Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
The word they do not mention is Mercury, like used by the illegal small scale mining in Mali, Burkina Faso, Guyana, Peru (etc, etc)., but is otherwoise considered illegal and outlawed internationally. Like so many great global ideas, UN, World Bank, International Court of Justice etc...next to useless except for spending lots of OPM..... There is nothing small scale about this mining, the environmental devestation is horrific, and long term (intergenerational - thanks Dad!) issues very serious ...
the Gnome
There could be a lot going to happen around Israel. The Israeli military was scrambling GPS signals, as the country braces for possible retaliation by Iran or one of its allied militias for a suspected Israeli airstrike Monday on an Iranian diplomatic building in Syria. The attack killed a senior Iranian general and six other military officials, and marked an escalation of the years long shadow war between Israel and Iran, with the potential to explode into direct conflict.
“With God’s help we will make the Zionists repent for their crime of aggression against the Iranian consulate in Damascus,” Iran’s Supreme Leader Ali Khamenei said Wednesday in a post in Hebrew on X.
An adviser to Iran’s Revolutionary Guard also said to expect a form of retaliation on Thursday or Friday, saying Iran would choose an action proportional to the Israeli attack in Damascus.
and so on, and on, and on....
Tragically sad, One would have thought they would have evolved past this
Hard to not see this going to escalate more than it has already ...
the gnome
Love the "music" that comes from the US. Jobs? well having spent 6 weeks in the US, all I can say is there are a hell of a lot of jobs which are paid in tips, to be polite. One gets a lot of lovely stats, but whats behind them and how they are manipulated is well worth consideration.
"Better-than-estimated US data on job openings and factory goods orders overnight added to doubt about the pace of monetary easing in the world’s largest economy, with traders now projecting fewer rate cuts this year than the Federal Reserve."
The rally in commodities also adds to concerns that global inflation will be stickier than expected which could force central banks to keep interest rates higher for longer. Inflation in Australia is fairly well out of control, at least by my measure, and thats what really counts for me and my children. Ave houses now cost 8 x the ave salary, used to be 3 x, about 40 years ago. Make a difference? Everyone has their handout for more money, and they are getting it, but where is the productivity drivers? Oh dear, forgot about that stuff? And then there is the mounting entitlement payments, which have gone through the roof with no end in sight. However there is end in sight for the price of Iron Ore, and a lot of other commodities we rely on to make our economy go around. (thanks goodness for GOLD!!!) we laugh.
And the geopolitical backdrop is a tinge unhinged. We have Israel out of control and arguable guilty of genocide
https://www.un.org/unispal/document/anatomy-of-a-genocide-report-of-the-special-rapporteur-on-the-situation-of-human-rights-in-the-palestinian-territory-occupied-since-1967-to-human-rights-council-advance-unedited-version-a-hrc-55/
, also there are suggestions that the death of 13,000 children is collateral damage (or was it a screw up by the AI algorithm, Lavender?)! Not to mention the recent event "Celebrity chef Jose Andres said on Wednesday (Thursday AEDT) that an Israeli attack that killed seven of his aid workers in Gaza ...had targeted them “systematically, car by car”....and Iran vows revenge as it accuses Israel of deadly airstrike on Syria consulate in deepening Middle East crisis.
You have more than 50 nations who are technically insollvent, and who would have defaluted on debt payments if they werent bailed out by...more debt.
And the most serious is the ... Chinese gold purchases rose 30% in 2023, as the country's central bank bought the commodity to replace its dollar holdings amid tensions with the U.S. and individual investors seeking a haven for their assets as the economy stumbled (worth checking out chinese money laundering efforts, if you have the time and enjoy that sort of amusement?
So why is gold going up? Its going up in terms of a default global fiat which has been out of global control for too long, and is now being called out by some fairly powerful players. Expect more confrontational stuff from the US is my tip.
the gnome
Hint? Look at the nickel industry !!!!! a disaster in slow mo0tion for all stake holders, except...the Chines, but in a Western Finance sence, the fat lady has yet to sing..but do the chinese care, are there bigger concepts afloat....
best
the gnome
Canada is in the same place as Australia, and the US,and hopefully some entity will help Europe, but I would not hold my breath
It is a pathetic effort on the elected's behalf. China has a stranglehold on resource sector, and you can argue all you like about why.
Good luck to them, superior stratagy, plus execution. Thats what the game is about?
The western governments have been a pathetic performing unit....and it will remain so
good luck punters!
Thats it Mr T, it has been an enormous exorbitant privilege
https://en.wikipedia.org/wiki/Exorbitant_privilege
https://www.econtalk.org/eichengreen-on-the-dollar-and-international-finance/
The other exorbitant privilege the US has is its virtual control of international law. Have a look at the rorts and contorts of how Meta makes its mullions. LOL and you know who pays...muggins
I forgot to mention that Donald T stands for USA first, second, third etc. So whats going to happen if he gets in, and it look s a fair bet ... more bias to the USA
Good luck the mug punters
the Gnome
A recent publication from the World Bank includes one of the most concise and compelling explanations of central bank de-dollarization and gold purchases to date.
The Gold Investing Handbook for Asset Managers was authored by Kamol Alimukhamedov, Deputy Managing Director of the Central Bank of Uzbekistan and a Member of their Investment Committee. It provides a comprehensive overview of gold as an investment, including its market structure and strategic asset credentials, as well as its trading, custody, logistics, and accounting practices. Much of this will be familiar territory for precious metals people, though the inclusion of statistics and studies right up to 2023 makes it a valuable update for even seasoned gold investors.
Where the Handbook truly stands out is its clear-eyed and unflinching analysis of the growing trend among central banks to reduce their holdings of U.S. Treasuries while simultaneously increasing the percentage of their reserves allocated to gold.
There has been absolute rorting by the US for decades using the USD as the currency of choice for international transaction, which (oddly?) works so much in favour of the US economy that its a wonder the world puts up with it. But ignorance is bliss, so they say ....
ETC
the Gold Gnome
All good thanks, in the sweltering Colony to the south. Gold is going well against the fiats. I have been burying mself in trying to understand why the US$ is so strong when they have zero credible leadership, truck loads of debt just nipped over the $24 trillion (for those interested the next stop after trillions is quadrillions, 1,000,000,000,000,000 ), a health system that fails all but the very well healed, and so on and so forth.
CEY I note, the share price and some positive results ...
"an inflection point that will soon see us rewarded for the multi-year investment programme, with stronger free cash flow enabling us to deliver that growth while maintaining our track record of dividend payments."
Gold production is seen estimated at between 470,000 to 500,000 ounces, with a weighting towards the second half. The all-in sustaining costs guidance is USD1,200 to USD1,350 per gold ounce sold is comfortable and gold levels of us$2,200 per ounce..thats a $1,000 clear per ounce, and its a good place tobe in ....and they are producing to guidance regularly now, unlike the Pardey reign!
So I am starting to feel relaxed and somewhat comfortable...? ...
I have spent a month or so hiding in Africa, where most of the countries are well and truly broke. Lovely to spend time in Uganda, a beautiful country with such wreteched poitics, going from bad to worse. Uganda’s President Museveni has promoted his son to army chief, and if you drive the roads, you will a myriad government cars and troops flashing their way through the crowds, as if they owned the place (LOL). Recently, the president’s son has been holding rallies around the country (we ran into a few), violating a law barring serving army officers from engaging in partisan politics. But Kainerugaba says his activities, including the launch of activist group the Patriotic League of Uganda, are nonpartisan...LOL
Hello to all, and sorry for my silence ... I am back in the saddle ...
best luck to us all
The Gnome
Only a few weeks wait, ought to come to Australia, might be good for a few months, and then good luck if you need a specialist.
Then there is the US, with the most expensive Health Care systems, and also one of the worst.
prevention is the best cure. ...
the gnome
Thanks Mr T
Funny old world eh? You might be interested in the findings and opinions of Justice Brandeis in 1908-1912. Its a murky world and we have learnt so little from history, even when it is well articulated.
https://louisville.edu/law/library/special-collections/the-louis-d.-brandeis-collection/other-peoples-money-by-louis-d.-brandeis
Quantitative easing and rising interest rates have encouraged central banks to reconsider their gold reserves
And so have economic sanctions…
Since the 1970s, currencies have not been linked to gold, nor have economies settled their deficits in bullion. But 50 years later, central banks seem to be getting back into the metal...have we learnt or what?
Data shows that central banks have been net buyers of gold since 2009. Yet momentum has accelerated over the past couple of years: according to the World Gold Council, central banks bought 1,037 tonnes of gold in 2023 – just shy of the record amount.
This is a significant change, but one that has been easy to miss. According to economist Meghnad Desai, gold has “crept back as a major force in world money” – yet there have been no big policy announcements to herald its return. Instead, a rethink has come about almost as a side-effect of other policy decisions. These include interest rate hikes, quantitative easing (QE) and even economic sanctions.
good luck gold...
....
thanks sotolo.
the relationship between gold and interest rates is not quite as straight forward as one might think. aren't the interest rates a tad high, and gold at its (sustainable?) highest level ...
i take a view that gold is more of a defensive asset, that tends to fly when people lose trust in the systems, and uncertainty grows. in war time (we have a few on the go now) especially, government debt (already at extreme levels) and currencies (whose vaue is set by market forces, wink, nudge) can see extreme levels of volatility, and gold tends to serve as a defensive investment on the expectation that it will hold its value and be more steady than investments exposed to the global or political conflict, and so on and so forth.
you can see some science (sorry to mention this on the chat forum) testing of gold prices expressed in u.s. dollars, british pounds, euros, and chinese yuans finds evidence that gold returns respond positively to a rise in a set of uncertainty variables, suggesting that gold can be viewed as a hedge against uncertainties.
https://www.sciencedirect.com/science/article/abs/pii/s0301420721005535
i only watch tv for sport and a bit of black comedy (starring imran khan these days, sadly), the rest is just bs and filling in time which i dont have much of...could we see both the new pm of ****stan and the president of us both operating out of jail, lol, funny ol world
whats your prediction of the gold price at close of 2024? $2400?
https://www.jpmorgan.com/insights/global-research/commodities/gold-prices
good luck the punters and investors...
the gnome
What motivates Trump supporters? Simple: They want their country back.
WSJ: They might have lost a loved one in Iraq or Afghanistan. What was the sacrifice for? In the botched peace and withdrawal, they concluded that the foreign-policy elite don’t know what they’re doing. They are hesitant about Ukraine, Iran and Taiwan because the same crew is in charge. They’ll back an America that fights to win, but they don’t want their sons and daughters to die for America only to lose slowly.
In the 2007-08 financial crisis, they lost a house, a job or a business. They learned that the people in charge of the financial system don’t know what they’re doing (been going on for decades). ObamaCare sent them a health-insurance card that doesn’t work well when they get sick (?). They wonder: Do any of the policy wonks who promote this stuff actually use it themselves? They looked at Hillary Clinton and saw her insincerity, her nonprofit collecting millions, the way she said Trump supporters belong in a “basket of deplorables.” They gambled on Mr. Trump.
Then the establishment blew up. They saw the Federal Bureau of Investigation harass Mr. Trump’s appointees, much of official Washington fashion itself “the resistance,” the Russia-collusion hoax, years of pointless investigations.
In 2020 Covid hit. Trump supporters initially went along, trusting institutions. But the pandemic soon exposed the politicized incompetence of the Food and Drug Administration, the Centers for Disease Control and Prevention, and the scientific establishment. Lockdowns destroyed lives. Officials made up rules and ramped up censorship. Inquiries about whether the virus came from a lab leak, or anything negative about masks or vaccines, became “misinformation” subject to censorship. Trump supporters saw media, tech companies and national-security bigwigs suppress the news of the Hunter Biden laptop just in time for the election.
When schools went remote, parents found out what was actually going on inside the classrooms. Teachers were coaching students to hate themselves, their country and their religious traditions and sexualizing young children...
and so on, should be a bumper year for gold, going into the mayhem of a US Election
good luck punters, and investors...
the Gnome
I do not think the market is fickle. There is lot of stress, and the market is messy
Mounting commercial property losses at two overseas lenders within 24 hours triggered a sell-off in local bank shares in USA, as wary investors brace for an uptick in bad loans tied to the troubled US real estate sector.
Troubled Real Estate, and where have I heard that before....and then we have Chinese real Estate and Developers, LOL
Not to mention countries defaulting, or "restructuring their foreign debt"
Tesla is being exposed for what it is, a lot of hype, and an exorbitant P/e ask....
The pigeons are coming home to a mess.
the gnome
Good to see all of the old wounds resurfacing int the US, in the runup to the elections. Corruption in the US Elections, that would even make the Nigerians blush?
In the summer of 2004 Theresa Amato, campaign manager of presidential candidate Ralph Nader, took out a notebook in preparation for an important phone conference.
Her candidate, Nader, had already been subject to an extraordinary — and extraordinarily underreported — campaign of litigious harassment at the hands of the Democratic Party. John Kerry told Nader he had 2,000 lawyers at his disposal and would do “everything within the law” to win. In Arizona, Nader opponents filed a 650-page challenge to his attempt to get on the ballot, forgetting social justice concerns long enough to complain that one of Nader’s petition-circulators was a felon. They demanded ten samples of Nader’s own signature, hired a forensic examiner to call others into question, and challenged residents of a homeless shelter. The Democratic state chairman, Jim Pederson, said outright, “Our first objective is to keep [Nader] off the ballot,” because “we think it distorts the entire election.”
...
In 2004, a third party needed to collect 634,727 valid signatures in about six and a half months to get on the ballot. If you’ve ever wondered why so few third-party candidates run, it’s because this is an extraordinarily difficult logistical task, and expensive, requiring services of companies that even then charged between $1.00 and $1.50 per signature. (Ross Perot reportedly spent $18 million to get on the ballot in 1992.) The process gets more cumbersome when you’re forced to account for “spoilage,” i.e. how many signatures you’ll lose in the face of challenges from a determined opponent, in Nader’s case from Democrats and affiliated groups.
Amato later wrote a book, Grand Illusion, documenting the Democrats’ plan to keep Nader’s meager resources “tied up mentally, emotionally, and financially in courtroom after courtroom,” violating rules themselves while using the press to smear Nader as the cheat. “I wrote a whole book precisely because I didn’t want the history to be lost, of what the Nader campaigns went through,” she says now.
Of course history repeats, we never learn, and we still believe in a fair playing field, one person one vote ...
havagoodweekend, as we celebrate "invasion day" in the colony down south..
the gnome
when i have not much to do, i like to run through the imf bailouts, and debt list for the different countries. it is getting a tad tight.
those in dire strats
egypt
ghana
el salvador,
lebanon (!)
ukraine
malawi
****stan
sri lanka
argentina
bangladesh
burkina faso
mali
colombia
chad
congo
angola
sth africa
sth sudan
those in very hot water
afghanistan
burundi
cameroon
ethiopia
kenya
uganda (have a look at how the govt stifles entrepreneurship with outrageous taxes)
liberia
sierra leone
png
mozambique
zimbabwe
thanks goodness for the imf
are they really getting anywhere, sustainable change.
sadly not
there is a lot to like about gold. i recetntly spoke to the small scale gold miners in zimbabwe, and they are in the money...ditto in mali (plane straight to dubai for us$)
pathetic system really
glad i live in oz, where our productivty has got lower, salaries and costs of business higher and company bankrupties jumping
good game of cricket in adelaide, and we have the australian open tennis.
bread and circuses all round with a glass or 5 of wine...
good luck
the gnome
Thanks Dasut
You have to factor in recovery, but you are on the money.
The average open pit grade in 2021 was 1.29gpt gold, down 16% since 2012, while the average underground grade was 4.15gpt, down 20%
https://stockhead.com.au/resources/when-it-comes-to-gold-deposits-grade-is-not-king/
regards
the gnome
Members of Facebook groups and Reddit message boards dedicated to Costco and gold post alerts when the gold bars are available. Those who miss out on the fast-moving items often grumble, while those who made purchases often report their success, sometimes including pictures and prices paid.
Costco declined to comment about its gold-bullion product. In earnings calls during 2023, finance chief Richard Galanti acknowledged the popularity of the gold bars, saying that when the retailer loads them on the site they are typically sold within a few hours. Even with a limit of two per member, Galanti said in Costco’s fiscal first-quarter earnings call Dec. 14 that the company sold over $100 million in gold during the quarter.
SOMETHING NEW, BUYING GOLD BARS WITH YOUR GROCERIES ON THE NEXT SHOPPING TRIP....
US$2500 PLUS FOR POG
the Gnome