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Gold Sets Fresh High as Consumers Continue to Buy

Front-month gold futures settle up 0.5% to $2,674 an ounce, a new record-high. Gold futures have gained nearly 30% year-to-date, with analysts seeing consumer interest in gold as being a key factor underpinning its continued rise. “Consumers are becoming a lot more educated in gold,” says Alex Ebkarian, chief operating officer with Allegiance Gold. Ebkarian says that large fund traders are generally established regarding their strategy toward holding gold via ETF or in other ways, making smaller firms and individual investors the area where gold is seeing a lot of growth. “I like that we’re expanding the access of ownership of gold.” SPDR Gold shares rise 0.5%. (kirk.maltais@wsj.com)

Comex Gold Settles 0.47% Higher at $2674.00, Record High

Front Month Comex Gold for October delivery gained $12.60 per troy ounce, or 0.47% to $2674.00 today

—A new record high

—Up for two consecutive sessions

—Up $26.20 or 0.99% over the last two sessions

—Largest two day dollar and percentage gain since Monday, Oct. 14, 2024

—Up four of the past five sessions

—Up 38.36% from its 52-week low of $1932.60 hit Friday, Nov. 10, 2023

—Rose 36.76% from 52 weeks ago

—Up 34.35% from its 2024 settlement low of $1990.30 hit Wednesday, Feb. 14, 2024

—Month-to-date it is up 1.44%

—Year-to-date it is up $611.60 or 29.65%

All prices are calculated based on the settlement price of the current front month contract.

Source: Dow Jones Market Data, FactSet

the gold gnome

Andrew Pardey has had a major impact on PDI LOL

Perhaps look at African Gold ASX.....

According to the release, assay results from the recently completed diamond drilling returned a spectacular, wide, high-grade intercept of 65.0m at 5.6 g/t of gold from 177m.

Management also notes that the drillhole included shallow intercepts of 9.0m at 1.7 g/t of gold from 23m and 28m at 1.1 g/t of gold from 77m.

the gnome

If you get script for script, dont you get CGT rekief, as you have not gained capital...and the cash would be treated as income

Steve

Bids come in at any time. I have often started my bid at the last fall of the hammer

cheers

the gnome

3Bears

I think AnglGold has an excellent history of tier 1 gold discovery, which they do not promote very much. The Tropicana discovery in remote and neglected West Australia was a first class result from some very bold thinking and management support. At one stage they owned about 300 strike kiolometers in trailblazing fashion, in an area which had been dismissed/neglected by the Exploration Elite...

The Nevada discovery is similar, a neglected area by the Exploration elite (Newmont and Barrick) in their own backyard, and it is a very significant discovery

The total gold Mineral Resource increased 5.6Moz pre-depletion and at year-end (2023) included Measured and Indicated Mineral Resource of 59.9Moz at a grade of 1.13g/t and Inferred Mineral Resource of 46.4Moz at a grade of 1.20g/t.

In contrast CEY has developed Doropo, and has other good propsects in Cote Ivoire, but it is far more conservative effort.

A lot to learn, and a lot to gain for CEY Share holders is my view

glad I dont work for the UN in the middle east

the gnome

We have a global situation of non stop debt accumulating like there is no tomorrow, and the globe is almost awash with military spending, no end in sight .....

"Non-stop debt issuance plays the biggest role as the global money supply surges" and this si where the gold surge is ciming from. The Wall street warriors can say all they like (as they do) to influence but the global money supply, and endless debt, conflict not to mention lack of leadership is speaking far louder through the many media channels now than ever before.

The Kobeissi Letter shows the total money supply in the U.S., the Euro Area, Japan, and China recently hit a new record of $89.7 trillion, with $7.3 trillion of that added in just the past year.

https://en.macromicro.me/series/4675/global-money-supply-m2

Unending support for conflicts is running now into the trillions with losses enever ending. World military expenditure increased for the ninth consecutive year in 2023, reaching a total of $2443 billion. The 6.8 per cent increase in 2023 was the steepest year-on-year rise since 2009 and pushed global spending to the highest level SIPRI has ever recorded The US spent $916 billion on defense (one does suspect a bit more) in 2023, while China and Russia spent $296 billion and $109 billion respectively. (Interesting to note China spent far more on creating infrastructure both internally and externally. Far more creative and creating the right legacies of spending).

https://www.sipri.org/sites/default/files/2024-04/2404_fs_milex_2023.pdf

One of the Projects that AngloGold has is one of the best if not the best gold discovery in Nevada for a decade or 2, the Silicon/Merlin Project The expanded project contains 13 m ozs of gold, in Nevada you are in a Tier one jurisdiction. This is alone equal to all of the resources of CEY. Anglo are not not promoting this that hard, but it appears to be world class, to coin an original phrase

The project is growing very quickly in size, and in consolidation, and also in development.

Initial Assessment (Concept Study) completed Expanded Silicon (Silicon + Merlin) • First-time Merlin Inferred Mineral Resource* of 9.1Moz (283.9Mt @ 0.99g/t) declared

https://www.youtube.com/watch?v=gQnL6ozbyes

Have a close look at their May 14 BofA presentation, https://www.anglogoldashanti.com/investors/presentations/

“We believe that this (CEY) transaction will add a Tier 1 asset to our portfolio, is free cash flow accretive in the first full year of production and NAV accretive from day one; it will also offer additional upsides as we leverage our corporate infrastructure and core competencies in exploration, operations and asset optimisation.”

I think if the CEY ges through, and it should, and it is obvious that Merlin will start up soon, then Anglo will be re-rated upwards ...this is what I wold be considering

the gnome

If Anglo pulls out, CEY will go down, and Anglo will go up (risk removed).

You must not think in terms of what happens right now, but in 2-3 months, or whatever your investment window is.

good luck

Global defence spending has climbed for nine consecutive years, reaching a record $US2.4 trillion ($3.6 trillion) in 2023, according to the Stockholm International Peace Research Institute. By 2030 the industry is expected to grow another 40 per cent to $US3.1 trillion.22 April 2024)

This was the steepest year-on-year increase since 2009. The 10 largest spenders in 2023—led by the United States, China and Russia—all increased their military spending, according to new data on global military spending published today by the Stockholm International Peace Research Institute (SIPRI), available at www.sipri.org.

WONDER WHAT COULD BE DONE MORE PRODUCTIVELY WITH THIS MONEY? LOSING FAITH IN THE GOVERNMENTS OR THEIR BOSSES?

...policymakers have other choices. For example, if they chose to address and invest in high-profile diseases like tuberculosis or malaria, each dollar they spent would achieve $43 or $36 worth of HUMAN benefits, respectively.

Instead they choose to invest in human misery and associated costs, short term and long

the gnome

Christian said that there have always been countries and regions where the uncertainties were high enough to keep gold investment demand positive. “For decades, you'd see one or two years of global economic and political uncertainties driving investors to buy more than 20 million ounces of gold and driving the gold price up.”

Christian said that the uncertainties that are the true drivers of the precious metals markets are here to stay. “We have seen an increase in economic and political uncertainties and issues, and we're likely to continue to see that,” he concluded.

Uncertainties going up or down.

The other big driver I believe is trust in governments and this is going down very quickly. Trust in the paper currencies depends on government trust.

the gnome

Https://www.sipri.org/commentary/topical-backgrounder/2024/how-top-arms-exporters-have-responded-war-gaza

I made a post heavily referencing the legal action aginst the UK Govt, for the supply of arms, missiles to Isr@@l

https://commonslibrary.parliament.uk/research-briefings/cbp-10085/

It is bizarre that we can have the United Nation, International Criminal Justice Court and many others denouncing the actions, of Is, and yet the governments who supposedly represent the people, are supporting such barbarism. https://il.usembassy.gov/ten-year-memorandum-of-understanding-between-the-united-states-and-israel/

It begs the question why have a UN, ICJ etc

Like to be a journalist in the Land of G@d (128)? Like to be a child? more than 16,750 have died in the enclave in the last four months, compared with 12,193 globally between 2019 and 2022. How many maimed physically, mentally?

They might win the war, but they have lost the support and social license of generations to come.

Relationship to gold. These actions will bring repercussions and with this uncertainty, loss of trust etc etc. for decades. Why? Who benefits?

the gnome

Thanks Mr T. I was completely censored, almost immediately from this forum, for my last post, re BetanYAHOO and Israel. I wont try again on this forum. The murder of 16,000 plus children speaks volumes to me. I do not care about any other narrative.

good luck

the gnome

Thanks Sotolo

I do not think there is 50% difference in these clowns. We need NetanYAHOO, who obviously makes the difference even if it does not make any sense...to some

Really Mr T, dont you think it is a case of Tweedle DEE and Tweedle DUMB

And of course it does not matter as what you see is not what you get as the masters are behind the curtains and all of the brash stuff. Netflix, AnyFlix ....

Who would be stupid enough to stand on the stage ... we know the answer to this...

good night and good luck

The U.S. budget deficit topped $1.8 trillion in the latest fiscal year, driven by higher spending on interest and programs for older Americans, as the government faces a persistent gap between federal outlays and tax collections.

The new data comes as Republican presidential nominee Donald Trump and Democratic pick Kamala Harris are both proposing new tax and spending plans that are estimated to add trillions more to the deficit over the next decade.

Just when the lunatics are taking over the asylum, what a time for gold

the gnome

Market follows the risk. Risk is with the aquirer historically, so the SP of the aquirer will decrease, reflecting increased transaction risk. The premium goes with the company being aquired which is historically averaged at about 30%

30% is an industry average takeover premium ... has beenf or decades

PLease dont overestimate your influence on this transaction ...

the gnome

Dont lose sleep

think

gold is on the way up, with feyw bumps

Biiger is better, given good management