George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’. Watch the video here.
They can take the transport costs, petrol, diesel out of the Inflation index of course, LOL
The cost of the Australian newspapers has gone up 300% in the last few years, so I took them out of my shopping index (with the amount of BS in them , they should never have got in, in the first place !)
Sorry about that
couldn´t resist, go gold!
The Gold Gnome, safe in a golden bunker...
What is the sustainability case for gold?
In the 1990s there were 180 major gold discoveries
In the 2000s there were 117 major gold discoveries
In the 2010s there were 42 major gold discoveries
Like to make a guess how many there will be in the 2020s. Hint land access is getting more problematical. Deposits getting deeper and lower grade. No new gold exploration tools for hidden deposits ...no direct detection tools ...
good luck with finding new gold deposits...in short supply
the gnome
Iran is the master mind, and you know what follows, Other islamic nations could be complicit...and you know what follows ... sadly. You can bank on the us$ LOL
Perhaps a better strategy than declaring war on China...LOL.
When will humanity evolve?
good luck to all
the gnome
As I posted previously, I and a few others think there are more important things at play in the US. One of them is Ray Dallio who comments (briefly)
In this, the latest episode of this drama, Kevin McCarthy tried to piece together a deal and a vote that required some Republicans and some Democrats to come together to support it. This was one of several bipartisan votes for this Congress that McCarthy helped to engineer in his tenuous position as the Republican speaker of the house (including Ukraine funding, raising the debt ceiling, etc.) that led to him being booted out and accused of being disloyal to his party. While I sympathize with those who worry about the increasing growth in debt, I am even more concerned about who has what powers and the choices that are being made to fight rather than to cooperate across party lines and view this development as another step away from democracy and toward civil war.
I hope it is now clear that the two parties are squaring off into monolithic blocks that are controlled by uncompromising, win-at-all-costs extremists and that most everyone will be forced to pick a side and fight for it. While this tendency is most obvious in the Republican Party, it is also true for those in the Democratic Party. (Though the Democratic Party wisely chooses to make it less obvious, it very apparently demonstrates it in the ideological conflicts that are taking place throughout government, especially in congressional committees.) This is now a fight to win-at-all costs game in which just about anything goes, including fighting dirty (lying and cheating), and respect for the system doesn’t matter much.
Nothing new with his comment on lying and cheating which is part of US business and politics and has been for more than 100 years. It is disappointing to see it going to new levels of stupidity. Good luck the US$
Very concerning that trust has left the US
https://www.youtube.com/watch?v=PhAGPQE0H-U
A general trend in the past is when you have a high level of disarray in the past, they start a war (in the name of democracy or something like this), but this time it might be internal ?
cheers
Insto's hold about 70% of CEY. Institutional investors commonly compare their own returns to the returns of a commonly followed index. So they generally do consider buying larger companies that are included in the relevant benchmark index (!), and it follows they are strongly influenced by the index. Index is strongly influenced by POG. POG is down about 7% in the last month... The index is down 9-10%.
ETFs ... The third consecutive monthly outflow from North American funds – of US$2.7bn (-44t) – was the largest since September 2022 (-US$3.2bn, -60t). As the US economy continues to defy recession expectations, with resilience in household consumption, the 10-year Treasury yield rose further.
WGC Aug 2023 survey revealed that 24% of central banks intend to increase their holding reserves in the next 12 months.
No Tier 1 gold discoveries made in the last 5 years...
So it depends a lot on time orizons, and a few imponderables ...
good luck punters
the gnome
Thanks Cowichan
I would think it would be required by the market regulators, to inform the market of a top 10 movement. In Oz we have wording ... Under Listing Rule 3.1, an entity must disclose all information concerning it that it becomes aware of from any source and of any character, if a reasonable person would expect the information to have a material effect on the price or value of its securities.
Gold Price futures are all over the place in the sort term, but in the longer term all are up. Compared to other sources and experts, JPMorgan's forecast is higher than the average consensus forecast of $2,100 per ounce for 2024 and higher than most other forecasts that expect a moderate or a negative change in gold prices. A fair weight of money.
https://russellinvestments.com/au/blog/making-sense-of-us-dollar
There is huge appeal ot me ot break away from the US$ hegemony, and it is hard to think this will not happen. It introduces unfair assymetries into the market, China is rapidly expanding its global trading reach. It is well recognised that China has become the world’s largest trading nation. Less appreciated is the effect this has had in displacing the United States from its traditional dominance as a trading partner for other countries around the world. China’s economy is far more export driven than the US, it is deeply enmeshed in global supply chains, and has been growing much faster.
https://interactives.lowyinstitute.org/charts/china-us-trade-dominance/us-china-competition/
In terms of policy drivers, many factors have been at play. But China’s 2001 accession to the World Trade Organisation has clearly been central, with the number of countries trading more with China than with the United States increasing rapidly thereafter. The US has been very unhappy with this for obvious reasons, and I think this drives a lot of the sabre rattling from the US, but rattle all they like, once the dragon awakes...As Napoleon said, "That is a sleeping dragon. Let him sleep! If he wakes, he will shake the world." He is well and truly awake, and the opionions of conflicted experts and "social influencers" in the west won't count a lot. The sun will rise in the east.
Aside ...Dont you love the US tipping system in the restaurants and arond....the minumum suggested tip is 20% now. Why dont they just pay people properly...full employment LOL
good luck
The Gnome.
3bear
There are plenty of clowns around, best let them run their race, and in the mean time firm up your race, and I am firming mine,
Really so much PAID stupidity around and unpaid helpers, its no wonder people get confused
the gnome
Mr Bond
I comment on the US having spent 5 weeks on their eastern coast. This country is fundamentally divided, has been for 100 plus years, and this divide will ultimately drive end of empire. Worse, it is leaderless. Even worse is a health care system which has one of the highest costs of healthcare in the world. In 2021, U.S. healthcare spending reached $4.3 trillion (2021 GDP was $23.3 trillion so thats 18.4% (and growing)! debt $28.4 trillion (and growing)), which averages to about $12,900 per person. By comparison, the average cost of healthcare per person in other wealthy countries is only about half as much. But it delivers appalling outcomes for Americans to boot.
Americans own $1.77 trillion in federal and private student loan debt as of the second quarter of 2023 (and increasing every quarter), ... and so on and so forth .... Its hard not to think of a massive Ponzi scheme, yet the US$ is the Global Currency? Quite a bizarre structure, made stable by the fact there are no caps on the amount of debt that the USA can issue...
https://www.pgpf.org/blog/2023/07/how-does-the-us-healthcare-system-compare-to-other-countries
and somehow there is an argument that the value of gold in terms of uS$ is going to go down?
good luck everyone...dont get caught holding the fiats
the gold gnome
I would take Pardey with a pinch of Salt, as big as a salt lake in West Australia! LOL
I would belive in fairies first, what a joke
Do your own research only my personal opinion of course, and what would I know..~~~
CEY are in far better hands
the gnome
JEREMY GRANTHAM , The US economy is “beginning to unravel” and a recession is a 70 per cent probability. He would be “very careful with real estate all over the world” given “20 years of declining mortgage rates have driven real estate to really crushing high multiples of family income”.
And just to top it all off, he sees only a 50/50 chance of coming through the huge range of long-term problems the world faces with “the relatively steady civilisation that we’ve enjoyed for the last 70 years”.
Cest la vie ?
the gnome
The bonanza gfrade gold has been reported on and photgraphed for years Nothing new here.
Interesting to compare the grades they have been quoting, lets say gram-meters, witht hat of one of the lowest cost gold deposit in the world. The Forsterville underground gold mine~~~
"Three very different operations had the lowest production costs in 2019. Costs at Kirkland Lake Gold Ltd.'s Fosterville decreased by nearly 70% from 2014 to 2019, with paid gold production increasing from 105,000 ounces per year to 618,000 oz/y over the period. The reason for the cost reduction was the completion of a mine expansion into the high-grade Lower Phoenix and Swan deposits, which increased head grade to 39.60 grams of gold per tonne of ore from 4.62 g/t Au in 2014. This also led to an overall increase in the 10 lowest-cost mines' average grade in 2019. The higher grades increased gold production by 73% year over year, while AISC in U.S. dollars increased by 10%, leading to a lower overall AISC in terms of U.S. dollars per ounce."
https://pages.marketintelligence.spglobal.com/world-top-10-lowest-costs-gold-mines-WS.html
Note the low AISC was not achieved overnight, but rather by careful, methodical exploration worked, backed by some good luck and a solid mining plan.
I continue to watch how the underground gold mine develops at Sukari. As I have posted previously I would not be surprised to see this be the next jewell in the crown.
The history of that mines development and conitnued success is worth reading
https://www.agnicoeagle.com/English/operations/operations/Fosterville-Gold-Mine/default.aspx
With the completion in February 2022 of the merger between Agnico Eagle and Kirkland Lake Gold, the Fosterville mine ranks as the Company’s lowest cost operation with total cash costs anticipated to be US$457 per ounce gold in 2023 on production of 305,000 ounces of gold
If CEY play their cards right, and do some solid geology, mine plannig right infrastructure, which they seem to be doing now, then I wont be surprised if this lights up and becomes major plank in their future success
best
the gnome
Mr Tibs
Do you know how many secret groups in the \uk that are involved in money laundering and tax evasion_?
I suspect a few more than Egypt
Weather is lovely in New York, and I have lost count of how many groups there are involved in money laundering here, and that was before breakfast
regards
the Gnome
So I take it you find it amazing that the followig do not check what you have pointed out. Briefly they be
1. Companies accountants
2. Independenct auditors
3. Bankers
4. Analysts
5. Investors
Makes me wonder
the gnome
I would imagine IF the figures are correct, then there would need to be additional notes inthe Fin Reports to describe the situation, especially if there is some doubt as to whether this is cash (defintion)
I think the independent auditors and regulators would take a strong interest in what is described as cash, and what is not...and certainly that has been the case in companies I have and still work for. Not a position one would want to get into.
As for the line of credit, there are a host of reasons a company would do this, including that it can provide additional optionality for business development, and be a backdrop insurance policy
https://seekingalpha.com/article/4628844-focus-on-gold-miners-cash-flow-not-earnings
the gnome