Member Info for goldgnome

“I don’t think that something happening at the Fed is bound to happen” in Europe, ECB President Christine Lagarde said at a news conference on Thursday. The U.S., the U.K. and eurozone economies are at different phases of the economic cycle, and received different levels of government support during the pandemic, she said.

The Omicron variant, first identified in South Africa and now detected in more than 70 countries, is further clouding the outlook for an already uneven global recovery.

Officials on the U.K. central bank’s Monetary Policy Committee on Thursday voted eight to one to lift the policy rate to 0.25% from a record low of 0.1%, saying the strength of the labor market meant higher borrowing costs were appropriate to keep a lid on price growth.

Europe has been in a different part of the cycle from the USA for a few decades, cant see that changing.
https://statisticstimes.com/economy/united-states-vs-eu-economy.php
The moves at the BOE and the Fed underscore how expectations that high inflation would prove fleeting are giving way to concern that a spell of rapid price growth and low unemployment risks fueling increases in wages and prices, maintaining the inflationary pressure for longer.

The ECB is taking a more cautious approach. The eurozone economy is still below its pre-pandemic level and appears to be slowing sharply, even as the U.S. economy accelerates above its precrisis peak.

interesting times for gold

best
the gnome

Thanks CI

I am commenting on the stockpiles of ore they have paid to get onto the stockpile. To get them from the stockpile to the processing plant and through (etc), would not be a large cost, so AISC of doing this whenever they want, is not going to be a large number.
My thouht is that it is an optionality they have up their sleeve as to when they actually process the stockpiled ore, and it would be very useful for a host of reasons.
Business is often won or loss on having sufficient optionality to negotiatie whatever reality throws up at you.

So to me its a smart move to build this optionality in now, the future is uncertain from a number of perspectives...ploitics,virus, fed iraationality (continued)..etc. Most of the mining component of the future AISC has been paid for ...

You can read about definitions of AISC at
https://www.gold.org/about-gold/gold-supply/responsible-gold/all-in-costs
...
The US producer prices index (PPI) posted the biggest annual gain in at least 11 years on Tuesday with an eye-popping increase of 9.6 per cent for November, following an 8.8 per cent surge the previous month.
...
and in Oz the usual gross stupidity from the politicians.."off budget spending"...LOL

Some years ago, politicians discovered a pot of seemingly free taxpayer money known as “off-budget” spending that magically doesn’t detract from the budget bottom line.

Now, federal and state politicians are increasingly setting up special “investment” funds to deploy money to pet projects.

The charade is particularly popular around election time, as we already see from plans by the Coalition and Labor for climate, social housing and fast-rail spending in the lead up to next year’s federal poll.

Former federal Department of Finance deputy secretary and former NSW Parliamentary Budget Officer, Stephen Bartos, says, “ministers have the illusion that cash on the balance sheet is free money”.

While so-called “off-budget” capital spending still requires borrowing and adds to the public sector’s gross debt, it can avoid adding to the government’s annual budget deficit.

Conveniently, it does not necessarily worsen net debt if the “off-budget” asset is held in a fund purporting to be a commercial entity, which in theory could sell its assets to reduce debt.

We will end with poltical party investment Banks!?! ... and on the show goes....

best
the gnome

Dr Angelique Coetzee is asked how many patients infected with Omicron she has seen with the most severe symptoms.

"No one," she replies. Apart, that is, from a man with HIV who had pneumonia and comorbidities.

COVID-19: Omicron variant may be 'milder' but its infection rate could be 'devastating', expert warns

"I haven't seen any COVID-19 pneumonia and neither have my colleagues," she adds.

A couple of patients she saw before her interview with Sky News were showing mild symptoms.

"They're happy, they're going on holiday," she says with something resembling a shrug. Boris Johnson is creating "hysteria", the GP who also heads South Africa's Medical Association says, adding that the UK is much better vaccinated than her country.

With tens of thousands testing positive every day, few South Africans doubt the explosive transmissibility of the Omicron variant.

Yet Dr Coetzee says the difference between Omicron and the last dominant variant, Delta, is stark.

COVID-19 passes for nightclubs and large events come into force in England as booster jabs open to all adults

Chef tom kerridge
COVID: Tom Kerridge warns 'restaurants will crumble' after hundreds cancel bookings due to new coronavirus restrictions

"Delta was terrible, it was heart-breaking. When (the patients) opened the door you just knew they were in trouble," Dr Coetzee explains.

"The next thing I had to think about was beds, oxygen, what are we going to do. At this surgery, I think in total we had 10 deaths and the patients were extremely, extremely sick."

She is asked if, three weeks into the Omicron outbreak, she has witnessed similar scenes

"No," Dr Coetzee replies.

The medic has been asked to scrutinise the UK government's response to the new strain by Westminster's science and technology committee

Britain's approach to Omicron - with predictions of one million infections by the end of the month and moving hospitals into "crisis-mode" - rankles with Dr Coetzee because she does not think the evidence supports such actions.

"They need to understand the clinical picture," she says, adding that there is a "huge gap" between "the science and what is actually happening".

"What do I give to (Omicron) patients? Do I give them the same treatment as Delta? No, you don't have to. There is no need for that."

"Do you think the UK is over-reacting?" she is asked.

"You need to take precautionary measures, you have to be prepared but don't hype it up, (don't say) that people are going to die from viral infection, that hospitals will be overwhelmed. It is better to wait and see."

...

The chair of the South African Medical Association, who helped alert the world to Covid’s Omicron variant, is still trying to persuade the British government not to panic about it. Dr. Angelique Coetzeewrites this week in the Daily Mail:

" As a general practitioner for more than 33 years, I am one of the foot soldiers who sees patients first. We clinicians deal day-to-day with real people, not statistical projections, and I can reassure you that the symptoms presenting in those with Omicron are very, very mild compared with those we see with the far more dangerous Delta variant...

In the part of South Africa where I work, there haven’t been many patients admitted to hospital with Omicron, and most have been treated at home, using anti-inflammatories, such as ibuprofen, and low doses of cortisone.

Bear in mind, too, that most of those who contract Omicron here are unvaccinated (only 26 per cent of South Africans are fully vaccinated). While this is certainly not an argument against vaccination — I cannot stress the importance of that enough — it’s reassuring to know that even unprotected bodies fight off this variant much more easily than Delta. Current data indicates that the majority of cases admitted to ICUs are unvaccinated people. "

The Fed kept on expecting inflation to fall back by itself, but all Mr. Powell’s arguments were upended as prices not only kept rising but broadened out beyond narrow categories such as energy and used cars, BUgg$r another ecomic theory down the drain. Be great if reality didnt stop chipping in. It is real, after-inflation, interest rates that matter to the economy, and higher inflation with unchanged policy means lower real borrowing rates. The higher inflation gets without the Fed acting, the more stimulus monetary policy is providing. The more stimulus money provided the omre real assets will bubble and froth in price. Like housing, now out of reach, and the prices are increasing every month. Strategy is what here? Disdvantage the youth of today?

Analysts, economists and other forecasters are no better at predicting inflation than at predicting anything else: They stink at it. As then-chairman of the Federal Reserve Alan Greenspan noted in 1999, estimates of future inflation—including those by the Fed itself—“have been generally off,” and even changes in inflation that were “doggedly forecast” never occurred. And this is big coming from a guy who spent more time off than on, so to speak.

So who would you believe ? I think the CEY story and gold is far more bankable than the latest economic theory, or prediction by the "experts".

The stockpile, pile is an iterestig option to have up your sleeve, heading into choppy waters. CEY could chop into this to decrease AISC, protect the divi, increase free cash flow for development in W Africa etc. My view is I would look at raising some form of debt at these ultra low interest rates, for development ...

best
the gnome

At the moment it would make more sens ethat there was a "merger of equals". There are quite a few good single operaiton gold mining companies who have had their SP trashed by 30% or more. It would make far more sense, if CEY found such a company, (whose operations complimeneted CEY's, so spread geographic risk, had largish reserve, resources and pipeline, .. just unloved by the market) and looked/negotiated a merger. 1+1=4 sort of thing.
Even a few in Oz which might fit the bill?
the gnome

In the good old days, one would dig a trench or a deephole, get comfortable, and move only when dangerous things got or sounded too close? How things have changed, and it makes me wonder why bother with all of the guns and bombs and nuclear submarines, and the killing of innocent largely uneducated people..this is not a conspiracy piece please...when there are other ways .

When Mario Draghi said he would do “whatever it takes” to save the euro on July 26, 2012, the spread between 10-year Italian government bonds and 10-year German bunds was about 500bp. By the end of 2014, after the European Central Bank defied multiple treaties to buy Italian bonds, that spread had collapsed to 100bp. By late 2016, this unelected technocrat (what happened to democracy is another story) had overseen a situation that drove nominal bund yields negative. It amounted to a tax being imposed on German savers (the poor bugg$rs again, that did not get shot in the trenches) that had never been authorized.

Yet other motives were in play. My contention is that those who pushed the euro’s adoption also wanted to destroy the Bundesbank. After all, Germany’s central bank had made enemies in the 1980s and 90s (no other dates please). It had effectively blocked US efforts to lower interest rates in 1987, leading to the “Black Monday” crash. In 1992, it expelled the British and Swedes from the European Exchange Rate Mechanism and then, in the mid-1990s, killed France’s economy due to the effect of a deutschmark peg that left French firms paying real interest rates of 6-7%. As a result, Buba was loved by savers globally but hated by politicians, who wanted to be able to lower rates and print money before elections.

I could go further and say that the Bundesbank singlehandedly stopped the fiat monetary system collapsing in the inflationary 1970s, as all bond markets came to be priced against bunds. This was because Buba fiercely defended the deutschmark’s reserve of value function. Thus, by the time Draghi made his 2012 declaration, the underlying political motivation of treasury officials in the US and France was probably to permanently emasculate the Bundesbank.

And the place of gold? when so many bigger ideas are going around ...

Of course on it goes and where it stops no one knows, but do spare a thought for those who fought in the trenches, and still don a uniform, but it does not seem to be where the action is happening and the real shots are being fired in our most modern of days.

go gold, those were the days and they will come again, once the people do understand what is going on and who is shooting who.

the gnome

Key takeaway:
Gold’s historical status as an inflation hedge and safe haven investment was highlighted in November.

During the month, markets signaled that owning gold in a rising inflation environment was favourable. Gold traded up by almost US$100 from the month’s low, on higher-than-anticipated US inflation prints.

Overall, we believe gold miners remain in great shape—enjoying healthy margins at current gold prices and trading at historically low valuations.

According to the US Conference Board, consumer confidence dropped to a nine-month low in November, further exacerbated by the challenges that the Omicron variant poses. During a Senate testimony on November 30, Fed Chair Powell said that it might be appropriate to accelerate the central bank’s tapering of asset purchases by a few months, given increasing inflationary pressures, and also pending more data and information on the new variant ahead of their next meeting on December 14–15. The stock market sell-off has intensified on Powell’s guidance for potentially faster tapering. Gold prices also dropped following his statements, despite a much worse outlook for inflation.

worth a read
https://www.vaneck.com.au/blog/gold/does-gold-get-back-to-work-with-transitory-retired

Thanks CI

Always a couple of ways you can read the hires

1. CEY is a more preferable employer than Barrick
2. The hires seem to be fit for Francophone countries, does this bode well for moving the West African CEY story onwards and upwards?
3. The pit wall needed fixing. I suspect the "cut back" was a biproduct of the pit going deeper, which was going to get done anyhow? Inde experts do not do this. Tend to write reports. Make lots of recomendations. Cover their bottoms.
4. The pit wall failure was a geological failure (which does tend to happen in large pits, due to a lack of proper geotechical assessment, which again hints at the past "management" being substandard or optimisitic or both) and management failure. There are viable ways to map out 3d zones of weakness priro to mining (these were not done it appears) and monitor 24/7. No rocket science here, just sound business.

Yes, be great vote of confidence in himself and his company for the CEO to buy CEY shares.

Be interesting to see how the stockpiled ore impacts on the AISC? I suspect the impact will be to decrease the AISC at a time of calling and need?

best
the gnome

Undeerlying the trouble with money, is the trouble with governments and what they do...some do their best, but its not good enough...here we go off int he wrond direction again in Oz ... commentary on the latest stimulus from the Oz Govt.

The stimulus is not needed. “The reality is that it’s availability of labour, it’s supply chain issues and it’s potential cost blowouts on fixed price contracts that are constraining the SME sector. What we’re seeing is all related to the underlying inflationary environment, where costs are being driven up by wages and to a lesser extent, supply chain blockages.”

“Allowing people to borrow more so that they can pay more for labour just creates a different problem. That creates inflationary pressures whereas if you do have open borders you can make sure we have the people to work in these jobs.”

— Glen Kanevsky, partner Deloitte

I guess govts do their best ? But what a mess

best
the gnome

pk221
You have heard it before, "but this time it will be different". With inflation rates heading up (very hard to see them coming down), and wages stuck with productivity (despite the wonderful world of the fintechs and the electric cars, climate changeologists, viruses and their endless mutations, and ...deglobalisation) you do have to spare a thought as to whats going on, and where are we headed now in our next financial (mis) adventure.

Economists and policy makers have long argued that globalization helped to lower price, so when deglobalisation happens as it is now, then one could assume that this alone will increase prices, and increase inflation. One can see protectionist policies such as tariffs and “Buy American” procurement rules, businesses moving production back to the U.S. where it will be less vulnerable to those policies, and depressed immigration inflows. In Oz we see the depressed immigration flows,(because we shut all of the doors?) and are now watching the flow on...a shortage of workers...so now we see even in the menial jobs, a dearth of workers. So businesses need stimuli, and because the economy in Oz is going so well the Federal Govt has put out another $9b stimulation package...in a bid to encourage the big banks to lend more cheap money to SME businesses...and so on the circus goes.

So the house of cards continues to be built until it becomes unstable, and all falls down, and this time it wont be that different to the last fall, and on it goes.

I look at CEY as a long term holding of a gold backed asset (almost broke out into crypto-speak!?) now in the hands of professional managers, which means I dont feel pain in the short term variations, occassionally seeing them as buying opportunities. I wont be surprised if CEY has more of a growth orientation, and in the right hands this could be a good thing. But it wont grow by MandA using its script, and so we then rely on organic growth, and they are in as good as position as any other company in this regard due to their investment in West Africa.

Yes, Batie was the lead project and is not in the investment window (one must do their Geomet studies early!) for CEY, but the other properties which led on from the Batie inspired move into West Africa, look value adding.

Also West Africa is one of the most underexplored Gold provinces in the world, where there are still low hanging fruit. Ignore the Coup detat's which come and go, and are part of the political process (pity we don't have these in the western world), and its a great place to develop a gold project. Try doing the same in Oz..LOL..red tape after pink tape after blue tape

The new CEO did alright in his foray into West Africa, and i think he will do fairly well out of leading CEY in this area.

the gnome ...

The trouble about money ...

HISTORY (brief version)
It was almost 2,500 years ago that the Greek philosopher Democritus—he who first proposed the existence of atoms—noted an inverse relationship between supply and price. Two centuries later, the Chinese historian Ssu-ma Ch’ien observed that an increase in the supply of money tends to depreciate its value and make prices rise—perhaps the earliest articulation of the quantity theory of money. Then in the 16th century the Basque theologian Martín de Azpilcueta, known to history as Dr. Navarrus, clarified that while—all else equal—an increase in the supply of money reduces its value, the demand for money also matters...and so on and so forth...

The Fed is about to start tapering its money printing. This will weigh on money growth. The question is whether the Fed’s exit will be fully offset by a pick-up in credit creation by the commercial banking sector, the other principal creator of money. Remember that when a commercial bank makes a loan, or buys a security from a non-bank player, it creates new deposits, and therefore new money. Like the Fed, commercial banks can create money out of thin air.

There are some good reasons to think banks will be ready and willing to extend more credit. Their balance sheets are stress-tested, and are in much better shape than they were following the 2008 crisis. And they have recently been easing their lending standards. So they are reasonably well positioned to take over the money-creation baton from the Fed. However, as commercial banks, they are likely to require higher interest rates than the price-insensitive Fed. At the same time, the US net national saving rate has lately started to tick down, suggesting that interest rates may not be high enough to encourage saving .

If banks do step up, and lend enough (at only moderately higher market interest rates) to keep money supply growing sufficiently quickly to sustain the current phase of the cycle, then broad equity market returns should remain positive. Bank shares and value stocks will likely outperform.

But, if commercial banks are not able to step into the Fed’s shoes (and they are big shoes to fill) then money supply growth will slow. This may prove a headwind to asset prices—and especially to the prices of the most expensive assets, including long-duration bonds and growth stocks. In this scenario, investors may want to hold a combination of value stocks and bank shares, while maintaining a sizable allocation to cash. The holdings of value stocks and bank shares will profit should the cycle continue amid marginally higher interest rates. Cash will provide a refuge in case commercial bank credit creation fails to compensate for the Fed’s exit and money supply growth slumps, threatening to bring the cycle to its close.

Q: And where sits gold?

the gnome

If you take the GBP200 of cash, the NPV of the West Africa projects, (Doropo us$240m, and I would imagine ABC will get similar us$200m), converting all to GBP 200+180+150=GBP 520

Mkt Cap=960
Residual value=share of GBP 440 .... for plant, equipment, + 10 years ore reserves and 8 years ore resources ....(M+I 290 mt 1.05gt Au 9.81m ozs Au)

really? LOL , market knows best

best
the gnome

The best way to show displeasure, is simply to band together and vote out the directors who are sitting on their hands, as has been done recently by a very minority group of investors at Exxon

"May 26 (Reuters) - A tiny hedge fund dealt a major blow to Exxon Mobil Corp on Wednesday, unseating at least two board members in a bid to force the company’s leadership to reckon with the risk of failing to adjust its business strategy to match global efforts to combat climate change.

The success by hedge fund Engine No. 1 in its showdown with Exxon shocked an energy industry struggling to address growing investor concerns about global warming. It happened on the same day activists scored a big win against another oil major, Royal Dutch Shell - a Dutch court ordered the company to drastically deepen pledged cuts to greenhouse gas emissions"

Even the dinosaurs did not see their demise coming, until it was too late

This week’s main event is the final Federal Open Market Committee meeting of the year on Dec 14-15. Some market participants expect the rate of asset purchase tapering to double; others think it will stand pat with the current pace. The arguments on either side are balanced. Persistently high inflation and improved recent labor market data favor a faster tightening. Lack of clarity about the impact of the omicron variant of the coronavirus is a reason for caution. Whatever the pace, though, the Federal Reserve is now set on a tightening course, and economic fundamentals will keep it there. As the labor market tightens, demand pull will keep pushing up inflation until the middle of 2022. At that point, the productivity boost from the capital spending boom of the past two years could become a moderating force. But US inflation will likely hover above the Fed’s 2% inflation target for most of next year.

best
the gnome.

Don

They are very exciting (if not astonishing!) grades and thicknesses of rhenium! Well spotted!

So if we normalise rhenium and gold to a per gram value
$1300/kgm=$1.40 per gram
$1800/ounce=$58 per gram

So the Rhenium intercepts:
108m @ 1230 gpt Re is equiv to 108m @ 30 gpt Au !
19m @ 5177g/t Re is equiv to 19m @ 125 gpt Au!!

etc. A few hurdles to jump over in terms of met recovery and being able to get a Rhenium rpoduct, but I know a lot of companies who would be talking very loudly to their share holders about this, putting on a plan, cross section, and putting some expert exploration commentary about this.

I feel like my pulse has returned!

Thanks
the gnome.

I am sure the BOE can slash interest rates, but there are ramifications.

1. No point in holding cash in bank...you ARE paying the banks to do this whilst your buying power rapidly deteriates
2. Following from 1. Cash will run to create asset bubbles in real assets, and has done and is doing this. We have several bubbles bubbing merrily away.
3. p/e ratios are abnormally high, and in some cases insanely high. Of course they are banking on future earnings is the waffle, but "future" waffle in such an uncertain world, full of disruptions pandemics and incompetent governments? Good luck on that one. BUt the Lemmings love it , and we know something they might not...
4. Trust as one of the most important commodities you can't buy, goes outside the room, and when this happens, prices go up, business costs likewise, regulations increase, the velocity of effective invesments goes down, and uncertainty goes through the roof.

So yes, the lunatics have a firm grip on the asylum, and the BOE may do what it likes, but I would suggest caution is not a bad position to be in.

If you have a look at the gold price before "trust in the markets" and the all enabling (and very distracted -other things on his mind) rubbish of the Clinton era, the trend of gold has been inspiring (hint, look on a linear scale)
https://www.macrotrends.net/1333/historical-gold-prices-100-year-chart
$500-$1800 in 20 years....and what has the us$ done ... purchasing parity...

"When The Economist introduced its Big Mac index 35 years ago, the ubiquitous McDonald’s hamburger cost just $1.60 in America. Now it costs $5.65, according to an average of prices in four big cities. The increase comfortably outstrips inflation over the same period."

my bet, the price of a hamburger will go to $10 !

best
the gnome.

PaulC

That would make no sense. Paper is undervalued.

Have a look at Great Bear Gold takeover in Canada ...
No Resources
No Plant
10 samples for Geomet (probably << ).001% of the volume of mineralisation
us$1.4b upfront
https://greatbearresources.ca/site/assets/files/3750/gbr-corporate-presentation_12-2021.pdf
Anyone like to work the numbers on this acquistion.

best
the Gnome

SJ

The gold price floundering is setting the price at the moment, and the LOM plan for Sukari was largely positive (not overly inspiring) in a LOM time span, but not so pleasant for the short term. I read the LOM now being well in excess of 10 years now, and continue to be intrigued about the underground potential.

So to the heart of the matter..the price of gold ...

Been going back over some notes circa 2007/8. In his Fall 2008 GMO letter, Grantham commented on his evaluation of the underlying causes of the then-ongoing world credit crisis:

"To avoid the development of crises, you need a plentiful supply of foresight, imagination, and competence. A few quarters ago I likened our financial system to an elaborate suspension bridge, hopefully built with some good, old-fashioned Victorian over-engineering. Well, it wasn't over-engineered! It was built to do just one under favorable conditions. Now with hurricanes blowing, the Corps of Engineers, as it were, are working around the clock to prop up a suspiciously jerry-built edifice. When a crisis occurs, you need competence and courage to deal with it. The bitterest disappointment of this crisis has been how completely the build-up of the bubbles in asset prices and risk-taking was rationalized and ignored by the authorities, especially the formerly esteemed Chairman of the Fed. ..."

I ask myself, 'Why is it that several dozen people saw this crisis coming for years?' I described it as being like watching a train wreck in very slow motion. It seemed so inevitable and so merciless, and yet the bosses of Merrill Lynch and Citi and even U.S. Treasury Secretary Hank Paulson and Fed chairman Ben Bernanke – none of them seemed to see it coming.

Well somethings do not change eh? Political and economic competence went missing a decade ago. No lessons learnt.

In the southern colonies we have state borders getting opened and shut like a sh@t house door in a storm (pity the poor tourism operators as the planes are still at 50% and getting less, which wshes into hotels, tourism operators etc), people preferring to work their way and at their pace, and get a pay rise for it. If not out on strike. Since early November the A$ has been descending from 75.5 US cents and is now hovering around 70 US cents. Chinese developer Evergrande is likely to be in default, amid reports it has missed a final bond payment deadline, but ... markets are shrugging off the news amid stimulus from China's central bank.

Just wish John Lennon would come back and give us an update in "Gimme some truth"...41 years ago, how time flies
https://www.youtube.com/watch?v=UaiGABTj0aA

best
the gnome

In the discussions today I would like to see the following (I assume they are only talking about the Life of Mine of Sukari)

1. Definititon of all assets with the trucking distance of the plant, that CEY is aware of, but not necessarily owned by CEY
2. For those assets owned, discussion on their potential worth, in terms of their utility, $cost, $value and development.
3. Whats the time frames for these assets to be brought into cash production, esp free cash production, and what this does to future cash flows
4. I would expect to hear they are handling Mine site exploration, and in-mine exploration (two different ares or volumes of exploration). What there targets are in terms of volume and grade, and what budget and waht exploration flow of activites and time frames are going to be needed to test these.
5. Like to hear about their reconciliation history, and how they are going to improve.
6. Like to hear about their bottlenecking in terms of time and money. Where are the present suite of bott;enecks, what are they doing to rectify.
7. LOM risk mapping, where are the high value risks , where are high probability etc ....
8. Plans when the reserves run out ... and perhaps this is where we get the update about opportunities in egypt outside the trucking distance, and West Africa...

All ears here!
best
the Gnome

I think Mr Goxx (the hamster, now deceased) would have had Libernums measure well and truly in terms of share price prediction.

One of the perennial arguments about stock market trading is whether the markets can be predicted (anything much for that matter)—or whether you'd be better-off just randomly picking some stocks and hoping for the best. The latter is a very basic summation of the random walk hypothesis, a foundational financial theory still argued-over today.

Mr Goxx's performance was stellar, overheads very lean, and the only real capital was in the design of his office, the Goxx Box. So perhaps those serious about predicting share prices etc should invest in 1 hamster and build their own Goxx Box. LOL. But I wouldnt go near Libernum?

best
the gnome