A reminder that tonight’s Webinar, sponsored by PrimaryBid, features the fabulous Zephyr Energy (ZPHR), Power Metal Resources (POW) Scirocco Energy (SCIR) and SpectrumX. Sign up here.
I read that as being $37 million spent on exploration but it doesn't say anything about what the reserves of that asset are. What have we got to physically sell?
I don't have a twitter account, but when a company starts getting shirty with someone who has repeatedly asked a perfectly reasonable question, I start thinking there may be something sinister going on - although I'm not suggesting there is. The only way a company can redeem itself from the situation is to be honest and answer the question. Otherwise, it will continue to be held in a dim light.
And this git told us our gas bills would be reduced if we voted for Brexit.
A very good question, astronut.
'The longer the base, the higher in space.' Certain markets can do nothing for years. No one is interested in them. 'You've bought what? You muppet!'Then, they begin to behave like Uranium is now. The gold market is another classic case and absolutely full of emotion, like no other.
'The higher something climbs, the further it will eventually fall. And vice versa.' The further the gold miners fall, the longer and steeper will be their climb. The catapult effect. Opposite is the case for tech stocks when it bursts.
'To be all in, is to be boxed in.' Even if you think an investment is a 100% certainty, do not throw the kitchen sink at it. People lie!
'For long-term investing, drip feed your money into an investment that has become cheap.' Obviously, find out why it is cheap!
'Recognize the value of compounding in your investment.' Re-investing dividends and having small additions when prices are low will build up your wealth, on average. This is what has made most company share schemes so good over the last 40 years. Remember, though, that nothing lasts forever.
'Everyone makes lots of money in the stock market.' I think I'm correct in saying that 95% of traders lose money overall.
'Bull markets do everything in their power to kick you off.' Don't they, just.
'If in trouble, if in doubt, get the Tunnocks' teacakes out.' I've been there before.
And finally: Badgers love plums, and Mr Badger and friends have done very well from me this year. Their favourite variety is Czar, by a unanimous vote. They'll be getting windfall apples next.
I believe there are a few investment accounts, run by investment managers, that are owned by people who have died. These accounts don't get discovered by the probate process and just keep running. It's probably only when the umpteenth yearly account perfomance letter gets sent to the last address given, that the new occupants at that address decide to inform the financial institution that that person doesn't live there any more. I think it's known as inertia. Anyway, when the account is reviewed, it is often found to have done very well because it has been left alone - no short termism. It's then just a case of tracking down the beneficiaries of the will. I bet the solicitors love that.
Will history repeat? I didn't make myself very clear there. Some people think that the government may ban people from holding solid gold over a certain value, or number of ounces ,or number of coins as they did in WW2. You were supposed to hand your sovereigns over to the bank and get notes back; if you were really patriotic, you'd then buy war bonds. If you did all that, you'd have been completely stung. Clearly, someone didn't trust the government and hid their coins in the old Joanna.
Will we be forced to hide our gold again? Will governments ban holding physical gold? Some people believe so. I don't know. The only reason I can think of why gold would be banned is because the majority of people want to get rid of fiat money asap. Should I be careful what I wish for?
It would seem that not trusting the authorities is a long-time, well-established practice for many of us. I wonder why?
That's very good, MajorDisaster, and very quick. You get a tick.
I'm not sure that the owners of the piano who donated it to the school would see the funny side, although they appeared to be very philosophical about it.
I doubt if I could cope with knowing that all those coins were within my grasp for so many years and I'd just given them away. Crikey, wouldn't finding all those sovereigns under my piano keyboard have been handy when I was younger.
I love the way the 'Crown' claimed them. Actually, no I don't.
I am beginning to think that the old $1200 has been replaced by the new $1800 - the accumulation level for the next big leg up for the gold price. Hopefully it will not take so long for the big buyers to load up this time. I was very encouraged to see that huge contract dump a few weeks ago was quickly covered and we've got back to 'the range'. A little upside to the gold price on the dollar's fall this last couple of weeks has been OK - I wish it had been more; perhaps there is more to come. It's a bit of a grind.
I am reminded of that report from Fidelity Investments, which I've never read, about how the dead outperform the living when it comes to investing. The dead just can't keep tinkering with their portfolios. It's a bit extreme, dying to become a good investor, but I keep telling myself the long haul is best for me.
It's an old story, but the following link shows that gold for a long-term hold isn't a bad thing; you just need to stay alive.
A teacher friend of mine asked her pupils (about 10 year olds) to write a story about why the coins were put in the piano in the first place. Almost all the kids wrote something about the parents splitting up, and one of the parents was hiding their wealth from the other because of the divorce settlement.
In reality, I think the piano coins were hidden because of WW2. The government restricted gold ownership to 3 sovereigns (I think) and that law was not rescinded until 1968 (I think). Will history repeat?
Thanks, Tony. Yes, Yellen raised interest rates back then and gold went up. I knew something interesting happened in Dec 2015.
What interests me at the moment is that the Commercials are very short on the dollar.
They are also happy to take longs on silver and platinum, but are very short gold.
The last time they were so short on the dollar was when gold bottomed at $1670s earlier this year and then the dollar dropped and gold rose to $1920s.
We could see a temporary top for the DXY at around 94 - 94.5 before a turn down and rise in metals and commodities. Dollar to 87? Gold to double top $2075?
I'm waiting to buy some very cheap companies IF we get the turn - I could even get some more Centamin but probably wont.
Maybe Jackson Hole will be the trigger. We'll see. I shall be looking in the MSM for a sign - dollar to the moon; gold down the pan. The trouble is, it ain't free markets any more.
All this excitment would have to happen when I'm at my most busy!
The Jackson Hole meeting is taking place next week - 26th - 28th. Could this be the spur for precious metals to resume their climb? When Bernanke started 'tapering' in Dec 2015, that was the low for gold and rose until Aug last year - completely the opposite to what everyone thought! Same again, please.
Those that can, do; those that can't, teach.
I suppose the best that can be said for people on this board is that none of us charges for our wonderful posts and advice. Some of the gurus charge an awful lot and don't get it right all that often. I read somewhere, a few years ago, that the best financial analyst got his predictions correct about 60% of the time. Even Martin Armstrong thought gold was going to $900 an ounce back in 2015 and told everyone they were idiots for suggesting the bottom was in. I think his AI program needs a bit of tweaking - if memory serves me correctly, he got it right about 50% of the time.
I'm looking forward to another Centamin dividend soon. I hope I've got that prediction right.
The very quick answer to this is that the USA and UK are the main proponents of Keynesian economic policy, which, amongst many other things, sees the gold standard as a barbarous relic. Hence, gold has no role to play as 'money' as described by Keynes. It's just a commodity, such as copper - many would argue that copper is the more useful. Therefore, to start buying gold now would be an admission of defeat and that the politicians have got it wrong. It is very rare for a politician to admit they are wrong - you may have noticed.
It's also important to consider that both the USA and UK have not experienced hyperinflation - unlike Germany (which holds a lot of gold now). Empire's end with deflationary busts - Britain's started during the American civil war; the Empire's currencies were linked to the pound (even used the pound in most cases) and the pound rose in value causing deflation in the Empire and a rise in separatist movements. Then Germany formed and competed directly with Britain, and war saw us off very quickly. For the US, the dollar will ultimately rise and cause massive deflation in the world, eventually resulting in the decline of the US and rise of China.
So, we are ultimately looking at a huge deflationary bust coming early in the next decade - according to MA. But, for now, we have an inflationary wave due to shortages - not massive demand - which should be good for gold and commodities in general. As ever, it is timing and guessing what the manipulators will do next that matters. Ideally, we will be wanting to hold physical cash when the deflation comes. A government cryptocurrency may make that impossible, but I read this week that Sunak said he will not do away with cash. Then why bother with a cryptocurrency at all? - I don't trust him one inch. So, if there is a cryptocurrency only, it could make sense to hold gold even in the deflationary bust. At least you will have something at the end instead of a government helping itself from your crypto account.
Now, wasn't that more interesting than writing about cars, apple trees and badgers?
Well, now. In $US terms, gold reached just under $1920 in Sept 2011 (I think). It broke that level last August to reach $2075-ish, but couldn't hold it. Then it tried to break that $1920 level in June this year and got a slap. Are we about to have a third try to break that $1920 barrier? If you believe in Eliott Waves, in £ terms we are in a wave 3 uptrend now. I have no idea if that is true, but perhaps those whot were quoting Buffett last week, and saying that gold was boring, might just have been on to something. I hope this is not a false dawn.
Thank you for the information Mr Tibbles.
There is a lady who lives in a nearby village who belongs to animal welfare/ anti-hunting organisations (the farmers hate her) whom I informed on Tuesday morning about the incident. So it is in hand.
Hi Mr Tibbles
I woke up about 3am on Monday owing to a load of cars revving along a road near to where I live - about 300 yards away. The next thing was the hounds from a local hunt, started barking and going wild in their kennel which is just up the road. I think the people in the cars were badger baiters who threw the dead badgers to the hounds. We get all kinds of illegal blood sports around here - hare coursing, badger baiting and dog fighting. It's one of the things I don't like about living in the countryside. I try to look after the wildlife, and some others kill it. It's just the world, I suppose.
I love the way the report mentions the 'giant' Sukari deposits. I hope we will not have to experience any cheeky bids in the near future.
Well, the gold price was forecast to be volatile for the first part of this year, and tediously boring for the second part of this year. Forecast correct so far. In fact, it's so boring that Goldgnome appears to have burst out in song. 'Oh what a lovely mine.'
Buffett had always been inclined to ridicule people who invested in gold. Once I learned he had bought Barrick shares, I should have taken it as a contrarian indicator. To some extent, I did. At least I have bought my shares at much reduced prices from the top. I'm still down on all, though. Centamin's are quite good in comparison.
I think Buffett also messed Tesco up to some extent. I haven't owned those for many years - sold in September 2014, 229p.
I updated my share price chart today, and found my gold, silver and platinum mining shares were all badly down - one as much as 40% (NYSE: PLG). They have all been hugely positive in times past. Do I care? No. And this is the reason why:
Most people do not realize that, in Britain, gold has been in a secular bull market since the 4th August 1914. For well over 100 years we have been taxed just for holding our money. And that secular bull markey isn't over yet. The best is yet to come. So a few pence off the Centamin price and a few pessimists mean nothing in the grand scheme of things. In a few years' time, gold miners will be the new Facebook.
Slowly, slowly does it, I think. Thanks for the link Mr B.
The West is becoming ever more draconian towards its people, in the time honoured fashion of falling empires. We have no statesmen today who have the necessary gravitas to give an opposing view and be listened to and respected by the people. Revolution in France starting 23/24 September this year? That'll raise the price of gold, but I'd rather we got that rise without the conflict.
I have spent a lovely afternoon in the garden, and shall sit in the deckchair outside tonight and see if I can catch a glimpse of the Perseid meteor shower. It should be fairly cloud free.
If the shops start having difficulty supplying food, I shall have an all apple diet option for this year. The trees are heaving and I've been thinning the apples on the trees every evening during this last week. Discovery's first at the end of August, with William pears and plums. At least I won't get scurvy.
If I didn't read the news, I'd never know the world was in such a mess.
Hi Mr Tibbles
I didn't know about the diagnostic checker information. The car is always looked after by a VW main dealer and it probably explains why the diagnostic check cost £50, providing a fault is found. It was used on the car a little while ago when the indicator came on. There was an ignition fault - misfiring. This time the indicator has come on but the car drives perfectly well. Perhaps they haven't cleared the memory although a similar thing happened a few years ago. The fault then was something to do with the engine breathing system.
I bought my car new in October 2005. It's a Golf Mk V 1.6 FSI and has been excellent over the years. I don't know much about the mechanical side of cars, but I have read that the Golf MkVI is probably the last Golf to have been built to last about 20 years with careful ownership. The new cars are rubbish, apparently; you'll get 5 years of use if you're lucky. I suppose that reflects how cars are purchased today - you tend to effectively lease rather than own one. So you're encouraged to change vehicles on a regular basis.
I bought a car magazine while on holiday the other week because it had an article on the new E10 petrol. Luckily, my car can use it although I'm am tempted to use the E5 super unleaded - at least for half the time. The car runs well on super unleaded; I tend to do about three consecutive fill-ups with super unleaded every 6 months to give the engine a clean.
I had wanted to wait until the new electric cars go more mainstream before buying a new one. I like the idea of the hydrogen fuel cell; I think they would be more like a petrol car in terms of practicality - five minutes to put the liquid hydrogen in and away you go. A battery electric would be no use to me at the moment - recharge time and distance restrictions. If my car starts to break down more frequently, I may need to get a stop gap car in the meantime. I have a double garage and I'll keep my Golf in there for retirement. Perhaps my daughters will inherit a classic in the years to come! Not quite an e-type Jag or Lotus Elan, but a willing horse. I'll even leave them the hollow stainless steel bar in the boot, that my dad gave me to put over the wheel nut wrench to help me leaver off the wheel nuts in case of a puncture. I just hope the Police never pull me over to take a look in the boot. 'There have been a lot of break-ins recently, madam, with what appears to be a metal bar!'
Talking of tyres, I need to get some before the next MOT. Goodyears!
I'll try to post a rant about Boaris - and all politicians - later today. That should annoy a few scamsters.