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Their fix was only a short term measure to counter the rouble getting hammered, once the rouble regained ground they naturally pulled it.
My interest is in the longer term aim to establish a separate exchange from the LBMA & also a separate currency from USD which will very likely involve at least some part of gold backing.
These moves are receiving support from the BRICs & other nations who are all sick of the US using its currency to bully the rest of the world. These nations combined have a very significant influence economically, population wise & their control of key resources in particular energy which is a major worldwide issue at the moment - accordingly underestimating their ability to make good on their intentions is perilous.
I don’t think these plans will come to fruition overnight but I do think they will happen & accordingly I will continue to hold 10% of my portfolio in gold bullion - I see it as prudent insurance against financial turmoil - if all the fiats fall to sh*f I believe gold will out & thus protect me.
Of course I may be wrong in which case I am doomed but so is everyone else :)
I don’t care what people think of crypto, all I know is I have made more money trading BTC & ETH in the past 2 years than any other asset class so I love crypto:)
On the gold side, what are peoples thought on Russia’s move to introduce a Moscow gold exchange/standard? The current animosity towards Russia will make this difficult but if it gains traction could certainly give gold a well needed boost?
Saw an interesting presentation the other day (will post the link if I can find it again) suggesting that this time inflation is caused more by supply side constraints rather than demand side influences.
It made a lot of sense to me & if correct means the central banks are a bit hamstrung as the interest rate hammer is not effective against supply side bottlenecks.
The likely result of this is that the central banks will continue to bring down the hammer which will result in a bit more pain which we will only get out of when the supply chains are fixed - the big question to me is just how bad are our supply chain issues, I have come across many diametrically opposed opinions on this all of which have some merit so I guess the answer is no-one has a clue :)
Gnome what you say is self evident, as you are in my country I will give you an easy profit, buy IDX you will do well :)
My friend when you get to our stage capital protection is vital, it is nice to make a profit but if we risk it all we may have to go back to work - not groovey!
I will take risk when it seems sensible but my primary thought is we have enough, I will protect that position always :)
My other 90% is 10% crypto (BTC & ETH), 10% Australian equities, 10% international equities & 60% cash - I believe markets are overvalued at the moment thus my weighting to cash - this pains me as I hate getting an effective negative return but I do think I will profit from this strategy - in the interim I will use the cash to make casino style bets on the market, my recent one has proved profitable whether my future ones will be likewise remains to be seen :)
To explain I do not consider mining companies to be gold holdings, my 10% is made up of 50 oz of physical bullion which I treat as our national reserve, I have another 100 oz through a listed ETF called PMGOLD, it is the best paper gold I have come across & I want the ability to trade despite my long term insurance plan - it is nice to be able to get a return from your insurance :)
I invest purely from the requirements of myself, my wife & of course the Lady Spoonington Woofalot which gives me a huge advantage over big funds, I will always use that advantage just as they will use theirs - no point in crying over the state of the world we have created, we know the rules, the trick is to gain benefit from them & primarily make sure that you doggie enjoys a lavish lifestyle :)
To answer your question it has a huge impact on Centamin as it will be reflected in the price of gold which is the biggest influence on our share price.
Ignore the remonstrations of the gold bulls (e.g. maguire, schiff, etc), they are fuelled primarily by self interest, instead look at fundamentals.
I have done this & hold 10% of my investment portfolio in bullion, to me it is insurance, don’t like paying the premium in terms of forefone return but when the sh*t hits the fan I will be OK.
As usual just my opinion but having an insurance blacktop has always served me well :)
3bear, like Gnome (I think, don’t want to speak for him) of course there is concern about the long term effect of a lot of impacts the human race has on this planet.
The problem is that the current policy direction seems to be based on popularism rather then rational examination which to me is a problem.
The human race used to burn people at the stake for suggesting that the Earth was not the centre of the universe or was not flat - how are those arguments regarded now with hindsight?
We are faced with numerous problems most of which are the result of our actions as a race, the solution to these problems lies in considered rational thought!
Just my two bobs worth so not overly important, I will no likely be dead before the real doom takes hold, in the interim I will continue to attempt to profit from the irrational behaviour of our race :)
Thanks Sotolo, everything was screaming to me that this would be the outcome but I have got used to my short bets turning the other way so was expecting the worst.
It must have been because yesterday was worldwide national doggie day & my nom de plume is my doggie’s name who I love very dearly - once again she has brought me good fortune & will surely share in the profits :)
I am hoping he will put some more fear in to the market, I have taken a short position on the S & P through an ETF (Gnome check out BBUS on the ASX if your interested) & hope it will get hammered along with some well needed wind into the sails of gold price.
Historically however whenever I have opened a short position (it is not usual for me) I have got it wrong & it has cost me - it may be worth every one else loading up on the S & P so you can profit from my inevitable losses :)
There is also significant credible evidence that carbon is not the primary cause of climate change & is an effect of climate change rather than a cause.
I am not sure either way but it concerns me that this does not receive any attention & those suggest it are decried as climate deniers & vilified.
The climate debate seems to be a propaganda exercise rather than as investigation based on true scientific principles, the fact that school children like that silly Dutch girl (I forget her name) are given so much attention whilst educated scientists are ignored, derided or both concerns me greatly.
We certainly live in interesting times.
Thanks Cowichan, most amusing but unfortunately all too accurate.
I am a big believer in a European free trade agreement but a single currency was stupid & always doomed to failure.
When the EU was formed the pollies were told that a single currency would not work but the temptation of being to exert economic control over entire nations (think of what they did to Greece) proved to tempting & the advice was ignored.
Ultimately you reap what you so & Europe looks ready for harvest. I take no great pleasure from this as I have a number of friends in various parts of Europe but the silver lining is the demise of the Euro would likely bode well for gold & thus us :)
Combine their more open appetite for gold with their undisclosed additions to their holdings & the fact they are more peeved with the US than usual at the moment & there is a good chance China may be advancing its alternate currency ambitions faster than originally planned.
With their falling industrial output & shaky property industry the central government has some compelling reasons to create a worldwide economic shake up.
I am with you gnome, I am very comfortable with my physical gold holdings & exposure to gold miners if for no other purpose than as insurance against financial turmoil which I see as inevitable - to me the question is when not if.
I really don’t think it is the web that is bad - it is like everything, if you involve humans in any process something bad is going to come out of it.
For all our abilities & the natural resources that have fallen in our lap we really do tend to make a mess of things :)
It is nice to see some balanced discussion Gnome unfortunately it is generally disregarded, derided of both as the major vested interests have too much sway.
The US not happy with just trying to provoke Russia are now doubling down & trying to provoke China in a similar manner using Taiwan as their proxy.
Chine will not respond in the same fashion as Russia, they act from a much stronger position, they will respond diplomatically & importantly economically.
This augers well for the price of gold, it is only a matter of time before China reveals it’s true reserves & moves to provide a real alternative to the US dollar dominance which, whilst not that good for the world in general, will be good for those who maintain an exposure to gold.
My biggest concern is that China has significant & strong relationships with Egypt & that has the potential to severely impact western companies operating in Egypt.
We know what China are doing in Africa, from their influence they can take control of assets already being developed by other parties with little or no comebacks. I recently experienced this through Prospect Resources, whilst we got bought out of the Arcadia lithium project & shareholders did well, we got a fraction of the value of the project had PSC been allowed to develop it. My understanding is PSC we’re told either sell out at a reasonable (but low) value or the project will be taken from you!
China’s policy of non-interference in other countries domestic affairs is well liked amongst developing nations & gives them a big advantage over the US when it comes to forging & strengthening alliances.
I definitely see good times ahead for the gold price but one of the factors leading to this may well create operational difficulties for CEY.
I will continue to stay the course as I have a high degree of confidence in the gold contained in our areas, I just wish they would gat their act together & get the gold out of the ground so I can obtain a reasonable exit price before someone decides to take it from us.
The current state of the world is certainly leading to some interesting times whether that is a curse or a blessing remains to be seen :)
Thanks for that Mrtibbles, watched that smug idiot do nothing but spout baseless personal opinions in a futile attempt to counter fact based assertions, has strengthened my belief in Mearsheimer’s well made points.
As for FullFact they sure as hell use Google’s & Facebook’s money, they are reliant on it. Do you really think this money comes without the ability to influence who works at FullFact & the material they put out?
You previously made the baseless & ludicrous suggestion that Mearsheimer was receiving some benefit from Putin in exchange for his opinions. The more I see of your posts I think it may be you who are receiving benefits from backers of your extremist left wing tommy rot - it would explain why you devote such a large amount of time to circulating such clap trap on a public forum devoted to a completely different topic.
Keep at it though, I find some of the links you use as support of your position to be most amusing & demonstrative of how devoid of facts & substance your arguments are :)
You cite unfounded opinion from a clearly biased source, their funding comes mainly from Facebook & Google, I am surprised you would have the audacity to claim any level of independence.
Instead of regurgitating clearly biased rubbish why don’t you try to refute the clear & well explained facts & the conclusions drawn by Professor Mearsheimer rather than utilising the all too common tactic employed by your ilk of attempting to discredit him by using clearly false & insulting allegations & innuendo.
Your debate has all the intellectual maturity of a small child - why not just say “my dad is bigger than your dad & have done with it”?
Your disagree with Mearsheimer’s well reasoned, factually based arguments not by countering his assertions in any way (because you cannot) but by providing idle speculation & unfounded & clearly biased opinion.
You simply prove that you are a closed minded individual unable to comprehend that this world does not operate in the spheres of solely black & white and that opinions other than your own carry validity.
You may consider yourself too old to change your ways but I suggest that you would benefit from opening your mind a little - you would find it leads to a far greater understanding & appreciation of life in general.
Hi Cowichan
I have always thought that Horgan’s strategy was to do far more waste movement up front than was needed.
The advantage to Horgan is that when things improve they improve dramatically as he has already moved waste that would otherwise have been moved as part of the ore mining process thus meaning his incentives will kick in in a big way.
The people who wear the cost of this are of course is shareholders as usual both in terms of poor results & accordingly poor dividends & of course depressed share price which means we can’t access our capital without taking a nasty haircut.
I am still quite confident that the quality of the Sukari deposit will shine through & we will receive our rewards but I won’t be placing much credit for this on Horgan as I feel he has done little but attempt to feather his own nest at the expense of shareholders thus the reason for keeping us in the dark on key operational issues.
My big concern is that the short term managed suppression of our share price will give rise to an opportunistic predator will mount a takeover bid which is getting harder to defend due to shareholder disappointment & dwindling cash reserves, Horgan wouldn’t care about this as he would no doubt parachute out well taken care of but we would end up getting significantly less than what I consider to be fair value for our assets. I know this is a concern of yours as well.
That is my rant for the day & it is time for dinner, good luck to all.