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What utter bullsh*t some of these these market analysts and traders talk to try and justify what is blatant manipulation with paper contracts to control prices in favour of the USA
The US & FED wont be able to keep the price of gold down like it has done in the past foe very much longer because the Chinese have the real billion not the paper stuff and they will be able to buy with a gold back currency soon.
Lets wait and see what happens after the weekend especially if Iran carries out it's threatened strikes!
A massive rally in gold and silver brought new attention to the precious metals market early Friday; however, it has also prompted warnings from some analysts that investors shouldn’t chase prices at current levels
https://www.kitco.com/news/article/2024-04-12/silver-can-still-outperform-gold-even-after-hitting-brick-walls-friday-2990
Dave Kranzler, publisher of the popular Mining Stock Journal, to analyse drivers behind the current physically-driven gold and silver bull run.
The precious metals experts take listeners through the current drivers of short-term market movements, including the possibility of unforeseen black swan events and the now beta-tested BRICS currency.
https://www.youtube.com/watch?v=gzqMJ1dMJFE
The U.S. government may be tempted to restrain gold prices, but this would only serve to drive bullion higher, according to the latest GREED & fear report from Christopher Wood, Global Head of Equity Strategy at Jeffries.
https://www.kitco.com/news/article/2024-04-12/any-us-attempt-restrain-gold-price-would-backfire-jeffries-christopher-wood
Fifty years ago, on 18th March 1968, Robert F Kennedy gave a speech at the University of Kansas in which he famously questioned the authority of the Gross National Product (nowadays more often called the Gross Domestic Product or GDP) as a legitimate measure of national wellbeing. The GDP ‘measures neither our wit nor our courage, neither our wisdom nor our learning, neither our compassion nor our devotion to our country’, he said. ‘It measures everything in short, except that which makes life worthwhile!"
https://cusp.ac.uk/themes/aetw/rfk-gdp50/
From the BBC programme’s website:
For nearly a century, governments around the world have measured the health of their economies by a single metric: GDP, or Gross Domestic Product. It measures a country’s economic growth, and over the years has become a shorthand for national progress; a rising GDP is generally understood to mean more people in work, more companies in business, living standards on the rise.
Yet, as experts have argued for decades, there is a lot that GDP leaves out. While it measures the value of all goods and services produced and consumed in an economy, it doesn’t account for nature, wellbeing, or planetary health. To GDP, a 100-year-old carbon capturing tree is worthless until its chopped down and sold as timber. Cleaning up after disasters, such as extreme weather events, improve GDP due to the increase in spending – even as people and planet suffer the consequences.
In an age of climate breakdown, many economists are arguing that our obsession with GDP is damaging the planet. So is it time to ditch GDP as a measure of progress and come up with a new metric that puts sustainability at its core?
Presenters Jordan Dunbar and Tanya Beckett are joined by Kate Raworth, Senior Associate, Oxford University, Tim Jackson, Professor of Sustainable Development, University of Surrey, Jayati Ghosh, Professor of Economics, University of Massachusetts, and Celestin Monga, Visiting professor of public policy at Harvard University.
https://www.bbc.co.uk/sounds/play/w3ct2drv
https://cusp.ac.uk/themes/aetw/bbc-climate-question/
Hi Lucky,
Fantastic analogy, yes the lending of the wheat seeds worked very well, problem is today for our bankers that it doesn't work with leveraged up sacks of paper seeds!
kind Regards
Tibbs
(Kitco News) - The gold market continues to ignore solid U.S. economic data has it hold initial support above $2,350 an ounce even as the U.S. labour market remains relatively healthy.
https://www.kitco.com/news/article/2024-04-11/gold-price-remains-above-2350-weekly-jobless-claims-fall-11k-back-its
Hi Tony,
Glad that you found it interesting, I only wish that more people would challenge their political representatives, unfortunately they don't and this is why most of the political parities when in power are able to keep making the ordinary people pay for their governments failed policies and the incompetence and greed that is the banking sector and the stock market!!
We also need proportional representation in the UK !
https://makevotesmatter.org.uk/sign-petition/
https://makevotesmatter.org.uk/
Hi Mr Gnome,
Information and debate about the unfit for purpose and corrupt monetary policies that govern ordinary peoples lives (although most are ignorant of it) are never off topic, they are all relevant to wealth and investment, so thank you!
This organisation has been trying to challenge our UK government and BOE on the the failed monetary policies for several years now, unfortunately those in power just what to keep the broken system going for as long as they can.
Since 2010 Positive Money has been working to educate the public, politicians, economists and the media about where money comes from and how banks work.
https://positivemoney.org/what-we-do/magic-money-tree/
The European Central Bank (ECB) will issue its interest rate decision on Thursday morning, and while markets are not predicting any change to the rate at the April meeting, expectations are ramping up for them to kick off the cutting cycle soon.
But across the pond in the United States, a stronger-than-expected economy coupled with higher-than-expected inflation readings are pushing the prospect of rate cuts from the Federal Reserve further into the future.
https://www.kitco.com/news/article/2024-04-10/ecb-fed-divergence-and-political-upheaval-could-roil-currencies-and-boost
So what was that all about then, the increase in CPI was a bit of a wet fart that didn't have the usual effect the traders were expecting , no surprise really because the genie is out of the bottle, the American dream no longer has a chance of becoming a reality, if it ever did, because the US banks have been using a government crock of created money (Debt) to buy even more government debt (Bonds) backed by the dollar!
I doubt they will keep gold down for any length of time now now which is good for Centamin and it's share holders and they certainly deserve some golden flips flops more than ever!
No US bank is safe, implosion coming!
https://tinyurl.com/f6prwxn7
Zang pointed out that every single bank is insolvent because of what the Federal Reserve has been doing.
“They've been buying up all of this government debt with interest rates at zero or even negative. Now that the interest rates are pushed up to quote-unquote fight inflation, all the valuation of that debt is way underwater. It’s not just commercial real estate,” she said. "If the valuations of all the banks, including the central banks, are based on debt, which they are because the entire system is based on debt. Those interest rates have pushed down the market valuations of all of that debt.”
The BBC were explaining why there may be a case for making informal mining safer and less environmentally damaging.
Around 60 people have died in an explosion at an informal mine in Burkina Faso
https://www.bbc.co.uk/programmes/p0bqmljh
Despite its negative aspects, the contribution of small-scale mining to the resource sector and social development cannot be disputed. About 15% to 20% of the world’s non-fuel mineral production comes from this sub-sector.
https://theconversation.com/why-it-doesnt-make-sense-that-all-informal-mining-is-deemed-illegal-57237
Not all mining is carried out by large-scale corporations. According to the World Bank, small-scale or ‘artisanal’ mining provides direct income to some 40 million people across 80 countries (in comparison, just seven million people were working in ‘industrial’ mining in 2013). Often informal and inefficient, it nevertheless accounts for 20–25 per cent of the global production of gold, tin, tantalum, diamonds and cobalt. It has a significant environmental impact, too. Alluvial gold mining – when gold is extracted from stream and riverbed deposits – in Madre de Dios is estimated to have led to the deforestation of more than 1,000 square kilometres of tropical rainforest, leaving behind hundreds of mining lagoons.
https://geographical.co.uk/science-environment/artisanal-mining-is-leaving-a-trail-of-devastation
All oppressive regimes of whatever political persuasion are capable and guilty of environmental damage the world over and caring about our planet and its environment should be high on the agenda of every government or political party .
I am not accusing Centamin of any illegal activities quite the contrary!
What I am saying is that in general the majority of corrupt and oppressive regimes care not a jot about the long term environmental damage or the detrimental affects on the well being of the local workers and communities due to the unregulated the informal and illegal mining.
Illegal mining activities can contribute to skill mismatch and job losses
https://mpra.ub.uni-muenchen.de/117637/1/ILLEGAL%20MINING%20%20AND%20EMPLOYMENT%20IN%20GHANA%20FINAL%20PAPER%20FOR%20MPRA.pdf
Fair comments Dasut,
Yes not easy, to say the least it would require far more co operation between governments and law and other enforcement agencies and market regulators than exists at the present!
Good points Mr Gnome, the damaging effects of illegal and unregulated mining are all too often ignored by the markets, corrupt governments and the supposed regulators
At first glance, the Amazon rainforest of Peru’s Los Amigos Conservation Concession might seem like a pristine wilderness. Brightly colored birds flit through the jungle. A dense canopy of trees echoes with the cries of howler monkeys. Jaguars pad quietly through the shadows. Giant otters swim in Cocha Lobo Lake. But the forest is hiding a toxic secret: It is tainted by mercury at levels as high as those found in industrial regions in China, according to new research.
The mercury is the product of hundreds of illegal, small-scale gold mines, and is leaving its poisonous fingerprint in forest wildlife. “These forests … are receiving an enormous load of mercury, and the mercury is indeed entering into the food web,” says biogeochemist Jackie Gerson, a postdoctoral researcher at the University of California, Berkeley, who led the research as a Ph.D. student at Duke University. The new study, the first to describe such effects anywhere in the world, is another strand in the growing web of evidence that connects mining to mercury pollution in rivers, fish, and forests.
Gold mining has recently outstripped coal burning as the world’s single largest source of airborne mercury pollution, annually releasing as much as 1000 tons of the potent brain and reproductive poison into the atmosphere. Using mercury to extract gold is a miner’s dream: The cheap, liquid metal, when mixed with a slurry of water and raw ore, binds with the precious gold. Miners then heat the globs of mercury and gold until the mercury burns off, floating away as a vapour.
https://www.science.org/content/article/illegal-gold-mines-flood-amazon-forests-toxic-mercury
T21A,
This conflict is yet another that is contributing to the general global uncertainty and the Myanmar military junta is involved in supply of illegal gold to help fund their corrupt regime which is certainly contributing to the detrimental effect on the POG from regulated mines and their overall value.
There has been a rapid expansion in illegal gold mining in Kachin State since the Myanmar military’s 2021 coup, with illicit gold mines operating around Myitsone, the confluence of the Mali and N’mai rivers, as well as along those two rivers and in Sumprabum and Putao, the northernmost towns in Myanmar.
31 Mar 2023
Aggressive and unregulated gold mining since Myanmar’s military coup two years ago has ravaged the land around Indawgyi Lake.
https://www.youtube.com/watch?v=iRji0vrzWmA
Illegal gold mining expanding unchecked under junta in Myanmar’s Kachin state
Residents say administrators take bribes to look the other way as their livelihoods are destroyed.
By RFA Burmese
2023.02.14
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Illegal gold mining expanding unchecked under junta in Myanmar’s Kachin state A gold mining site in Kachin state, Myanmar, Feb. 14, 2023. Mines are supposed to have a minimal environmental impact on the local population.
Screenshot from citizen journalist video
A rapid expansion in illegal gold mining since the military coup is poisoning the water supply in Myanmar’s Kachin state and destroying the livelihoods of residents who say the ethnic Kachin group that administers the region has failed to police the sector.
Illegal mining of gold, as well as jade and rare earth minerals, is rampant in Kachin state, where successive governments have failed to regulate the industry for generations. However, the number of unsanctioned operations has ballooned since the military’s Feb. 1, 2021, takeover amid conflict between junta troops and armed resistance forces in the region.
Residents of Sumprabum township told RFA Burmese that illegal gold mines had “nearly doubled” in Kachin state since the coup and are devastating the environment, despite local protests.
“They used to dig in areas farther from our village but now they are digging quite close,” said a resident of Hpon Ing Yang village who, like other sources in the area, declined to be named citing fear of reprisal.
https://www.rfa.org/english/news/myanmar/mining-02142023165243.html
Authorities have suggested a crime syndicate looking to evade taxes in Japan may have been behind the operation.
Hong Kong is one of the world's largest gold trading hubs and prices of the commodity have been rising amid geopolitical uncertainty.
https://www.bbc.co.uk/news/world-asia-68761514