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Great decision by Brussels, this may help stop some of the short selling in gold etc.

https://www.reuters.com/article/lbma-gold-regulations-idUSL8N12J3CS20151019

More scaremongering by lhe LBMA desperate to keep the status quo

https://www.bullionvault.com/gold-news/gold-market-lbma-101720162

The London Bullion Market Association today told Reuters that Brussels has rejected its call to reduce the level of cash which banks must hold against positions in gold, set to jump in 2022 and potentially forcing the City's bullion banks to quit the business even after Brexit.

"We are still optimistic," says LBMA general counsel Sakhila Mirza, hoping that the European Banking Association – to which the EU has referred the decision – will recognize the gold market's deep liquidity and lower the required funding ratio from 85% to 50% or preferably zero.

While the US-based Comex exchange saw a daily average of $31.3 billion in gold futures contracts change hands last week, the London bullion market traded $37.4bn according to the latest data released today.

The EU is right to insist on VAT being applied to at present tax free gold futures/commodities trading, (£7.4 billion from last weeks at present tax free trading that could be spent on the NHS and other public services for everyone!)

Hi GoldGnome,

Yes I quite agree about Goldman making the market move whichever way it decides, something Andrew Maguire ha been stating for years now.

Thought you may find some past note from Goldman interesting , seems there have been problems on production before
05.11.2014
Commentary: Centamin (CEY.L; 52.3p): Guidance at Sukari reduced to 370-380koz on reduced productivity and lower expected grades; -ve
By Eugene King , Yulia Chekunaeva , Abhinandan Agarwal and Christophor Jost
Published 5 Nov 2014 1:06:37 pm IST
Centamin updated its guidance at Sukari for FY14 this morning at 7am UK time.
Headlines
• Centamin reduced its FY14 guidance to 370-380koz from 420koz originally. Although this was largely expected (given that 60% qoq increase was required) we believe that it will likely be taken negatively by the market. We highlight that the impact on NPV is minimal especially given that expanded ammonia nitrate capacity has been approved which paves the way for greater then 500koz production from FY15. However, we expect the stock to trade down post this announcement especially on the back of lower overnight gold prices.
• Guidance for Sukari was reduced from 420koz to 370-380koz at a cash costs of US$700/oz. This was attributed to reduced monthly plant productivity during October and lower expected grades in 4Q. Production in 4Q however is expected to be at an annualized run-rate of 450-500koz i.e. between 110-125koz.
• Open pit grade however continues to improve and with the granted increase in Ammonium Nitrate usage having taken place in 3Q material movements from open pit have increased. Further increases are expected during the remainder of the year and into 2015 as the 10mtpa process plant continues to be optimized.
• We highlight that the impact on NAV is minimal and given that the company has confirmed the expanded ammonia nitrate has been approved which paves the way to >500koz.

Also interesting the outlook for gold mining
11.08.2016
http://www.forbes.com/sites/greatspeculations/2016/08/10/gold-can-really-get-expensive-if-miners-dont-start-digging-up-more-of-it/#4f9102182f4c
Goldman Sachs analyst Eugene King "we have only 20 years of known mineable reserves of gold.”

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