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Metal trader misery undercuts supercycle hype as losses pile up
with MMGYS soundtrack
Bloomberg News | October 8, 2023 | 11:35 am Intelligence Markets Top Companies Australia China Latin America USA Aluminum Cobalt Copper Nickel
The world’s metal traders are enduring one of their toughest periods in years, even as an international race for minerals thrusts the industry into the geopolitical spotlight like never before.
From top copper trader Trafigura Group to the largest metals-specialist hedge fund, a who’s-who of powerful and high-profile names have lost money, cut staff or suffered other setbacks in the past year.
It’s a disconnect that’s likely to dominate conversations as thousands of traders, financiers and investors descend on London for the annual LME Week gathering that kicks off Sunday: on the one hand, governments around the world are growing increasingly concerned about future availability of metals like copper, nickel and cobalt that will be critical to the energy transition. Yet for the past year, weak industrial demand has kept prices under pressure, leaving traders struggling to eke out profits from sluggish metals markets.
“It’s dawning on people they’ve talked themselves into a supercycle that isn’t happening,” said Concord Resources chief executive officer Mark Hansen, whose company reported its first-ever loss last year. “The environment is the most complicated and tricky for metals trading that I’ve ever seen.”
The Orion Commodities Fund – the largest metals-focused hedge fund – was down 4% in the year through August, according to an industry report. Its assets under management have dropped by more than a third in the past year to $1 billion.
Operating profits at Trafigura’s metals unit were down 68% year-on-year in the 12 months to March as it recorded a loss of nearly $600 million as the victim of a massive alleged nickel fraud. Its metals division is expected to take further hits when it reports results for the half year that ended in September, people familiar with the matter said. A person close to the company said that the underlying performance of its metals and minerals trading remains good.
The challenges aren’t just a function of a lackluster economy. While demand has disappointed expectations, including in top consumer China, it hasn’t yet fallen off a cliff. The result is a lukewarm market that is neither strong nor weak enough to create lucrative trading opportunities. And rising interest rates are dramatically lifting costs and hurting traders who signed long-term deals before the hiking cycle began. What’s more, a series of alleged frauds and deals gone wrong has shaken some of the best-known names in metals trading.
The mounting pressure also has significance beyond the traders themselves — the industry forms a vital link in the web of miners, processors and end-users like manufacturers and builders, which all rely on the companies to buy, sell and transport metals around the world.
Trickier year
Some of the industry’s big players have continued to notch up solid gains, but they too have acknowledged a downturn in profitability.
“It has been a trickier year and you’ve seen lower margins in metals trading,” Gary Nagle, chief executive of Glencore Plc, which vies with Trafigura for the title of the world’s largest metals trader, told journalists in August. Earnings before interest and tax at Glencore’s metals and minerals trading unit were down 36% year-on-year to $1.5 billion in the 12 months through June, the weakest 12-month period since 2019.
IXM, the third-largest metals trader, reported net profit of about $19 million last year, the weakest in more than a decade, although it has recovered somewhat — reporting profits of just over $40 million in the first half of this year.
Smaller firms have been harder hit. Bloomberg reported last month that several senior traders were leaving historic trading house Gerald Group, while earlier this year the company discovered it had been the victim of a suspected fraud in tin, people familiar with the matter said.
Transamine Trading SA, a specialist in trading metal ores known as concentrates, had a problem in Brazil earlier this year, according to people familiar with the company. Transamine is reorganizing its copper team, one of the people said.
“The trade is not easy — Australian copper concentrates cannot go to China, some companies are taking very aggressive positions and some big mining companies are now also trading. But it is not a bad year, we have had good business,” said Transamine director Jean-Pierre Adamian.
Concord, a mid-sized merchant specializing in aluminum which also owns an alumina plant in Louisiana, reported its first-ever loss in its 2022 results filed at Companies House in what it described as a “very challenging year,” while Ocean Partners, another concentrates trader, said net profits dropped 65%.
Still, many remain optimistic about the future, and some trading companies are seeking to expand in metals even now. Energy trader Gunvor Group Ltd. is re-entering the market and has hired veteran trader Ivan Petev to run its base-metals business, Bloomberg reported last month.
“Is that something that’s here to stay?” asked Glencore’s Nagle, about the subdued metal trading conditions. “No, I don’t think so. I think it’s an indication of market conditions today,” he said. “I don’t think that’s an indication of the future necessarily.”
(By Archie Hunter, Jack Farchy and Yvonne Yue Li, with assistance from Nishant Kumar, Mark Burton and Liz Yee Xing Ng)
https://www.mining.com/web/metal-trader-misery-undercuts-supercycle-hype-as-losses-pile-up/
Gold Down $100? This Really Shouldn't Be A Surprise
Big dose of reality here
The Old Switcheroo - Empire of Lawlessness
with MMGYS Soundtrack
“I've always resented the smug statements of politicians, media commentators, corporate executives who talked of how, in America, if you worked hard you would become rich. The meaning of that was if you were poor it was because you hadn't worked hard enough. I knew this was a lie, about my father and millions of others, men and women who worked harder than anyone, harder than financiers and politicians, harder than anybody if you accept that when you work at an unpleasant job that makes it very hard work indeed.”
Howard Zinn
"There is not a more perilous or immoral habit of mind than the sanctifying of success."
Lord Acton
“People with advantages are loathe to believe that they just happen to be people with advantages. They come readily to define themselves as inherently worthy of what they possess; they come to believe themselves 'naturally' elite; and, in fact, to imagine their possessions and their privileges as natural extensions of their own elite selves.”
C. Wright Mills, The Power Elite
"A lot of white-collar criminals are psychopaths. But they flourish because the characteristics that define the disorder are actually valued. When they get caught, what happens? A slap on the wrist, a six-month ban from trading, and don't give us the $100 million back. I've always looked at white-collar crime as being as bad or worse than some of the physically violent crimes that are committed."
Robert Hare
"The wealth of another region excites their greed; and if it is weak, their lust for power as well. Nothing from the rising to the setting of the sun is enough for them. Among all others only they are compelled to attack the poor as well as the rich. Plunder, rape, and slaughter they falsely call empire; and where they make a desert, they call it peace."
Tacitus
The ongoing current of statements from the spokesmodels and talking heads over the past week, as well as a number of market indicators I have learned to watch over the past thirty years or so had me thinking that we would see a terrible jobs number this morning, and a fantastic reversal and rally in equities and the metals. And I structured my trading positions accordingly, with a hedge for uncertainty.
And this morning when I heard the monster overshoot in the Jobs number I thought, 'oh no, I was wrong.' Thank God for the hedge, but I wish it was larger.
But little did I know. I'm glad I did nothing as the little set piece we call the 'free markets' played out. Am I getting more patiently wily or just lazy? Oh me of little faith.
But what else might we expect from empire building jokers who make a blasphemous religion of greed out of victimizing the innocent.
It is probably a mistake to ever underestimate the shamelessness and greed of the power elite.
And so the Dollar this morning rocketed higher, and then dropped precipitously and ended slightly lower into the close.
Stocks did the opposite, with a monster rally crushing the shorts and hedges.
The VIX fell sharply after spiking higher.
Wash-rinse-repeat.
My eyesight continues to return, if all too slowly but surely. Whenever I might feel like getting too comfortably complacent He always seems to knock me down hard off my perch. Thank God for His loving kindness and tender mercies.
Have a pleasant weekend.
https://jessescrossroadscafe.blogspot.com/
McEwen Mining: Stock Exploration Update
https://finance.yahoo.com/news/mcewen-mining-stock-exploration-192900168.html
ROB McEWEN & CRESCAT CAPITAL COMPLETE STRATEGIC INVESTMENTS IN
GOLIATH RESOURCES LIMITED
with MMGYS soundtrack
Toronto, Ontario – October 2, 2023 – Goliath Resources Limited (TSX-V: GOT) OTCQB: $GOTRF (FSE: B4IF)
(the “Company” or “Goliath”) is pleased to report Mr. Rob McEwen and Crescat Capital LLC have completed
their strategic investments in Goliath. They both participated in tranche one of the announced non-brokered
private placement that was upsized to $8,600,000 from $5,000,000. Gross proceeds from tranche one totaled
$4,115,616 and the second and the final tranche of up to ~$4,484,384 gross proceeds is scheduled to close
on or around October 11, 2023.
Mr. McEwen subscribed for $1,000,440 NFT units priced at $0.63 for a total of 1,588,000 units through his
personal holding company. Once the second tranche closes, he will own ~2.4% (P/D) of Goliath. Mr. McEwen
is the founder and former Chairman of Goldcorp where he discovered, built, and operated the Red Lake Mine
in Ontario which was acquired by Newmont Mining in 2019 for US$10 billion. Mr. McEwen is currently the
Chairman and Chief Owner of McEwen Mining Inc., a gold and silver producer with operations in Nevada,
Canada, and Mexico.
Goliath’s largest shareholder, Crescat Capital, subscribed for $500,220 for a total of 794,000 NFT units. Once
the second tranche closes, they will own ~18.4% (P/D) of Goliath. Crescat Capital participated in the Offering
pursuant to a pre-emptive right granted to them by the Company (see about Crescat Capital below).
continues here https://goliathresourcesltd.com/wp-content/uploads/2023/10/October-2-2023-Rob-McEwen-Crescat-Capital-Complete-Strategic-Investments-In-Goliath-Resources-Limited.pdf
Web site https://goliathresourcesltd.com/
JV Article: Discovery Silver’s Cordero project is in the big league
with MMGYS soundtrack
MINING.COM and Discovery Silver | October 2, 2023 | 5:27 pm
Discovery Silver’s Cordero office in Mexico. Credit: Discovery Silver
Discovery Silver (TSX: DSV; US-OTC: DSVSF) owns the largest undeveloped primary silver deposit globally by reserves and has attracted a tier one management team led by Tony Makuch, the former CEO of Kirkland Lake Gold.
With reserves of 265 million oz. silver, Discovery’s 100%-owned Cordero deposit in Mexico’s Chihuahua state surpasses Bear Creek Mining’s (TSXV: BCM; US-OTC: BCEKF) Corani deposit in southern Peru (225 million oz. silver) and Polymetal International’s Prognoz silver deposit in Russia (142 million oz. silver).
“There are very few of these large undeveloped silver assets and we’re at the top of the list,” says president and CEO Makuch. “To put its scale in context, Cordero is the equivalent of a gold mine that produces more than 400,000 ounce gold per annum with all-in sustaining costs of approximately US$1,000 per ounce over a mine life of close to 20 years.”?
A prefeasibility study released in January outlined an open-pit mine life of 18 years producing an average of 33 million silver-equivalent oz. a year at all-in sustaining costs of US$12.80 per silver-equivalent oz. in years one through 12 and US$13.62 per silver-equivalent oz. over the life of mine.
Initial development capex of US$455 million could be paid back in just over four years, and the study put Cordero’s after-tax net present value (5% discount rate) at US$1.2 billion and its internal rate of return at 28%.?
The company submitted its Environmental Impact Assessment for Cordero at the end of August and plans to update the resource and complete a feasibility study in the first quarter of next year.
In the meantime, Makuch, who during his tenure at Kirkland Lake steered that company’s market cap from $1 billion to $10 billion and its share price up by over 500%; and chief operating officer Tony Esplin, who has run some of the largest mines at Newmont (TSX: NGT; NYSE: NEM), have been recruiting a team known for building and operating mines.?
In August the company made appointments to its board and permitting and technical teams. Barry Olsen, who has developed and managed multi-billion-dollar mining projects including Penasquito, Mexico’s largest mine, joined the board as an independent director; and Jonathan Gill, an engineer with more than 50 years of global mining experience, joined as an advisor.
Gill held senior management roles for Inco in Canada and for PT Inco in Indonesia. Michael Neumann also joined as an advisor. Neumann has more than 40 years of experience and has worked on projects in Mexico for Fresnillo PLC (LSE: FRES), Industrias Penoles, First Majestic Silver (TSX: FR; NYSE: AG) Torex Gold (TSX: TXG), Goldcorp and Barrick Gold (TSX: ABX; NYSE: GOLD)
On the management side, Gord Leavoy was appointed vice-president, mineral operations. Leavoy has over 40 years of experience in mineral processing and has built and operated process plants for companies including Kirkland Lake, Falconbridge, Kinross Gold (TSX: K; NYSE: KCG), Placer Dome, Goldcorp, Lake Shore Gold and Agnico Eagle Mines (TSX: AEM; NYSE: AEM). Jose Jabalera, who has had senior positions within both the Mexican federal government and the Chihuahua state government, joined as director of corporate affairs for Mexico.
Makuch, who was on the Discovery board before joining the management team as an interim CEO in April 2022 and then full-time in January, saw Cordero’s enormous potential.
“I’m very excited by the opportunity in front of us to transform Discovery into the next major silver producer,” Makuch says. “Cordero is a Tier 1 silver asset and we are now putting in place an industry leading team that has the skillset and track record to successfully build and operate Cordero.”?
The company has completed two detailed rounds of metallurgical tests so far and is nearing completion of a third, reporting recoveries of 85-95% for silver, lead and zinc.?
“Metallurgically Cordero performs extremely well,” Makuch says. “Processing consists of conventional flotation at a very coarse grain size, which means lower operating costs.” The process design consists of crushing, grinding and flotation that will produce lead and zinc concentrates.
Makuch also points to the advantages of Cordero’s location, just 35 km north of the mining town of Parral, which was built around a silver discovery in the 1600s and is home to a mining university and abundant skilled labour. Chihuahua is the second-largest silver producing state in the country and the project is just off a main highway, with a power line running along one side of the project. “It’s the equivalent of being 40 km down the road from a town like Sudbury in Ontario,” Makuch says.
Proven and probable reserves at Cordero are 302 million tonnes grading 27 grams silver per tonne. Measured and indicated resources (inclusive of reserves) total 716 million tonnes grading 20 grams silver per tonne, 0.06 gram gold, 0.29% lead, and 0.54% zinc (49 grams silver-equivalent per tonne) for 467 million oz. silver, 1.3 million oz. gold, 4.5 billion lb. lead and 8.5 billion lb. zinc (1.1 billion oz. silver-equivalent).?
Inferred resources add 145 million tonnes grading 14 grams silver, 0.02 gram gold, 0.23% lead and 0.38% zinc (35 grams silver-equivalent) for 67 million oz. silver, 122,000 oz. gold, 726 million lb. lead and 1.2 billion lb. zinc (167 million oz. silver-equivalent).
“Demand for silver from the solar and auto sectors has tripled to about 150 million oz. over the last decade,” Makuch says. “There’s a shortage of large silver development assets in the pipeline so future mine supply is expected to be constrained at a time when demand is growing significantly. This should create a favourable backdrop for silver prices that coincides with our advancement of Cordero toward development and operations.”
The preceding Joint Venture Article is PROMOTED CONTENT sponsored by Discovery Silver and produced in co-operation with Mining.com. Visit: www.discoverysilver.com for more information.
https://www.mining.com/joint-venture/jv-article-discovery-silvers-cordero-project-is-in-the-big-league/
SITUATION CRITICAL! The ENEMY FROM WITHIN Is DESTROYING America AND THE WORLD!
Gold prices fall to session lows after ISM Manufacturing PMI improves to 49% in September
Ernest Hoffman
Monday October 02, 2023 10:17
(Kitco News) - Gold prices are setting new session lows after the latest data on the U.S. manufacturing sector showed it improved beyond expectations, but still contracted for the eleventh consecutive month.
The Institute for Supply Management (ISM) manufacturing index came in at 49% for September, after posting a 47.6% print in August. Market consensus calls were expecting a reading of 47.9%.
Readings above 50% in such diffusion indexes signify economic growth and vice-versa. The farther an indicator is above or below 50%, the greater or smaller the rate of change.
Following the release, gold prices declined to fresh lows on the session. Spot gold last traded at $1,830.25, down exactly 1.00% on the session.
The employment index rose into expansionary territory at 51.2% in September after a 48.5% reading in August. The index for new orders remained in contractionary territory, but improved to 49.2% from August’s 46.8% print.
The prices index also surprised, falling 4.6 percentage points in September to 43.8 from August’s figure of 48.4%.
“The U.S. manufacturing sector continued its contraction trend but at a slower rate, recording its best performance since November 2022, when the PMI also registered 49 percent,” said Timothy Fiore, Chair of the ISM Manufacturing Business Survey Committee. “Companies are still managing outputs appropriately as order softness continues, but the month-over-month PMI improvement in September is a clear positive.”
Fiore noted that two of the six biggest manufacturing industries, Food, Beverage & Tobacco Products; and Petroleum & Coal Products, registered growth in September.
“Demand remains soft, but production execution improved compared to August as panelists’ companies prepared for the fourth quarter and the close of the fiscal year,” he said. “Suppliers continue to have capacity. Seventy-one percent of manufacturing gross domestic product (GDP) contracted in September, up from 62 percent in August. More importantly, the share of sector GDP registering a composite PMI® calculation at or below 45 percent — a good barometer of overall manufacturing weakness — was 6 percent in September, compared to 15 percent in August and 25 percent in July, a clear positive.”
https://www.kitco.com/news/2023-10-02/Gold-prices-fall-to-session-lows-after-ISM-Manufacturing-PMI-improves-to-49-in-September.html
LIVE: Tesla's unveils a masterpiece: The Tesla that will change the car industry forever - Tesla CEO
Musk recently says their will never be the copper shortfall some are predicting. That auto makers have enough with the copper production levels we have now.
If things do get tight all they have to do is raise the cars operating system voltage from the traditional 12 volts to 48 volts drastically reducing the amount of copper needed.
Hope you enjoy this LIVE stream
I find it fascinating
Government Shutdown Explained
LEAVE BRITNEY ALONE ORIGINAL VIDEO
Mexico says lithium concessions under review after Ganfeng flags cancellations
Reuters | September 28, 2023 | 10:12 am Battery Metals Top Companies China Mexico and Central America Lithium
Mexican Network of People Affected by Mining blasts mining law reform
Mexican President Andrés Manuel López Obrador. (Image by Gobierno Danilo Medina, Flickr).
Mexican President Andres Manuel Lopez Obrador on Thursday said the country’s lithium concessions are being reviewed, after China’s Ganfeng 002460.SZ last month indicated that its Mexican lithium concessions were being canceled.
Lopez Obrador formally nationalized Mexico’s lithium reserves earlier this year and in August, Ganfeng said Mexico’s mining authorities had issued a notice to its local subsidiaries indicating nine of its concessions had been terminated.
SIGN UP FOR THE BATTERY METALS DIGEST
“We are reviewing them because mining concessions were initially handed over for the exploitation of gold, silver and copper, not lithium,” he said. “We have decided that lithium belongs to the nation because it’s a strategic mineral.”
Lopez Obrador added there was a legal review related to Ganfeng’s acquisition of its lithium concessions in the northern state of Sonora from the previous holder.
The head of Mexico’s mining chamber on Wednesday said he did not believe the government could legally cancel the Ganfeng concessions.
Ganfeng said one of the canceled concessions concerned its open-pit project in Sonora, which it estimated contains some 8.82 million metric tons of lithium carbonate equivalent.
Mexico has been looking to profit from soaring demand for the white metal used in batteries and electric vehicles. However, much of its lithium reserves are trapped in clay deposits, making extraction difficult.
Mexico does not currently produce any lithium.
(By Dave Graham; Editing by Jan Harvey)
https://www.mining.com/web/mexico-says-lithium-concessions-under-review-after-ganfeng-flags-cancellations/
Skip James- Hard Time Killin' Floor Blues
“Trickle-down theory represents the less than elegant metaphor that if one feeds the horse enough oats, some will pass through to the road for the sparrows.”
John Kenneth Galbraith
"You should thank God the government saved the big banks and their investors. Now, if you talk about bailouts for everybody else, there comes a place where if you just start bailing out all the individuals instead of telling them to adapt, the culture dies. Suck it in and cope."
Charlie Munger, Christian Science Monitor, September 30, 2010
"The [gold] exchange is a fractional reserve exchange, and they think that price will solve everything."
Kyle Bass
"The most urgent problem facing the US and the Western nations is not a [debt limit] 'fiscal cliff.' It is the pernicious corruption in the financial system that has captured the politicians of both parties, and distorted the public conversation through influence in the media and directing the opinions and buying the research of 'experts' through the power of big money."
https://jessescrossroadscafe.blogspot.com/
$STRRF-Phase 1 Exploration & Development Update at Tartan Mine
Toronto, Ontario – September 27, 2023 – Canadian Gold Corp. (TSXV: CGC) (“Canadian Gold” or the “Company”) is pleased to announce additional drill results from its Phase 1 Exploration Program at the Tartan Mine, located near Flin Flon, Manitoba, which builds on the earlier drill holes that are targeting resource growth at depth (click here August 23, 2023 news release). The results to date indicate the potential for a larger discovery below the current resource estimate, which remains open for meaningful expansion. The Company is also providing an update on its regional field work at the Tartan Mine, where high-grade gold samples have been identified approximately 1.4 kilometres (km) from the mine, with the goal of discovering a third zone close to the existing infrastructure, and an update on its engineering review, specifically around the process plant design and potential mine reopening.
“Phase 1 drilling at the Tartan Mine has extended the vertical limits of the high-grade gold mineralization well beyond our expectations. Between our exploration success and engineering advancements, we are potentially seeing the restart of a profitable mining operation. We also feel it’s possible to better target the high-grade now that we have an understanding of the rock conditions at depth. We will do this by using directional drilling going forward. Our Phase 2 drill program will look to 1) materially expand the limits of the known mineralization once again in order to determine if the new intercepts represent a significant discovery at depth and 2) better define the high-grade zones, particularly in the Hanging Wall (“HWZ”). We have a drill onsite and expect to commence Phase 2 drilling very shortly,” stated Ian Ball, Interim CEO & President.
Exploration Drilling Tartan Mine
Zone Continues to Widen at Depth with High-Grade Core
Drill results 40 metres above the recent wide interval at depth (Hole TLMZ23-26 4.2 gpt gold over 53.7 metres, including 12.0 gpt gold over 8.0 metres) that materially expanded the limits of the gold mineralization by 325 metres vertically, compared to the current resource estimate (Fig. 1), confirmed that the Main Zone is widening below 800 metres, while containing a higher-grade core, returning 6.8 gpt over 4.0 metres within 2.5 gpt gold over 28.5 metres. The results also demonstrate that the Main Zone is no longer plunging steeply to the northwest as predicted, but is becoming vertical (Fig. 1). This new understanding will help the geological team better target extensions at depth during Phase 2.
Drilling 50 metres west of hole TLMZ21-01 (9.7 gpt gold over 4.2 metres completed in 2021) successfully expanded the Main Zone in that direction, returning 6.6 gpt gold over 6.0 metres. This hole is approximately 160 metres below the current limits of the resource estimate (Fig. 1) and returned grades higher than the current estimate over better widths, helping build confidence around the continuity of gold mineralization for future mine planning purposes. This hole was originally intended to expand the high-grade in hole TLMZ21-12 (23.8 gpt gold over 12.6 metres, including 47.6 gpt gold over 5.8 metres completed in 2021), but due to excess deviation while drilling, the ultimate target area had to be changed. The Company intends to correct deviation issues during Phase 2 by using directional drilling equipment that is able to better target the intended area.
The Company is currently planning for its Phase 2 drill program, which is scheduled to start shortly. With aid of directional drilling, the Company will initially target extensions of the known high-grade and disseminated gold mineralization below and adjacent to holes TLMZ21-12 and TLMZ23-26 discussed above (Fig. 1). This drilling will continue to test the limits of the orebody in order to establish the overall size of the Main Zone for potential mine planning purposes.
Tartan Mine Regional Exploration
High Priority Area Identified 1.4 KM From Underground Infrastructure
Field work near the Tartan Mine has identified multiple zones of mineralization on surface with new assays up to 13.0 gpt gold(Fig. 2). The focus to date has been around the mine area in order to potentially utilize the underground infrastructure (which would lower start-up costs) should a new discovery be made. The high-grade sample taken at the Tailings Pond Zone (TPZ) is located 1.4 km from the Tartan Mine. The TPZ occurs 900 metres east and along the same structure as the Southeast Zone, with surface samples up to 6.2 gpt gold. Also of importance is the newly discovered Sly Fox West Zone, occurring 3 km west of the Tartan Mine. At this location a shear zone with semi-massive sulphide was identified along the same structure that hosts the Tartan Mine. The zone has been traced over 400 metres along strike and appears to range from 4 to 10 metres in thickness. Regional fieldwork is ongoing, and exploration is planned along both structures further east where they remain open. There are currently 78 samples pending.
Development Update – Gold Recovery Test Work Review
Objective: Increase Gold Recoveries, Lower Costs and Risks
The Tartan Mine benefits from good road access, renewable electric power that comes to site, and significant underground infrastructure. During the past six months, the Company has been reviewing the original process plant design and potential alternatives in order to maximize gold recoveries, and reduce operating costs and technical risks. During the 3 years that the mine operated, gold recoveries averaged 76.4%. An average of 85% gold recovery was achieved during the final year of production with some months being greater than 90%. It is the Company’s belief that new, simplified mill design (crushing, grinding, gravity concentration followed by whole ore leaching), should be able to increase recoveries to low-mid 90%, while decreasing the cost per ounce and lowering the technical risk based on grind sizes that are considered coarse (300 and 150 um K80 primary grind). The Company intends to do further testing using this simplified design to see if the projected gold recoveries can be further increased using a finer grind size, likely feasible due the low electricity costs within Manitoba. The Company will also be evaluating the permitting requirements in order to switch process plant designs and to undertake underwater drone mapping to determine the condition of the underground infrastructure. This will help the Company estimate potential costs associated with dewatering and refurbishing for potential development.
Table 1. Drill Highlights Below 2017 Resource Estimate (525 Metre Limit)
continues here
https://canadiangoldcorp.com/phase-1-exploration-development-update-at-tartan-mine/
$MUX Precious Metals Summit Beaver Creek 2023
McEwen Mining
Sep 19, 2023
2023 Precious Metals Summit Beaver Creek. Rob McEwen, Chairman and Chief Owner, and Michael Meding, VP & GM McEwen Copper, presentation on McEwen Mining and McEwen Copper.
Go $MUX.........
.....Go Green.............
.........Go McEwen Copper.........
The Empire of Lawlessness
with MMGYS soundtrack
"Gold has worked down from Alexander's time. When something holds good for two thousand years I do not believe it can be so because of prejudice or mistaken theory."
Bernard Baruch
"We looked into the abyss if the gold price rose further. A further rise would have taken down one or several trading houses, which might have taken down all the rest in their wake. Therefore at any price, at any cost, the central banks had to quell the gold price, manage it."
Eddie George, Governor Bank of England, conversation with CEO of Lonmin plc citred in Reg Howe v. BIS, JPM et al. September 1999
"What we see at present is a battle between the central banks and the collapse of the financial system fought on two fronts. On one front, the central banks preside over the creation of additional liquidity for the financial system in order to hold back the tide of debt defaults that would otherwise occur. On the other, they incite investment banks and other willing parties to bet against a rise in the prices of gold, oil, base metals, soft commodities, or anything else that might be deemed an indicator of inherent value."
Peter Warburton, The Debasement of World Currency, April 9, 2001 [gold at $259 per oz.]
"Synthetic gold, sourced in pyramids of credit extended to bullion bankers by central banks with little or no claim on physical substance, have provided a more efficient, better-camouflaged form of intervention. COMEX synthetic gold and related over-the-counter derivatives are traded in macro strategies implemented by hedge funds, high-frequency trades, and commodity funds. The volumes traded are huge, and bear little resemblance to actual flows of physical metal. Above-ground 400-ounce .995-gold bars located in London, New York, and other financial capitals have steadily dwindled and disappeared into Asian financial centers, reformulated as .9999 kilo bars."
John Hathaway, Tocqueville Gold Newsletter 2Q 2015
"Time is coming when markets search frantically for physical collateral to find that paper far exceeds underlying collateral for several metals and other resources. I am warning that when markets fall in sustained negative response to bursting bubbles, widespread deleveraging will reveal insufficient hard collateral underlying traded asset-backed securities. The words rehypothecation and hyper-rehypothecation may be rediscovered or remembered again."
Harald Malmgren, 2019
Stocks dipped today, but managed to find a bottom and turn around finishing green into the close.
Gold and silver slumped, ahead of the Comex futures options expiration tomorrow.
The US may be approaching another debt limit standoff. The deadline for this latest dark comedy is this Saturday.
The political landscape is discouraging.
"It can't happen here."
Some lessons of history need to be relearned again.
"God has a way of standing before the nations with judgement, and it seems that I can hear God saying to America 'You are too arrogant! If you don't change your ways, I will rise up and break the backbone of your power! And I will place it in the hands of a nation that doesn't even know my name. Be still, and know that I am God.'"
Martin Luther King, 1967
The madness serves none but itself.
Nuts.
Have a pleasant evening.
Thank you Jesse mighty fine write
see more here
https://jessescrossroadscafe.blogspot.com/
"No you can't drain the spaghetti in it"
https://www.goldfieldsguide.com.au/blog/58/jokes-about-gold
ROBOFORMING: The Future of Metalworking? (I Had NO IDEA This Was Possible) - Smarter Every Day 290
G7 to launch Russian diamond ban in bid to curb revenues, Belgium says
https://www.mining.com/web/g7-plans-russian-diamond-imports-ban-by-year-end-belgium-says/
Did you ever think you would see a Pandemic in your lifetime.
Did you ever think you would see a attempted U.S. Coup in your lifetime
Do you think you will ever see a nuclear bomb in your lifetime
Copper and the dark side of the energy transition | DW Documentary
What is the Future of Mining? Rob McEwen and McEwen Mining.
Junior Resource Investing
13 hours ago
$STRRF Canadian Gold Corp Phase 1 Exploration at Tartan Mine Significantly Expands High-Grade Mineralization Below Resource Limit Indicating Potential for Larger Discovery at Depth
Newsfile Corp.
Wed, Aug 23, 2023, 5:00 AM MST5 min read
IN THIS ARTICLE:
STRRF
Toronto, Ontario--(Newsfile Corp. - August 23, 2023) - Canadian Gold Corp. (TSXV: CGC) ("Canadian Gold" or the "Company") is pleased to announce initial results from its Phase 1 Exploration Program at the Tartan Mine, located near Flin Flon, Manitoba, including its first test at depth. Drilling has intersected one of the best holes in the mine's history, 325 metres below the lower limit of the current resource estimate, increasing the vertical extent of the high-grade mineralization by 61% compared to the resource (Fig. 1). Hole TLMZ23-26 returned 12.0 gpt gold over 8.0 metres, inside the widest interval ever at the Tartan Mine, 4.2 gpt gold over 53.7 metres, and has outlined the potential for a larger discovery at depth. The drill highlights for the first three holes can be seen in Table 1.
"This first hole, testing well beyond the limits of the resource, has the potential to alter the importance of the Tartan Mine. Not only are the assay results significant but so is the hole location. We need to receive the remaining assays, but the ability to grow the deposit looks promising. In addition to these exploration results, we are advancing the project's permitting and engineering that are designed to lower the cost of production, reduce the technical risk while minimizing the environmental footprint. The Company will be providing shareholders with an update on these items. The Tartan Mine benefits from good road access, renewable electric power that comes to site and significant underground infrastructure. Lastly, our geological team is hard at work conducting regional prospecting around the Tartan Mine to advance near mine targets to a drill ready stage. Early results have been promising, showing the potential for additional high-grade gold in new areas," stated Ian Ball, Interim CEO & President.
Each of the first three holes encountered multiple zones of high-grade and numerous occurrences of visible gold. The objective of TLMZ23-26, the deepest hole ever drilled, was to determine if the mineral system at the Tartan Mine could be materially expanded at depth and thereby justify a larger exploration program and focus, which it has. This intersection is the widest ever encountered at the Tartan Mine and will have important implications moving forward.
Table 1. Drill Result Highlights.
continues here
https://finance.yahoo.com/news/canadian-gold-corp-phase-1-120000553.html
Figure 1. Tartan Mine Long Section (Grade x Thickness) Drill Hole Locations
Is $MUX Run For The Roses starting now McEwen, Rio Tinto to jointly develop copper project in Nevada The prospect of copper shortages — as demand for the wiring metal accelerates in the energy transition — is boosting the appeal of investing in large-scale deposits. Partly as a result, large producers are taking another look at Argentina after interventionist policies had held back the industry. Despite an uncertain political situation in the inflation-ravaged nation, McEwen is optimistic about being able to move ahead with Los Azules no matter who is in power.
Just occurred to me that Novembers just months away and the MUX Copper IPO run maybe just starting.
and let me tell you it's gonna be BIG with heavy hitters like Rio Tinto and Stellantis
What do y'all think? You know its going to attract huge opportunities for investors
Could be the chance of a lifetime we all have been waiting for...just saying
Los Azules copper
Canadian mining entrepreneur Rob McEwen said he’s weighing financing options for a copper project in Argentina, with an initial public offering possible as soon as November.
Go $MUX.............
.......Go Green..........
Go McEwen Copper......
$MUX McEwen, Meding: Gold Due to Move Higher, Copper's Eye-Watering Demand Story
Rare Chart Signal Confirms Gold Prices Are About to Plummet (And Why You May Want to Get Short)
I'm lucky to get this site to even load on my computer
They must be working on the new format
IMF approves US$7.5 billion for Argentina despite missed targets
Multilateral lender approves massive disbursement, extending a financial lifeline to government ahead of a tight presidential race; Sergio Massa holds talks with Kristalina Georgieva in Washington.
The International Monetary Fund's (IMF) executive board on Wednesday approved a US$7.5-billion disbursement for Argentina, despite the multilateral lender admitting that the government had missed key financial targets.
The agreement combines the fifth and sixth reviews of an existing 30-month, US$44-billion IMF programme, in a move aimed at improving the dire economic situation.
President Alberto Fernández’s government is grappling with a prolonged economic crisis with annual inflation running at more than 113 percent. Last week the Central Bank devalued the peso steeply in response to a turbulent PASO primary election.
Economy Minister Sergio Massa travelled to Washington DC for talks with US government officials, regional lenders and IMF Managing Director Kristalina Georgieva this week, seeking to maximise the financial lifelines available to the country.
"Since completion of the fourth review, key programme targets were missed reflecting the historic drought along with policy slippages," the IMF acknowledged in a statement.
"Against the backdrop of high inflation and rising balance of payments pressures, agreement was reached on a new policy package centred on rebuilding reserves and enhancing fiscal order," it continued.
The Fund also said the board had granted waivers of non-observance for “the introduction of temporary measures that gave rise to introduction or intensification of exchange restrictions and multiple currency practices.”
Modifications to targets for the accumulation of Central Bank reserves, the primary fiscal balance and the monetary financing of deficit targets were also approved.
Wednesday's announcement brings the total disbursements by the IMF to Argentina under the arrangement to around US$36 billion, with the next review scheduled for November, the IMF said.
Massa told reporters Tuesday that he did not expect the upcoming election outcome to affect the November disbursement.
The August disbursement will be used to pay back the IMF from a previous bailout as well as other lenders that helped Argentina make some IMF payments. The government has borrowed special drawing rights from Qatar, tapped a currency swap line with China, and obtained a bridge loan from a Caracas-based development bank.
News of the disbursement’s unanimous approval by the board of the multilateral lender was broken by an aide from Massa’s team. It was later confirmed by the Fund.
Massa, who is also running for as the ruling coalition’s presidential candidate in the October elections, travelled to Washington this week to meet with senior IMF, World Bank and Inter-American Development Bank officials, as the international financial institutions considered separate decisions relating to the country.
On Tuesday, the World Bank approved two new projects for Argentina worth around US$650 million which are targeted at increasing access to financing for climate change mitigation and adaptation, and strengthening existing food programmes.
The projects are aimed at helping Argentina "lay the foundations for more sustainable and resilient growth and improve the efficiency of public services and social protection," Marianne Fay, the World Bank's country director for Argentina, Paraguay and Uruguay, said in a statement announcing the decision.
– TIMES/AFP/BLOOMBERG
https://www.batimes.com.ar/news/economy/imf-approves-us75-billion-for-argentina-despite-missed-targets.phtml
Propellerheads feat: Miss Shirley Bassey - History Repeating
Wildfires threaten Kelowna | Evacuations as spot fires ignite in the city
CTV News
47 minutes ago
The City of Kelowna has declared a state of emergency after the McDougall Creek wildfire jumped Okanagan Lake overnight.
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Wildfire forces Yellowknife evacuation
North of 60 Mining News - August 18, 2023
Last updated 8/17/2023 at 10:34amPhoto taken through car windshield by evacuee in line of cars under red sky.
Residents of the Northwest Territories community of Hay River evacuate under a red sky caused by the smoke and fire.
Blaze could reach NWT capital by weekend, 20,000 residents leave; one mining camp burned, wildfires disrupt entire mining sector.
Read more here>>>>> https://www.miningnewsnorth.com/story/2023/08/18/news/wildfire-forces-yellowknife-evacuation/8060.html
Wildfire forces Yellowknife evacuation
North of 60 Mining News - August 18, 2023
Last updated 8/17/2023 at 10:34amPhoto taken through car windshield by evacuee in line of cars under red sky.
Residents of the Northwest Territories community of Hay River evacuate under a red sky caused by the smoke and fire.
Blaze could reach NWT capital by weekend, 20,000 residents leave; one mining camp burned, wildfires disrupt entire mining sector.
Read more here>>>>> https://www.miningnewsnorth.com/story/2023/08/18/news/wildfire-forces-yellowknife-evacuation/8060.html
Free marketeer leading Argentine election seen rocking commodities
Bloomberg News | August 14, 2023 | 3:56 pm Battery Metals Intelligence Latin America Copper Lithium Oil & Gas
Javier Gerardo Milei. Credit: World Economic Forum
Javier Milei, a libertarian outsider who’s taken a surprise lead in the race for Argentina’s presidency, would shake up the country’s powerhouse commodity industries like none of his rivals.
Argentina is a top crop and beef exporter, and the world’s fastest-growing lithium producer. It also sits on copper and shale oil and gas riches, and has potential to bring plenty of those resources to global markets.
Milei would scrap taxes on farm exports, meaning Argentina’s soybeans, corn, wheat and meat gain competitiveness against producers from the US to Australia. Milei has also touted ditching the peso for the US dollar. That would make farmer soy sales — which in Argentina have morphed largely into an unpredictable currency trade — trend more like other countries.
Milei won across swaths of the Pampas farm belt in Cordoba, Santa Fe and La Pampa provinces after pledging that the tax and currency changes would turbo-charge agricultural growth and production.
The free-market ideas “are just the sort we farmers are looking for,” said Ariel Striglio, a crop-grower in Santa Fe.
But Striglio also voiced concern about how Milei, an anti-establishment firebrand, would be able to govern: Getting support in congress to implement radical policies, and finding ways to stop powerful trade-union and social leaders from sabotaging reforms, would likely be his greatest challenge.
Oil, lithium
While Milei’s campaign manifesto is heavily skewed to farming, it also mentions promoting investments in oil and lithium. But by minimizing state involvement, his approach would upend how Argentina had already been going about that.
Milei, who won by a landslide in oil heartland Neuquen province, would move to re-privatize state-run driller YPF SA, which has spearheaded development of the Vaca Muerta shale patch since being nationalized in 2012.
To spur shale drilling, he’d instead boost competition between domestic refiners and international crude buyers by knocking down export hurdles and un-capping Argentine fuel prices.
Milei has been less clear on lithium, although last year he expressed dismay on social networks at talk of nationalizing the metal, needed for the global energy transition, or meddling in supplies and prices through a pact with South American neighbors.
His devotion to free markets would no doubt mean less direct state support for a local battery industry — relying instead on tax cuts and more lax labor laws to promote value-added manufacturing in Argentina.
Other candidates would be better equipped to maintain the social cohesion needed for investments, according to Michael Meding, who heads the unit of Canadian Rob McEwen’s mining group that’s drilling the Los Azules copper deposit in Argentina. “I don’t see him as a good selection for mining companies,” Meding said.
Still, in a sign of how divisive a figure Milei is, McEwen himself disagreed: “He’s proposing radical changes and I think those are needed.”
(By Jonathan Gilbert, with assistance from James Attwood)
https://www.mining.com/web/free-marketeer-leading-argentine-election-seen-rocking-commodities/
David Bowie - Changes (Olympia)
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$X Esmark CEO says has money in bank account for $7.8 billion US Steel bid
Reuters | August 15, 2023 | 1:22 pm Markets USA Iron Ore
Credit: US Steel
Esmark Inc majority owner and chief executive James Bouchard said in an interview on Tuesday that his steelmaker, which does not publicly report its earnings, has cash for its $7.8 billion bid for US Steel Corp sitting in his bank account.
Esmark unveiled its offer on Monday after Cleveland-Cliffs Inc, another steelmaker, said on Sunday it had made a $7.3 billion offer for US Steel, which the latter rejected. Cleveland-Cliffs said it could afford the deal because it would pay for half of it using its own stock as currency and borrow from banks to help pay for the other half.
Bouchard said he had $10 billion available and Esmark itself had no debt. “I got $10 billion in cash in my bank account,” Bouchard said. He did not provide more details to verify he has access to the cash.
Bouchard added he was being advised on his offer for US Steel by an “international bank” he declined to name, which was also willing to lend to him.
A spokesperson for US Steel said Esmark could pursue it by participating in a process it announced on Sunday for exploring a potential deal with interested parties.
“This is the first that we have heard from Esmark. We welcome them to join the multiple parties already in our previously announced strategic alternatives process,” the US Steel spokesperson said.
Bouchard, a former US Steel executive, said Esmark was “the third largest steelmaker in the country”, without elaborating with any figures.
In 2008, he sold another company of his with the same name to Russian steelmaker OAO Severstal for $1.3 billion. He subsequently bought back the Esmark name, trademark and intellectual property to create his latest steelmaker, which he says generates over $500 million in annual revenue.
(By David Carnevali; Editing by Josie Kao and Jamie Freed)
https://www.mining.com/web/esmark-ceo-says-it-has-money-in-bank-account-for-7-8-billion-us-steel-bid/
John Anderson - Money In the Bank
$MUX >>McEwen eyes copper IPO as soon as November for Argentina project
Bloomberg News | August 15, 2023 | 10:18 am Markets Top Companies Canada Latin America Copper
McEwen, Rio Tinto to jointly develop copper project in Nevada
Los Azules copper project in San Juan, Argentina. (Image courtesy of McEwen Mining.)
Canadian mining entrepreneur Rob McEwen said he’s weighing financing options for a copper project in Argentina, with an initial public offering possible as soon as November.
While McEwen Copper Inc. is funded into next year as it drills the Los Azules project, it may go public later in 2023 or early 2024 to bankroll a feasibility study. The IPO could be in the range of $100 million to $150 million, although another private financing round is also an option, McEwen and copper unit chief Michael Meding both said in an interview.
The company hopes to complete the feasibility study late next year or early 2025 and start producing copper toward the end of the decade. Recent investments by automaker Stellantis NV and miner Rio Tinto Group have given the venture more breathing space.
At the same time, McEwen is talking to “various sources” about providing part of the $2.5 billion needed to build the mine, said the founder and former chairman of Goldcorp Inc. Construction financing would probably see McEwen Mining Inc.’s 52% interest in the copper unit “reduced by some degree,” he said.
Read More: Carmaker investment gives McEwen Copper more time to go public (see next post)
The prospect of copper shortages — as demand for the wiring metal accelerates in the energy transition — is boosting the appeal of investing in large-scale deposits. Partly as a result, large producers are taking another look at Argentina after interventionist policies had held back the industry.
Despite an uncertain political situation in the inflation-ravaged nation, McEwen is optimistic about being able to move ahead with Los Azules no matter who is in power. The two executives spoke after outsider congressman Javier Milei pulled off an unexpected primary win that upended this year’s presidential race.
(By James Attwood)
https://www.mining.com/web/mcewen-eyes-copper-ipo-as-soon-as-november-for-argentina-project/
$MUX Copper Carmaker investment gives McEwen Copper more time to go public
Bloomberg News | February 28, 2023 | 10:19 am Markets Top Companies Canada Copper
McEwen lines up copper partner as surging prices spur interest
McEwen Mining founder Robert McEwen. Image from archives.
Investments by European automaker Stellantis NV and mining giant Rio Tinto Group are giving Rob McEwen’s copper venture more breathing space before going public.
The Canadian entrepreneur now expects to hold an initial public offering for his namesake copper unit in the second half of the year instead of the first half. That’s after Stellantis and a Rio unit each took a 14.2% stake in McEwen Copper, providing enough funding for its Argentine project until next yea
“It gives us a lot of additional flexibility depending on what the market is doing,” Michael Meding, who leads the unit, said in an interview alongside McEwen while attending an industry event in Florida.
Stellantis’ entry into McEwen Copper’s shareholder register represents the first major equity investment by a carmaker in a copper company, according to McEwen, the founder of Goldcorp Inc.
If the high attendance of auto executives at this week’s BMO Capital Markets mining event is any measure, it won’t be the last. The auto industry is stepping up efforts to secure supplies of the materials needed to move away from fossil fuels. General Motors Co. is said to be vying for a stake in Vale SA’s base metals unit as Tesla Inc. weighs a takeover of Sigma Lithium Corp.
Read more: Tesla, GM among carmakers flocking to mining events amid battery metals scramble
The transaction with Stellantis gives the maker of Peugeot cars and Jeep sport utility vehicles the right to a portion of future production from the Los Azules deposit in Argentina’s San Juan province. If all goes to plan, the project will start producing in 2028, giving Argentina a source of copper cathode for local industries, Meding said. He expects to file for environmental permits in April.
In terms of the size of the copper unit’s IPO, McEwen said it will be determined by capital needs and ensuring enough of a free float for liquid trading. He expects the offering to take parent company McEwen Mining Inc.’s holding in the unit below the 50% threshold.
(By James Attwood)
https://www.mining.com/web/carmaker-investment-gives-mcewen-copper-more-time-to-go-public/
$MUX McEwen Mining Looks Undervalued And Rob McEwen Explained How He Looks At Valuations In Mining Stocks
RocksAndStocksNews
Aug 13, 2023
McEwan Mining gives investors excellent exposure to gold mining and a world class copper mine of the future with a modest valuation. Rob McEwan provided insights into how he looks at valuations of mining stocks that is very helpful for investors in the sector.
$X US Steel soars after it rejects $7.25 billion Cliffs bid
Bloomberg News | August 14, 2023 | 9:18 am Intelligence Markets Top Companies USA Iron Ore
US Steel Soars After It Rejects $7.25 Billion Cliffs Bid
A deal with US Steel would catapult Cliffs into the ranks of the top producers globally, a list dominated by China.
United States Steel Corp. surged after it rejected a takeover offer from rival Cleveland-Cliffs Inc. to create one of the world’s biggest steelmakers, and said it will begin a review of its strategic options instead.
Full article here >>>https://www.mining.com/web/us-steel-soars-after-it-rejects-7-25-billion-cliffs-bid/
GYS Nightbird CTA Global Update
The machines are loaded up with equities going long and can sell at a moments notice.
Over 1 week: Sellers
A. Flat tape -26 Bn to sell
B. Up tape -11 Bn to sell
C. Down tape -81 billion to sell
1 Month
D. Flat tape -23 Bn to sell
E. Up tape -+35 Bn to buy
F. Down tape -267 Bn to sell
Important Seasonal Trend Underway For Mining Stocks We Discussed With Rob McEwen In Our Recent Chat
RocksAndStocksNews
Aug 9, 2023
In this show we open discussing seasonal trends that Rob McEwen pointed out in our recent interview. Then we discussed McEwen Mining, Canadian Gold Corp., Dynasty Gold, i-80 Gold, Alta Copper, Athena Gold, Blackrock Silver, Copper Road, Galantas Gold, Goliath Resources, Golden Lake Exploration, Generation Mining, Fokus Mining, Puma Exploration, Sokoman Minerals, Walker River Resources, SilverCrest Metals, Bell Copper and Orogen Royalties.
Blood and Gold: Wagner's Rise in Central Africa
An inside look at the Wagner Group’s control over the Central African Republic
Is Russia purging Wagner Group troops in Africa? But even with a “rebranding,” Russia is unlikely to withdraw from Wagner’s security contracts, disinformation operations and mining ventures that have boosted Moscow’s reach in North Africa and sub-Saharan Africa, Clarke and other experts said.
July 8, 2023, 12:11 PM UTC
Hundreds of troops in the Wagner paramilitary organization have been seen flying out of the Central African Republic in recent days, prompting questions about whether Moscow is purging the group after its mutiny in Russia last month.
More than 600 Wagner employees were spotted this week departing from the airport in the capital, Bangui, according to members of nongovernmental organizations and analysts tracking events in the African country. continues
“The services that Wagner provides for the Russians in Africa are essential,” Clarke said. “That’s not going to go away. They need it.”
full article here https://www.nbcnews.com/news/vladimir-putin/russia-purging-wagner-group-troops-africa-rcna93183
$GOLD Copper is the 'most strategic' out of all the metals, says Barrick Gold CEO Mark Bristow
Barrick beats quarterly profit estimates on higher gold prices
Reuters | August 8, 2023 | 7:27 am Top Companies Canada USA Copper Gold
Barrick Gold Corp beat analysts’ expectations for second-quarter profit on Tuesday, as the Canadian gold miner benefited from higher prices of the precious metal.
The company also maintained its full-year production outlook for gold and copper, saying output in the second half of the year is expected to surpass the first – boosted by better performances from the Carlin complex in Nevada, the Kibali gold mine in the Democratic Republic of Congo and the Lumwana copper mine in Zambia.
Average prices of gold during the reported quarter rose 4.3% compared to last year, nearly touching an all-time high in May as US banking concerns accelerated a rush to the safe-haven asset.
Higher prices of the yellow metal helped raise Barrick’s average realized gold prices by 6% to $1,972 per ounce from a year earlier.
Continues here https://www.mining.com/web/barrick-beats-quarterly-profit-estimates-on-higher-gold-prices/
Website
https://www.barrick.com/English/home/default.aspx
GYS Night-bird Global CTA Update
This is a clean sweep of supply, The machines are going to sell. Rough 2 weeks ahead.
Over 1 week
A.Flat tape -21 Bn to sell
B. Uptape -8 Bn to sell
C. Downtape -62 Bn to sell
Over 1 month
D.Flat tape -32 Bn to sell
E. Uptape 1 Bn to sell
F.Downtape -283 Bn to sell
Short term Threshold = 4444 (-1.3 % )
GYS board cool down....week ahead
we're running a little hot here ... Enjoy you're Sunday
CPI could be a make-or-break moment for gold next week as prices look for direction
The gold market is back in no-man's land as the price is pushed and pulled between rising bond yields and continued economic uncertainty. According to some analysts, next week's inflation data could be a "make or break" moment for the precious metal as it struggles to find direction.
Gold's neutral outlook comes as prices look to end the week holding critical near-term support levels but cannot generate enough momentum to retest important resistance. December gold futures last traded at $1,977 an ounce, down 1% from last week.
Although the gold market is looking to end the week off its lows, analysts note that the precious metal still faces some problematic headwinds as economic data does not provide definitive evidence that the Federal Reserve can ease away from its hawkish bias.
continues here>>>
https://www.kitco.com/news/2023-08-04/CPI-could-be-a-make-or-break-moment-for-gold-next-week-as-prices-look-for-direction.html
Andrea Bocelli & Sarah Brightman ~ Time To Say Goodbye
Late-night Heavy Metal on GYS (In the Flesh)
GraveYard Shift Today's Top Mining Picks>>>>>>>>>>>>>>>>>>>>>>>
MARKET MOVERS
COMPANY +CHANGE% LAST TRADE
Atlas Lithium +2.63 10.96% $26.62
Franco-Nevada 2.18 1.18 $187.38
Wheaton Precious Metals 2.16 3.81 $58.79
MP Materials 1.24 5.61 $23.36
Metals Acquisition 1.23 11.73 $11.72
Royal Gold 0.78 0.69 $113.39
SSR Mining 0.44 2.30 $19.55
Newmont 0.43 1.06 $40.87
Lithium Americas 0.42 1.65 $25.91
Agnico Eagle Mines 0.42 0.65 $64.99
MAG Silver 0.35 2.34 $15.30
Li-FT Power 0.35 3.80 $9.55
Ivanhoe Electric 0.33 1.54 $21.73
Kinross Gold 0.32 5.06 $6.64
Lundin Gold 0.32 1.91 $17.05
HIGH VOLUME
COMPANY VOLUME LAST TRADE
Aston Bay 6,447,473 $0.12
Kinross Gold 5,928,801 $6.64
Uranium Energy 5,081,791 $3.65
The Metals Company 4,693,898 $1.11
i-80 Gold 4,432,246 $2.68
Lundin Mining 3,332,248 $11.63
Minera IRL 3,185,000 $0.02
B2Gold 2,782,846 $4.28
CAT Strategic Metals 2,516,330 $0.03
First Quantum Minerals 2,282,401 $37.07
Anfield Energy 2,059,949 $0.04
Talisker Resources 2,015,300 $0.08
Ivanhoe Mines 1,962,055 $13.19
Trailbreaker Resources 1,859,000 $0.26
Sitka Gold 1,696,904 $0.12
Poland’s PM warns of Wagner ‘provocations’ on NATO’s border
BY BRAD DRESS - 08/03/23 2:48 PM ET
https://thehill.com/policy/international/4135907-poland-warns-wagner-provocations-nato-border/
Natos on the move
$MUX McEwen Mining - El Gallo EDU MINA
The movement in price is likely to happen quickly and severely” Feat. Daniel Lacalle - LFTV Ep: 134 Timestamps
00:00 Start
03:00 Are we risking further bank-driven inflation with these rate hikes?
07:15 Is the belief that US Treasuries are a risk-free asset class mistaken?
11:00 The only risk with physical gold: it can be confiscated
17:45 The Fed doesn’t look at the price of gold; they don’t consider it
21:15 The problem gold has if it wants to achieve its gold price potential quickly
25:00 The Fed’s open meeting to discuss the final implementation of Basel III
29:00 The BRICS+ summit - are they going to discuss a gold-backed currency?
34:30 Sound money: the way to gel all these ideas
37:00 China’s long-term view: they don’t want to be a global reserve currency
42:30 The politicisation of the banking system: exposing the debanked
48:00 How Central Bank Digital Currencies fit in
54:30 The fight against cash is predicated on a misunderstanding
57:00 The role of gold and silver in your portfolio: an analogy
Late-night Heavy Metal on GYS (Electric Eye)
The dollar and gold were lost today
Silver always bored sitting in the back seat
Non farm payrolls tomorrow
Enjoy the Heavy Metal
Judas Priest - Electric Eye (Official Video)
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