Member Info for nero120

Gold is under pressure because bond yields are rising, typical algo trade. Fundamentally yields have a LONG way to go before they are positive in real terms (after real inflation is accounted for) and central banks will step in and buy those bonds with their printed currency before they get too high (you might have heard them talking about "yield curve control" lately) so gold will continue to rise in the medium-long term.

That should probably read "stop the mine build from being completed and starting operations" - what I would give for an edit button!

Tester the answer to your question is straightforward but is another question, i.e. does not having 100% of the land stop the mine from being built? If the answer is yes then I doubt anyone would provide funding for the mine build to go ahead due to the risk that the remaining land cannot be acquired for whatever reason, even if the changes are high that the remaining land *can* be acquired. I just don't see anyone handing over the cash wothout guarantees in place, but that's really just me using logic as opposed to actual knowledge/experience.

Speaking of drivel...

Absolutely tester, for me it's all about financing news. Once that is out the market will know the precise cost, dilution, mine output and timescales. Plus, by then we'll also know if any other producer (calibre/rio?) will be investing or if we are going at it alone, which the market would really love. Come on MC get us over the line!

Up over 9% and challenging $30/oz! Would laugh if it was reddit that finally broke the metals manipulation. Wonder what First Majestic will look like this afternoon...

Slight pop in First Majestic today - up over 30%!! Not bad for a billion dollar company. Those shorts must be having a bad day...

Realranger don't forget that Mark has assembled a great team around him, both in board and management. He brought on Aiser Sarria Sirias as general manager of mina la india who was previously mine superintendent at el limon mine, invaluable experience to bring mina la india to production. If Mark could not bring the right talent on board Condor would never have gotten to this point where we are on the cusp of production.

We must give him the benefit of the doubt regarding set backs that are out of his control, as long as they do not deal the company a fatal blow. From my time as an investor, Mark has always struck me as thorough and prudent, and I would be very surprised if he doesn't have a plan b for most forseeable issues.

Absolutely ISA. Mark has proved himself capable but more important trustworthy. It is amazing to me that investors want to throw the cat amongst the pigeons and bring in some unknown entity because things aren't moving fast enough for them. Until Mark makes a serious error I will continue to have faith in his ability to lead the company to success.

At the risk of derailing, why such a large sell off?

Tester you illustrate exactly why the COMEX price is irrelevant. As the US (and the west) tumbles further into the hyperinflationary abyss the COMEX will probably still report that the gold price is < $2k (or at least, much less than the market price). All that this means is that there will literally be no physical gold available for delivery (in institutional size) anywhere at the COMEX reported price (which is actually true as of this moment if you listen to certain institutional gold market commentators). For gold miners, this means that their cash flow will balloon as the price of the dore bars they sell into the market keeps increasing whilst the COMEX price stays flat.

Central bank money printing has pretty much corrupted every aspect of western society, especially financial markets. Many institutional players know this and so they don't look to things like the COMEX for price discovery anymore for physical at least, it's just a digital casino with no connection to the real world.

One thing that will be interesting to watch play out this year is the number of COMEX contracts standing for delivery at contract expiration periods. These numbers have been increasing suggesting that the COMEX is being raided by large players trying to get physical gold and silver in size when it's not available (for the futures price) anywhere else, which is exactly what we'd expect to be happening when the price is artificially low. If this continues, there will come a point (soon) when the COMEX (and LBMA which was being used to help ease the delivery pressure) no longer have any physcial metal available for delivery (that hasn't already been spoken for). At that point will they allow the price to rise? Maybe they'll start a new war in order to steal some physical gold to keep their corruption going a bit longer. Time will tell.

At the current spot gold price, £100b is approx 75m oz/2300 metric tons. First of all, there is probably not anywhere near that amount of gold available to buy, and secondly, if the market got wind that a western sovereign nation (especially the UK) was looking to buy that much gold it would light a fire under the price the likes of which has never been seen, and might even trigger a global financial crisis!

I can't even begin to imagine the ramifications of a nation printing money outright to buy scarce strategic assets. Actually I can, geopolitical chaos if not war, and massive price inflation measured in that nation's currency (if not hyperinflation).

To put it more succinctly, it's a bad idea.

Realranger, Gordon Brown sold Britain's gold in order to bail out bullion banks caught short as the price rose. A clue would have been that he announced the sale of significant amounts of physical metal in advance, not something you typically do when trying to achieve the best price...

There is zero evidence that anyone is buying bitcoin as a safe haven over gold and it in fact makes zero sense to do so given it's a digital "asset" (how safe is anything digital?) and it's incredibly short history (not even seen one business cycle). What makes far more sense is that the price of cryptos are rising for the same reason that the price of Tesla shares or property is rising - speculation. Grotesque speculation has infected anything financialised since central banks started printing money with abandon, and bitcoin has been captured by the same bubble.

Gold and silver prices are being held back on the paper exchanges (i.e. comex) but all that does is further detach those exchanges from the real price of physical, making those exchanges increasingly irrelevant for price discovery.

Personally, I see it playing out this way. Central banks will increase the rate of printing as govs run increasingly larger deficits with a bond market unwilling to purchase gov bonds at lower and lower real interest rates. Those real interest rates will fall even further negative as the rate of inflation increases (which govs will continue to underreport). The price of gold and silver as reported by comex etc will increase, but not nearly as much as the price of real physical metal (the reason is that central banks do not want their printed fiat hot money finding it's way into the metals markets as that would hasten the "reset"). At some point, foreign gold exchanges will being reporting the market price of gold and any physical left in the west will move east due to arbitrage. The reset is inevitable as the purchasing power of global currencies are inflated away, and a new "bretton woods" or some such lays down the new rules for global commerce, this time likely involving no global reserve currency but multiple digital currencies backed in some way by gold as a foundation of trust.

Inflation will explode this year with the biden administration blowing out the deficit and the fed directly printing the money to fund it (as the BOE demonstrated recently).

I believe we're in the endgame now.

OUCH!!!!

Relax much. The comex price is simply the price of a paper contract, no gold producer, or merchant is obliged to sell their physical at that price and in reality no one does!! Do you really think when 4000 comex gold contracts (at 100oz each!) are dumped on the market in a matter of minutes they are selling real physical gold?? NO! The more they smash the price on comex, the more irrelevant the comex becomes as it diverges from the market price of physical gold. Unless governments order people to sell gold at the comex price then there is no issue, let those criminals who operate on comex do what they want.

No one sells their physical at the comex price, and neither will condor.

Finite amount of a digital code? As I already said seingred, crypto proponents arguments are non-sensical. But you believe whatever you want to believe.

Sorry bigdog, wasn't having a go at you personally. Bitcoin/cryptos are a fantastic speculation and for sure you can do well. But remember one thing - there is no way of actually valuing it which means $40k is as likely as $5k is as likely as $1m is as likely as 0. All the technical (trading) arguments are as always simply as function of psychology of market participants, not anything to do with fundamental value. This is a huge mistake that crypto proponents make.

"ISA, Don’t forget how many times Bitcoin has been in a bubble over the past decade"

decade?! Bitcoin hasn't even seen a real business cycle yet!! Honestly, no offence bigdog but sometimes I wonder if crypto proponents can actually hear how ridiculous they sound? The arguments are non-sensical.

For example, the other day when gold was hammered 3% due to treasury yields rising, the MSM said this was because bonds drew money away from safe havens, and not minutes later would then claim bitcoin is replacing gold as the inflation-hedge/safehaven of choice!! I mean come on, the hyposcrisy and stupidy of the arguments made to try and convince the herd that bitcoin isn't a hyper bubble speculation almost rival the nonsense spewed out by Tesla proponents (which is by all measure an even bigger speculative bubble).

None of this crap would be happening if the central banks weren't flooding the world with printed currency, forcing real yields negative, creating monstrous malincentives and turning the world upside down. I don't know if bitcoin will go to $100,000, but I can promise you this, when this financial reset finally happens and central banks can no longer print ad nauseum all this bubbles will pop and only gold (and silver) will be left standing, as has always been the case in history.

Amazing to me that some people think some open source project (I run an open source project before your scoff) could replace gold as money after thousands of years. Software is utterly immaterial and temporary, bitcoin is the last thing that is a safe haven. It's certainly a speculation but ultimately there is no precident for what it's worth based on simple utility. Hedge funds have been piling in in the last few months, are they the HODLer type? I guess we'll see what happens when they try to sell to the next greater fool.

By all means go trade it as the current popular thing benefitting from all the printed central bank currency and yield chasers, but if/when that changes then what are you left with? The arguments people make for bitcoin are so circular it's maddening! There's clearly much emotion around it and people who want to believe it will be here forever. Because that's what gold has been and continues to be. Money. For thousands and thousands of years. Just flippin think about that for a minute! :o