be a major shift in the narrative that has built up over the past year, from value back to gold”.
Morris has recommended that his readers, already long gold, buy more. He thinks we are headed back into a “risk-off” environment, and you want to be in safe assets.
The fates of gold and the US dollar are once again intertwined
Perhaps the biggest driver of the lot though is the US dollar itself....
Read the whole of this article on the MoneyWeek website
Until next time,
Dominic
There is nothing wrong with a good bit of civil unrest, and even a bit of blood on the streets, tallyho!
It camnt be worse than the gradual death of any sensibility, and having to swoon and swelter under the "guidance" of Boris
A little shocked to learn there were no questions submitted prior to the AGM or online during the AGM. Does suggest we are either all happy campers, or all asleep at the wheel, or have grip on the wrong wheel.
best
the gnome
The Conservatives to me are just a mafia ..and with the aid of the media we have a one party state...nothing short of civil unrest or civil war will change this...and i don;t see this happening....
When US President Barack Obama infamously said Britain would be at the “back of the queue” for any trade deal, the intervention backfired tremendously
Now that's something we can agree on....that bloke trying to thwart democracy at the request of the slime Cameron.
Whichever side of the debate you stand on i think we can agree that was appalling but then Obama is appalling and so is Cameron. These 2 obviously know nothing of ordinary folk who don;t take kindly to threats, they think the public are dumb sheep who need herding.
I take your points on Juncker Mr T and you may be right but he didnt help himself to be honest what i witnessed in the Euro Parliament.
As said always was 50/50 and i now kind of regret Brexit because with the 3 million HK passports offered we have gained nothing and lost more..
Yes read the RNS's. It's all there.
I am not sure what is the all important news we are waiting for for this share to jump up... Anyone got any clues. please?
Possibly share holders should consider writing to Centamin IR asking for some reassurance of what measures, if any, have been put in place to safeguard the confidentiality of sensitive information ?
Was he such an old fool, he seems to have more integrity than Cameron or Boris and I doubt he ever lied as much as they continue to do so.
https://inews.co.uk/news/politics/jean-claude-juncker-should-not-listened-david-cameron-brexit-961807
Time is said to be the greatest healer. But for Jean-Claude Juncker, the President of the European Union between 2015 and 2019, the gaping wound of Brexit five years after the referendum still seems sore.
The Brexit vote, he argues, goes against history. But not helping the healing process for the fiercely pro-European former Prime Minister of Luxembourg – his views were shaped by listening to his father’s stories of the destruction of the Second World War – is that it happened on his watch.
He blames his former nemesis David Cameron for the “mistake” of Brexit, himself for listening to Cameron, and the ‘misinformation’ that he claims ‘brainwashed’ the UK’s electorate.
“I should not have listened to David Cameron,” he says leaning back in his chair in his office in the commission’s Brussels HQ.
“He told me not to interfere in the debate in the UK, not to come to London, not to do interviews with the British press. I made a mistake because I did not defend the EU’s point of view in the UK. They asked me to shut up, so I shut up. That is something I criticise myself for. I should have spoken out rather than stay silent.”
Whether or not his intervention would have turned the 2016 vote in favour of Remain is up for debate. When US President Barack Obama infamously said Britain would be at the “back of the queue” for any trade deal, the intervention backfired tremendously. And this was with a politician popular in Britain. Juncker – perhaps unfairly – has often been portrayed as the ultimate European bureaucrat.
e has more to say on Cameron’s failure though. Before calling the referendum the then Prime Minister renegotiated some terms of Britain’s membership arrangements. It was an intense and controversial deal to secure a special status for the UK.
“And yet, I saw that this agreement we negotiated with the British government played no part in the referendum campaign,” Mr Juncker, 66, said.
“No one told the British public what we agreed on, say, the free movement of workers,” he adds, shrugging his shoulders at what he says was ultimately a pointless pact.
It could be argued, however, that Mr Cameron failed to secure all he needed to really win over the British public, with German chancellor Angela Merkel refusing to grant Britain an ‘emergency brake’ to halt migration within the bloc.
Juncker was already seen as a bête noire by the Brexit campaign. He was the EU’s ultimate insider, an architect of the Euro, and – as Luxembourg Prime Minister for almost two decades – had attended more EU summits than any other leader. He was branded an arch federalist, said to be an alcoholic, and even tied to the Nazis through his father, who was forcibly conscripted into the German army following the invasion of Luxe
When will the man in the street learn(especially in the US with Reserve status) that if you pour water in beer to a greater and greater degree the less beer is in there...this is magicing money backed by nothing....At some point Govt debt in the UK and US is going to be looked at for what it is...a whole bowl of nothing. You only have to watch the cowboy westerns to see what money was...GOLD and Silver...if there was paper money...it was backed by GOLD and Silver....there are some westerns that actually have mention of the first paper bills...treated with extreme suspicion
The price is so steady it's like it could thread though the eye of a needle
U.S. dollar's status as reserve currency in jeopardy, ‘I'm bold gold, silver & platinum ’ - Danielle DiMartino Booth
Even in light of a clearly recovering economy, and new COVID cases on the decline, the government continues to inject liquidity into the financial system through fiscal and monetary stimulus, with the end result being the devaluation of the dollar and losing its global reserve currency status to China, said Danielle DiMartino Booth, CEO of Quill Intelligence.
“We are no longer in an emergency situation. If the Fed is going to insist on being an ostrich and sticking its head in the sand, while it's pumping out $120 billion per month of quantitative easing as if we were in a depression, then yes, I see every reason for China to continue playing its very game with the intention of eventually unseating the U.S. dollar,” DiMartino booth told Michelle Makori, editor-in-chief of Kitco News.
Even if the Federal Reserve wanted to turn things around for the dollar, it would not be in a position to do so, Booth said.
“If the Fed was to try and normalize policy and the stock market were to take a really big downturn, then you would see that ripple through the economy and we would be back in recession,” she said. “The magnitude of the Fed’s intervention in this particular episode has put an entire economic recovery inside of a time compression chamber.”
The labor market, automobile and other consumer discretionary sectors have all rebounded as a result of fiscal stimulus, facilitated by the central bank, she said, but the Fed has gone on a ‘bridge too far’ and needs to step back and regain its independence from the Treasury.
Booth emphasized that should the dollar lose its crown as the world’s defacto reserve currency, the mantle would be taken up by the Chinese yuan.
“I can’t see [the dollar] being replaced by anything else but the Yuan, which would explain why [China] is trying, as aggressively and as rapidly as they are,” she said. “I’m not of the opinion that it’s going to be a cryptocurrency.”
On the fiscal stimulus front, Booth said that stimulus checks are not encouraging people to return to work, hence the lower-than-expected nonfarm payroll report in April; the U.S. added only 266,000 jobs last month, well below the 1 million expected by economists.
On the contrary, stimulus checks are indirectly hurting small businesses, Booth said.
Where is the action by regulatots? What are the auditors up to? Truly a cess pit. Should be names shamed and heavy fines.
Exactly what is the score here ?There should be serious consequences