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Tibbs to put your mind at rest:
Of the 450,000 ounces produced last year 325,000 came from the open pit.
Almost 75% of total production.
So, far from being a basket case that needs to be binned, the pit is the beating heart of the business.
The underground at 125000oz last year is a very tasty bonus.
Tibbs you are correct. Borrow 100k from any bank and they don't actually have the money they send you, they create it out of nothing. Literally type numbers in a computer and send it to you. 80% of money is created in this way. This is why we are living in an inflationary environment. Readers of this post may not believe me. Fair enough it's counter-intuitive. But perhaps you'll believe the Bank of England?
https://www.bankofengland.co.uk/explainers/how-is-money-created#:~:text=So%20essentially%2C%20banks%20create%20money,transfer%20money%20back%20and%20forth.
Hi Tibbs
Half the gold the mine produces comes from the pit.
The low grades are because material classified as waste turned out actually to be low-grade ore that was nevertheless worth processing.
This was a bonus and a good thing.
Ha gnome that all rings very true - I find it much harder to sell effectively. Anyone else find that the best way to see a share sink is to buy some and a reliable way to watch them soar is to sell.
El prof, deeply suspicious that this is a sea-change flight to real money as the world gradually realises that 10 years of QE culminating in 2020's insane "print-our way out of covid" paper orgy has increased the price of everything and the value of nothing. Silver also topping $27/oz. I would be a massive silver stacker and have kilos of under the stairs if the UK govt didn't whack a 20% VAT charge on bullion and coins. Idiots, they would create a massive investment market if they took that tax off - but what investor can stomach a 20% hit on entry before you look at the spread. Ridiculous.
Cheers Steve, I've been selling down since 99p, each time waiting for a pullback that doesn't happen. Sold a bit more just before close today at 117 so will see what the morning brings. I really wish I properly understood what is driving the GP at the minute - this feels like a permanent sea-change rather than a spike and drop. You can't print a trillion quid of fake money (GBP895 billion of QE - US much worse) without devaluing your fiat currency and I think that has created a godzilla chicken that is coming home to roost. GLA.