Member Info for RichTheNewbie

booboo - yeah the reaction on VOD (which I hold just a small chunk of) has been nuts in recent days. Bargain there after a weird reaction to pretty solid results considering a pandemic and now the indexes down. I don't like averaging up but getting tempted....

Looks like today's the day for the inevitable jump in US treasury yields and so the inevitable pullback in gold.

Some are better than others Tony, it's just in the end, with the benefit of hindsight, I usually find I'd have been better off ignoring what everyone else says, and just going with my own analysis/gut. So I try to do exactly that :)

Anyway, enough about chartists, as Magoo79 points out, lots to be excited about with Shanta with all the drilling they're doing this year, and if the recent upturn in gold has cleared our seller just before news....even better!

Well, ten years of looking at this stuff hasn't changed my mind, so it's pretty unlikely that I'm going to now. ;)
As each year passes I generally just find more evidence that following the opinion of chartists would have made me make the wrong decision! (and the majority of the times it would have been right it was a statement of the obvious)

Pound to sterling wasn't 1.321 Tony.....that'll definitely have been 1:1 ;)

Charting is largely little better than astrology. In fact it's got a lot in common with it ;)
You can boil a huge amount of it down to three basic things: it's rising so buy it / falling so sell it, it's risen a lot fast so sell it, or it's at a previous level it's bounced off up or downwards - so buy/sell it.
Personally I find you're better off just observing basic trend channels / obvious levels and ignoring the rest.
I'd rather follow Russell Grant's advice on shares than some internet "chartist" ;)

They can't really raise interest rates a meaningful amount anyway. With debt everywhere, from the government to the average joe, and everywhere in between, that'd likely spark a vicious cycle of entities that can't afford repayments, knocking on everywhere. Sure they might try increasing by fractions of percent at some point, and hope it makes people think more rises might come, and everything's under control, but it'd only be a bluff, and the market would probably know it.
If gold does pull back, it'll probably be more to do with the US 10Y treasuries rising, in a further sign the doo-doo is heading fanwards, but would temporarily suppress gold.

Definitely clearing out a lot of sellers and gold's just taken another jump up to 1860.

Yeah curious trading, presumably River and Mercantile are exiting (but who knows), could be a nice bounce when they're done. As you say, price has definitely held up well, suggesting there's good appetite for their shares, and the big blocks would seem to suggest that buyers are indeed taking big lumps off the seller. Hopefully not too much longer to go now.

The gold price could be $1700 and this would still be worth much more than the current SP ;)
Just need a burst of buying to come and clear this drip drip seller holding things back at the mo.

Some people think China has been buying a lot more gold though it's quite murky as to the truth of that!
They're still a long way behind the US in reserves though so really I don't think it's quite as simple as them just buying a bit more and then the US is screwed.
However I think we're not a million miles away from being on the same page, as there is a purpose in digital ledgers, though the revolutionary nature has been heavily overstated for a long time in my opinion. I think you could make a case that practical applications of blockchain technology have actually gone very slowly, precisely because it's not really that revolutionary, and rather evolutionary.
They're just a distributed ledger - it's not earth shattering (and really just a hybrid of public key encryption and distributed file sharing models).
I simply argue that the cryptocurrencies should be (and have a good chance of being - eventually) regulated heavily or better still just simply banned. You can use blockchain (distributed ledger) technology in a whole host of ways without really needing a cryptocurrency that circulates (and goes nuts).
As I say, the vast majority of people pushing it, are doing so to make money as a pyramid scheme, and the negative consequences, whether for nation states, or individuals, are potentially/likely severe when it's not continuing to rise.
In fact that might be a way to think about regulating it, banning the sale of crypto-tokens that have these wild value swings, to remove the pyramid scheme element. Leaving functional applications only. That's if you don't want to go further and just ban all of them (ie the US to protect their own reserve status) ;)

But it's OK to disagree ;)

I still disagree and suspect the reason why is you’re not making the distinction between blockchain technology and cryptocurrencies.
Many financial institutions/governments are considering using the technology or have their own things in development.
The latter are largely pointless or a scam/pyramid scheme/company trying to get rich skimming off the top of one.
It’s far too early to say they’re here to stay - the US are only finally starting to gradually make noises about regulation. It’s really just evidence that governments have been asleep on the job - no surprise as most of them will be as tech savvy as your average grandma.
They certainly are a threat to gold in the long term but I suspect governments will gradually start to increase regulation, as they wake up to the financial harm their crashes do to people, the environmental damage that is simple unnecessary, that it is disproportionately enriching criminals and organised crime, and most importantly of all to them, would lose their control of financial levers if everyone migrated to using these instead of their currencies. The US especially who will be properly screwed if losing their status as the worlds reserve currency (and why many people call Bitcoin a Chinese financial weapon - which whether true or not is sound logic - and would be amusingly ironic if the American population were the ones who facilitated the demise of their country by promoting and using it).

If my daughter asked if she should invest in dogecoin I'd give her a verbal slap and tell her not to be such an idiot!
(OK I wouldn't - as I'd actually be very impressed she knew the word invest at her age - but the principle still stands)

Governments have been spectacularly slow to regulate (or crush) crypto but their dozy-asses are gradually starting to wake up to the fact it exists and some of its problems, whether it be crime, the environment, or more importantly for them...loss of control of financial levers.

I'd be delighted if they just banned all of them overnight. Not only would it decimate the wealth of a lot of organised and non-organised crime, it'd prevent a lot more people getting suckered in - in the coming months/years, and most importantly....stop my inboxes getting crypto-currency scammers which are now dwarfing all other sorts of spam!

People need to realise crypto-currency isn't a technology, it's not a revolution, it's just a pyramid scheme based on exploiting the fact don't understand the difference between "blockchain technology" and coin, on top of the fact people will buy into any pyramid scheme they can see working. That's why pyramid schemes work.....until the moment they go pop and screw a larger amount of people over than the early winners.

PS - would someone please tell the seller, who's having their order dripped into the market, to make like a shepherd and get the flock out of here.... ;)

Time for a visit to the office I think - gold on a surge - someone give Shanta a prod and tell it to wake up whilst I'm away ;)

Very tidy performance from gold indeed - https://www.tradingview.com/x/ny9SFTNl/
Time for a bath....the joys of lockdown and "working" from home (call me a big girl - I don't mind :p).

Gold held 1810 and pushing back up at the moment (currently 1815). Doing better than expected :)

Appointment of Independent Non-Executive Director

Shanta Gold (AIM: SHG), the East Africa-focused gold producer, developer and explorer, is pleased to announce the appointment of Ms Michelle Jenkins as an independent Non-Executive Director of the Company, with immediate effect.

Ms Jenkins is a Chartered Accountant (South Africa) and an exploration geologist with an Honours degree in Geology from the University of Witwatersrand, South Africa. Ms Jenkins has 25 years' experience in the mining sector during which time she has accumulated a wealth of technical and managerial expertise.

Ms Jenkins has extensive experience across Africa including currently as the Executive for Finance and Administration (South Africa) for Orion Minerals Ltd and as a Non-Executive Director of Kumba Iron Ore Limited. Ms Jenkins previously worked for the Pangea Group.



Tony Durrant, Chairman of the Board, commented:



"We are delighted to welcome Michelle to the Board. We believe Michelle's experience in exploration and mining finance across Africa will bring a complementary skill set and will be of considerable value as the Company continues to develop its portfolio in East Africa."



Michelle Jenkins, Independent Non-Executive Director, commented:



"Joining the Board of Shanta Gold at such a transformational period is incredibly exciting. I've watched the business go from strength to strength over the past few years and understand the potential for this year's exploration programme to create a step change in shareholder value. I'm delighted to be a part of the Company's future as it transitions to a mid-cap producer. I'm looking forward to working alongside the Board and management team to deliver on this next phase of growth."

Final paragraph sums things up nicely. Time to move to the next level.

And if it manages to hold above 1820ish in the next day or two, despite everything, that's very bullish indeed (be pleasantly surprised if it does - as I'm sure it'll be attacked anyway). Gold still well within the overall uptrend since the start of April: https://www.tradingview.com/x/Axj6gDVb/
US10Y's in a little ascending wedge (bearish) at the moment - so fingers crossed this is an indication rises will peter out and escape downwards at some point in the near future https://www.tradingview.com/x/2Olv43YG/
Think it's time to switch off! Que sera sera.

Looking at the 10Y treasury yield charts, Gold began this recent run when yields peaked at 1.778, then and started to fall. Treasury yields are already up to 1.68 today. If we're lucky this treasuries rise doesn't last longer than a day and a bit like many of the previous jumps and if it starts to fall again it could give gold a second wind. Be nice if gold stays above 1800 - but I imagine some would definitely want the opposite!