Member Info for goldgnome

Looks like they are giving up with the human driven exploration, and into new fields

"1) Exploration Data Scientist
- Run machine learning simulation models for exploration projects.
- Get Involved to generate and update geological interpretations and models based on machine learning insights"

should be interesting

I am always amazed how many boards one can sit on in the UK. Oz is similar. Even as a NED. There is the concept of fiduciary duty, ..."The three fiduciary responsibilities of all board directors are the duty of care, the duty of loyalty and the duty of obedience, as mandated by state and common law. It's vitally important that all board directors understand how their duties fall into each category of fiduciary duties."
It does imply a limited talent pool?
I do wish the world would hurry up and get rid of the US$ as the world reserve currency. Its happening, but far too slowly. Usual conflict of interest stuff...sigh

the gnome

The fastest part of the Australia economy was....THE SWAMP....OTHER WISE CALLED THE AUSTRALIAN CAPITAL....deeply worried when the swamp grows faster than the productive parts of the economy! Great days ahead for gold

The other thing that is missing (has been for along time) is trust and credibility by the central bankers and governments.
When this disappears then the price of transactions goes up, slows down (more checks and balances), productivity goes down, and social unease goes up. As I have mentioned these are great times for some social upheavals, and they have to be on the way.
[I guess Boris is in the bunker at 10 Downer St, drawing up invasion plans for Scotland],
.... beware the Picts Boris, [just some friendly advice from the Colonies]

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the gnome

Yes, the inflation figures are misleading at best. We have very low inflation in Australia from the government's opinion, its just that at the moment houses and apartments are selling so quickly (prices going up by 10+% in last 3 months) that a few real estate agents have done away with home opens. Just straight post to the web site, phone starts ringing within 4 hours, offers flow in, price goes up (again). Rental vacancies in Perth below 1%, and Mandurah below again.
So inflation, well what can one say. Fine if you don't factor in the cost of putting a roof over ones heads, and finding a rental property in the mean time?!

An utter joke...

the gnome

Some things don't change Mr T!

Well to create massive change you need a crisis and a bubble. Tick and Tick.

But also very low equilibrium interest rates have in the past coincided with wars, financial crises and abrupt changes in the banking system. Tick.

We hear the drums of war being beaten between the US and China. Sigh! Tick.

All good for gold!

So what's to reset?
The present financial system is archaic, contrived and inherently unstable and strongly prejudiced to the US. The US in turn have used and abused their exorbitant privilege, until it is no longer socially acceptable. The tiff with China would be more about losing their exorbitant privilege, which has to happen, for the sake of fairness and stability.

Debt is manageable when you create the debt using your own currency. But that's not what happens.

There are very clearly other alternatives in form of Central Bank Digital Currency (CBDC). ... still need some fine tuning. The potential is certainly there.

> Immediate asset availability – CBDC may be available immediately for consumers and businesses to spend, without any waiting period.

>Immediate access to liquidity – CBDC may be highly liquid, with liquidity generated instantly on demand.

>Transaction efficiency – CBDC transactions are fast and immediate, with improved efficiency that avoids lengthy back-office reconciliation processes.

>Transaction security – each transaction may be tracked and the possibility of double spending is eliminated...money laundering, offshore swirls etc

....they are trying, its just that it is taking some time...
https://www.investopedia.com/terms/c/central-bank-digital-currency-cbdc.asp
The CBDC will be backed by real assets, and no surprises where gold will fit into that.

And for the last RESET?
The International Tax System is way overdue to be fixed. Why not make a corporation pay tax where they earn their revenue. Almost laughable that the big 4 accounting firms consult to governments to write the tax legislation, and then can paid by Corporations as to how to avoid it. Really productive stuff!
"Dirty money, tax havens and the offshore system describe the ugliest and
most secretive chapter in the history of global economic affairs. The World
Bank has reported that the flow of dirty money across borders, out of
developing countries and into rich ones, is up to ten times the amount of
foreign aid that flows the other way."
N Shaxsom, 2012

enjoy the weekend, been a good week at the office, sun is shining, birds singing

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the gnome

still radical threats and lockdowns and outs in Oz. This is not going away, as we have a "snuff it out 100%" policy, which has never worked with any virus in a few years....even if you have competent govt and management which are lacking in Oz

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the gnome

Well we have had silver squeeze, and now we have a uranium sqeeze. Gold starting to gather momentum.
As they made clear in the Princes of the Yen, the best way to ferment change is to have crisis and a bubble, and we have both now in full swing, with the bubble in the crypto space.
I think there is knowledge about this sort of financial engineering, which is seeing people rush to REAL ASSETS, except the speculators who are still rushing for the crypto of the month.
The REAL ASSET is land, water, food, security and gold. Has stand the test of time, and I suspect will stand through this test.

Remaining impressed with the new Management team, and of course the up-coming revelations of the West African monetarization.

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the gnome

I am not sure why the Chinese, Asian and Indians would bother listenoing to the US. It has been painfully obvious where the US's allegainces lie, ...with the US. If you look at the demographics, the US market is 1 billion smaller than Indias. In fact the pop of the Asian Group is north of 3.2 b, and the US is about 330m. The weight of population, sensibility, age distribution has fled to the east. The rest of the matters will catch up, and it wont take too long.

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the gnome.

Very few real audits on any aspect of the financial system lol

Good luck all!

The gnome

Exactly, they are setting up all the right behaviours!

Ethereum just joining the high ranks, up 9 % in last 24 hours, and lobbing in at Mkt Cap of $400b. More than Rio and BHP combined!

Interesting times, and what price a dutch tulip?

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the gnome

Going back to the left now in USA. One extreme to the other
>Wealthy families could face combined tax rates of as much as 61% on inherited wealth under President Joe Biden’s tax plan, according to a recent analysis.
>Biden’s plan proposes to nearly double the top tax rate on capital gains and eliminate a tax benefit on appreciated assets known as the “step-up in basis.”
>The combined tax rate would be the highest in nearly a century, according to the tax policy research group.

https://www.cnbc.com/2021/05/03/wealthy-may-face-up-to-61percent-tax-rate-on-inherited-wealth-under-biden-plan.html

should put a fire under someone?!

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the gnome.

There is a lot in play with the new King of the old World Order, Joe B.
>President Biden’s proposed $1.8 trillion American Families Plan on top of his $2.3 trillion American Jobs Plan and his $1.9 trillion American Rescue Plan makes the biggest increase in government spending since the big Roosevelt increases.
>Big increases in spending will be partially funded by big increases in taxes (especially on companies and the rich) and partially funded by large increases in debt that has to be sold to a) investors who already hold too much of it and are disincentivized to buy it by the low real interest rates, and b) the Fed, which probably will be incentivized to buy enough of it to prevent an interest rate rise that would be too painful to bear. The most likely effects will be higher inflation and a declining dollar relative to other assets,
>the capitalist profit-making system is the best system for increasing the size of the pie, but it has not been good enough in dividing the pie well...so away we go to the left

More at below link
https://www.linkedin.com/pulse/biden-tax-spend-plan-big-cycle-swing-ray-dalio/?published=t

The missing pieces have been

1. the lack of alignment with the value of currencies and scoieties values.
2. the rise of cryptocurrencies, inspired by we know not whom, who designed an algorthm, which generates numbers we store and treasure, in creating the bitcoin, which is now capitalised at $1 trillion, which is more than half of the $2 trillion value of all cryptos!

Values?
Employment creation?
>The Block has analyzed 158 companies exclusively involved in blockchain and cryptocurrencies
>At least 50 companies in the blockchain industry currently employ more than 100 people
>The largest is Bitmain with 1,500 employees, followed by ?Huobi (~1,300), Coinbase (~1,000) and OKEx (~950)
More than 42% of all people in the blockchain industry work for cryptocurrency exchanges, another 10% for mining hardware manufacturers
https://www.theblockcrypto.com/genesis/44300/research-42-of-blockchain-industry-employees-work-for-exchanges?utm_source=rss&utm_medium=rss
Crypto's value to the communities they work in and support them?

A contrast?
In Australia the Gold Industry employed 27,000 people in 2015, and did a few more things for the community
EARNINGS $16b
Australia exports gold to more than 55 countries.
ROYALTIES $2.4b
Royalties paid by the industry since 2005-06. In 2014-15, the industry paid $317 million.
HIGH WAGES Ave $143k
Average wages in the gold industry exceed $140,000 – 70 percent above average.
EMPLOYMENT
More than 27,000 people were directly employed by the gold industry in 2015.

PRODUCTION
Australia produced 9 million troy ounces in 2015-16, 10 per cent of global gold production.
A conclusion?
Trying to put gold in perspective, but tehcrypto is a misalignment of value and societal values.
but DYOR of course.
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the Gnome

Lot to like about the future of gold. Basel 3 included

In December 2020 the U.S. monetary supply had grown 1,600 per cent since 1975 whereas gold supply grew only 100 per cent in the same time period.

This year, the U.S. money supply grew by 20 per cent, and there is a fround swell that predicts gold will reach US$2,100 per ounce by 2021 and US$2,500 per ounce by 2025.

Have a look at the crypto market caps...eye watering stuff. A complete decoupling of value from values in my view. A pre-requisite for a bubble.

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the gnome

Sotolo

Dare I suggest to you that if all the traders are trying to get all of the gold holders to sell (they do this by all prediciting POG to go down- not suggestion of collusion, as that of course does not happen), then they are trying to get themselves all set for the next leg up in the POG. Everything is not as it seems, especially in the marvelous cartel or some would say cabel, of traders.

the gnome

Thanks Mr T, good catch! CEY will have to do something more in Burkina Faso, than shift the chairs around, so to speak. I think it is unreasonable for any company to own assets in a poor country, and just sit on them.

If gold needs a leg up, it is nearly here now. I have commented before on negative real interest rates in Australia, but now negative interest rates for your hard earned fiat money in the financial instiutions of choice, the Banks. Remarkably stupid end game.

Danske Bank lowers the threshold for the charging of negative interest on personal customer deposits from DKK 250,000 to DKK 100,000 and introduces an interest rate spread of -0.75% to -1.00% p.a. for business customers. Small businesses will be charged the least negative rate of -0.75% p.a. The changes will take effect on 1 July 2021.

The prospect of interest rate levels continuing to be negative combined with a steadily increasing deposit surplus means that Danske Bank will be changing the interest rate terms for standard deposits with effect from 1 July 2021 for both personal and business customers.

Change of the threshold for the charging of negative interest on personal customer deposits with effect from 1 July 2021
https://danskebank.com/news-and-insights/news-archive/press-releases/2021/pr26042021
So in summary

1. Yes you will continue to be paid in fiat
2. Yes your fiat will decrease in purchasing power every day
3. and if you are stupid enough to not spend and try and save by lodging with us, ...> Yes we will charge you money to keep your fiat with us

So what a brave new world we see emergung from the endevaours of the utterly incompetent. What behaviours do they ever think they are trying to induce in us?

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the Gnome

The only thing I can think of in regard to Burkina Faso Project

1. The project does not meet CEY invetsment criteria (but of course may meet others)
2. Following from 1. CEY was required to bring the project into Mining by a certain date which has passed, or risk losing the investment/lease. They hence were reluctant to do the resource upgrade, which would increase the ounces as seen by investors and Burkina Govt, and increasse pressure on them to get the Project into Mining, or leave or sell
3. They have had a data room open for other companies, so the project is known. They obviously have not been made an offer which gives them recompense of monies spent, plus a suitable return? One inference is that CEY overcapitalised on the Project through their exploration to date. Might need to do an asset right down? to make the economics work?

Perhaps I am being kind?
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the gnome

https://www.youtube.com/watch?v=V3MNVL6fTgk