The GraveYard Shift

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You need to protect your wealth NOW Feat. Andy Schectman - LFTV Ep 170

Apr 26, 2024
In this week’s episode of Live from the Vault, Andrew Maguire is joined by Andy Schectman, President of Miles Franklin. The precious metals experts juxtapose the current physically-driven bull run with their long histories of financial education.

Revealing some surprising facts and statistics, Andy Schectman revisits past statements that may foreshadow the future of gold and silver. But amidst these revelations, he sounds the call: the time to safeguard your wealth is now.

Timestamps:
00:00 Start
02:40 Recent silver price action
08:15 A look at Andrew’s 20+ year history
15:00 The military application of silver and its affect on supply & demand
21:30 The Fed has been trapped for over 20 years
27:00 Historical statements by the chairman of the Shanghai Gold Exchange
34:00 BRICS currency update
42:30 What’s happening with the United States
51:00 Protecting wealth

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Navigating net zero: can miners meet their emission reduction targets?

Many major miners have set net-zero targets for 2050 but some are unlikely to meet their ambitious interim targets. We look at progress and challenges on mining’s decarbonisation journey.

Kit Million Ross
April 19, 2024

with MMGYS Soundtrack

With climate change on everyone’s mind, emission reduction targets have become a major focus of every sector, but especially within the mining industry. The world’s biggest mining companies have set their sights on ambitious net-zero targets by 2050. However, as the deadline draws ever closer, concerns have arisen regarding the progress of these plans, with some companies even admitting they will likely miss short-term targets.

When added to reports of challenges around transparent and accurate reporting, especially with scope 3 emissions, the industry finds itself at a critical juncture, grappling with the need to balance environmental responsibility with profit and efficient operation.

Here we delve into the landscape of emission reduction efforts within the mining sector, assessing the status of companies’ targets, identifying the challenges facing the industry, and exploring the measures being undertaken to decarbonise operations. It’s time we answered the question: what steps must we take to hit net-zero targets by 2050?

While many companies have made commendable strides towards their emission reduction targets, recent reports suggest that some companies may fall short of their interim targets set for 2025.

Mining companies’ progress toward net-zero targets

Numerous industry giants have pledged to achieve net-zero emissions by 2050, signalling a collective commitment to mitigating climate impact. However, while many companies have made commendable strides towards their emission reduction targets, recent reports suggest that some companies may fall short of their interim targets set for 2025. This discrepancy underscores the complexities inherent in transitioning towards sustainable practices within a traditionally carbon-intensive industry.

However, it is important to take this with the relevant context in mind; the target itself is ambitious, aligning with the UN’s stretch goal of limiting warming to 1.5°C, and compared with other mining companies, Rio Tinto has a much higher percentage of its emissions coming from processing. Around 80% of Rio Tinto’s emissions come from processing, according to its 2023 climate change report, and processing is much harder to abate than other mining areas such as transport or sorting.

BHP has also set ambitious targets for its emissions reductions across all scopes, with a target of a 30% decrease in scope 1 and 2 emissions from 2020 levels by 2030, and a goal of net-zero operational emissions by 2050. However, there is one concerning factor hidden in the small print of BHP’s decarbonisation strategy: the company counts carbon credits in calculating its overall emissions.

Carbon credits, also known as carbon offsets, are a way of mitigating or offsetting the impact of one’s emissions by investing in climate protection projects such as planting trees. They have become wildly popular among major companies, particularly in hard-to-abate sectors such as mining – BHP is far from the only mining company to use them – but many environmental activists have criticised the use of carbon credits as a greenwashing tactic.

Many consider carbon credits as being a ‘free pass’ that allows polluting industries to appear to tackle their emissions while functionally doing nothing, and while this debate could fill an entire article by itself, it does lead well into another question: are companies being upfront enough about how they report their emissions?

The challenges of transparency in reporting emissions

Transparency in reporting remains a huge concern surrounding the mining sector’s emission reduction efforts. While many, if not all, of the major players have set ambitious targets for lowering their emissions, the lack of standardised reporting frameworks and inconsistencies in data disclosure pose a significant problem as the industry tries to assess its progress accurately. Put simply, the issue is this: how can the industry do better if we don’t know where we are starting from?

It is clear that the reduction of scope 3 emissions is key to mitigating climate change, but it is easy for companies to view this challenge as “someone else’s problem”.

The International Council of Metals and Minerals (ICMM) is working to improve reporting standards among its members, particularly in regards to scope 3 emissions, which are regarded as some of the hardest to track. In December 2023, the ICMM released a document entitled Scope 3 Emissions Target Setting Guidance to assist decision makers at its member companies – who collectively represent a third of the global metals and mining industry – in setting clear, standardised targets for the reduction of scope 3 emissions.

The guidance laid out in this document is long and complex, and the application of it will vary between individual mining companies and operations. However, alongside a more detailed document published in September 2023, it is useful in providing a framework.

It is clear that the reduction of scope 3 emissions is key to mitigating climate change, but it is easy for companies to view this challenge as “someone else’s problem”.

As Rohitesh Dhawan, president and CEO of ICMM, said in an article published by the World Economic Forum: “A company or indeed an entire sector could wring its hands at the emissions outside of its control and make it someone else’s problem – which, technically, it is. But collectively, we would lose the climate change war because total emissions would continue to rise unsustainably.”

He added that collaboration between different parts of the value chain is key to reducing scope 3 emissions, calling this a “far better approach” to decarbonisation than solo efforts, noting that a collaborative approach “makes climate sense, and it increasingly makes business sense, too”.

However, it is worth taking this progress with a pinch of salt, and consider the context of this development. While ICMM members are required to have set short and medium-term goals for the reduction of scope 1 and 2 emissions, there is no such requirement for scope 3 emissions, meaning that for the time being, major mining companies have more opportunity to look the other way when it comes to these kinds of emissions.

Increased pressure from the ICMM, as well as increased pressure from government representatives, is a key factor in reducing scope 3 emissions and their immense harm to the climate.

Can we make it?

The journey towards emission reduction and net-zero targets in the mining sector is one of slow, steady progress and significant challenges. While many companies have taken huge strides towards their sustainability goals, concerns surrounding reporting transparency and the slow pace of change persist.

By embracing innovation, collaboration and regulatory support, the industry is poised to overcome these hurdles and pave the way towards a more sustainable future. As we navigate the path towards 2050 net-zero targets, the importance of collective action and genuine commitment to emissions reductions has never been more visible.

Only through concerted efforts and shared determination can the mining sector realise its potential as a driving force for positive change in the fight against climate change.

https://www.mining-technology.com/features/navigating-net-zero-can-miners-meet-emission-reduction-targets/

Saved by zero extended mix

[JD400]

Biden-Harris Administration Announces First Projects Receiving Clean Energy Manufacturing Investments in America's Industrial and Energy Communities

with MMGYS Soundtrack

APRIL 19, 2024
Energy.gov Biden-Harris Administration Announces First Projects Receiving Clean Energy Manufacturing Investments in America's Industrial and Energy Communities
President Biden’s Investing in America Agenda Supports New Projects Building Grid Transformers, Manufacturing EV Chargers and Solar Components, and Processing Critical Minerals, Helping Revitalize Local Economies with Clean Energy Jobs

WASHINGTON, D.C. — The U.S. Department of Energy (DOE) today released details for 35 projects across 20 states that voluntarily shared with DOE they received a total of $1.93 billion in allocations of the Qualifying Advanced Energy Project Credit (48C). 48C is an allocated tax credit funded by President Biden’s Investing in America agenda through the Inflation Reduction Act, aimed at accelerating clean energy manufacturing and recycling and reducing greenhouse gas emissions at industrial facilities.

The projects announced today are addressing critical needs across the clean energy economy, including grid components (e.g., transformers), electric vehicle components and chargers, solar components, clean steel, critical materials processing and recycling, and other clean energy products. Seven of the projects announced today are located in traditional energy communities, which include communities with closed coal mines or coal plants – advancing the President’s commitment to invest in the communities that have kept America’s economy powered for generations. In order to receive the full 30 percent investment tax credit, projects receiving a 48C tax credit must meet prevailing wage and registered apprenticeship requirements.

“The Biden-Harris Administration is executing an industrial strategy that prioritizes rebuilding our domestic manufacturing sector, creating good-paying jobs across the country,” said U.S. Secretary of Energy Jennifer M. Granholm. “Through the historic Advanced Energy Project Credit, we are leveraging the infrastructure, expertise, and grit of America’s energy communities—where the workers that powered our energy past, will power our energy future.”

“President Biden’s economic agenda ensures all communities benefit from the growth of the clean energy economy by driving innovation and investment in areas of the country that have long been at the forefront of fossil fuel production,” said U.S. Secretary of the Treasury Janet Yellen. “Investments in advanced energy projects strengthen our energy security and create good-paying jobs in vital fields like clean energy manufacturing and critical materials processing. They also allow for existing energy infrastructure to be upgraded for the clean energy economy. All of this work will help lower energy costs for American families and small businesses.”

“President Biden is committed to building a clean energy economy that is bringing investments and jobs to the same communities that have powered our nation for over a century with fossil fuels,” said John Podesta, Senior Advisor to the President for International Climate Policy. “Today’s announcement of projects coming forward to share their participation in the 48C Qualifying Advanced Energy Program represents a direct, targeted investment in those energy communities and manufacturing across the nation so they can power our country for the next century.”

The IRA expanded the Qualifying Advanced Energy Project Credit (48C) to provide an additional credit allocation of $10 billion, with $4 billion set aside for projects in designated energy communities. The 48C credit is an investment tax credit of up to 30% of qualified investments for qualifying projects, provided they meet prevailing wage and apprenticeship requirements.

On March 29, 2024, the IRS allocated approximately $4 billion of 48C credits for over 100 projects across 35 states, with approximately $1.5 billion allocated to projects in designated energy communities. As required by statute, the 48C(e) program can release the names of all organizations allocated a credit and the amount of that allocation only after projects are certified, a process that can take up to two years. In advance of that certification, as of April 18th, 35 projects voluntarily self-disclosed information to DOE to share publicly as part of today’s announcement.

Clean Energy and Clean Vehicle Manufacturing

Fourteen projects will expand the manufacturing of clean energy products and materials to bolster energy security and increase economic competitiveness. These projects will include new and expanded facilities to produce products ranging from electric vehicle chargers, recycled glass and polysilicon for solar panels, and steel needed for offshore wind projects. These projects include:

Highland Materials, Inc, Surgoinsville TN. This project, which is located in an Energy Community, will initially produce 16,000 Metric Tons per year (MT/year) of solar grade polysilicon at less than standard cost and with a 90% reduction in carbon emissions. At full capacity, it will produce 20,000 MT/year – the equivalent of 11 GW of solar cells. Highland is working closely with Northeast State Community College to develop and implement workforce development including DOL certified apprenticeship programs, along with other community support programs designed to support our workforce and the community at large. [Credit Amount: $255.6 Million]

Mobis North America electrified Powertrain, LLC (MNAe), Richmond Hill GA. MNAe will be constructing three different electric vehicle component plants that will provide parts to the production of Hyundai and Kia electric vehicles. The awarded plant, located in Richmond Hill, will specifically produce Power Electric Systems (“PE System”) which are integral to the production of electric vehicles. [Credit Amount: $57.6 Million]
Grid Components and Modernization

Eight projects will produce critical grid components needed to bolster grid resiliency and overcome supply chain constraints to upgrading the grid, including large power transformers, grid scale batteries, substation electrical transformers, voltage regulators, and belowground and underwater electrical cables. These projects include:

Eaton Corporation, Waukesha WI. This project will increase manufacturing capacity for three-phase transformers used for utility power grids, data centers, and other large commercial and industrial applications. This equipment will provide critical support for electric grid resilience, renewable energy projects and electric vehicle (EV) charging stations. Eaton works closely with Waukesha County Technical College (WCTC) to create education and training programs for manufacturing careers, including coil winding. [Credit Amount: $1.33 Million]

Prysmian, Williamsport PA. This project will reequip and expand an existing facility to increase manufacturing capacity of advanced transmission conductors, enabling production of thousands of metric tons per year. The conductors are expected to supply the Grain Belt Express project, a long-distance high-voltage direct-current transmission line project to deliver more affordable, reliable, and domestically sourced clean electricity to the Midwest. [Credit Amount: $3.89 Million]

Critical Minerals and Materials

Five projects will increase the U.S. production and refinement of critical minerals and materials needed to support the manufacturing of materials like electrical steel, lithium carbonate, and synthetic graphite. Projects will also include facilitating the recycling of lithium-ion batteries and black mass, ensuring critical minerals stay in the country for reuse and long-term supply chain and energy security. These projects include:

ArcelorMittal Calvert LLC, Calvert AL. This new advanced manufacturing facility in an Energy Community will produce high-quality non-grain oriented electrical steel (NOES). NOES is a critical material for production of electric motors used to power battery electric vehicles, plug in hybrid electric vehicles and hybrid vehicles, and other clean energy technologies. ArcelorMittal Calvert will partner with local educational and training institutions to develop tailored workforce development programs to meet the workforce needs. [Credit Amount: $280.5 Million]
Nth Cycle Inc., Fairfield, OH. This facility will provide the nation’s first large-scale production of Mixed Hydroxide Precipitate (MHP), and will make use of recycled and scrap materials from Li-ion batteries, spent catalysts and alloy scraps and slags. The process will provide critical nickel and cobalt materials for EV battery production. [Credit Amount: $7.22 Million]
Industrial Decarbonization

Eight projects will reduce emissions at existing industrial facilities or accelerate the manufacturing of clean hydrogen and low carbon fuels, including the manufacturing of electrolyzers, to facilitate the decarbonization of essential, energy-intensive sectors like steel and cement. These projects include:


Middlesex County Utilities Authority, Sayreville NJ. This project will increase the efficiency of a solid waste handling process of wastewater treatment through a new Advanced Anaerobic Digestion Facility, increasing use of renewable energy and reducing emissions by approximately 23%. The project’s construction contracts will include project labor agreements, support apprenticeships, and engage with businesses owned by minorities, women, veterans, and local small business owners. [Credit Amount: $40.5 Million]
Topsoe SOEC Production US Inc., Chester VA. This project will significantly expand U.S. electrolyzer manufacturing capacity, helping to meet the growing demand for green hydrogen. Electrolyzers are key for decarbonizing energy-intensive industries like steel, mining, and long-distance transportation, which account for approximately 30% of global greenhouse gas emissions. [Credit Amount: $135.9 Million]
See the full list of projects here.

Workforce and Community Benefits

These projects will help create more pathways for training and employment in the clean energy and manufacturing sectors and ensure that communities that traditionally powered our nation reap the economic benefits of the clean energy economy. For example, projects are partnering with a variety of training and education organizations (e.g., community colleges, colleges, career technical centers) to develop a skilled workforce. Community benefit agreements, project labor agreements and impact agreements that identify specific benefits for workers and local communities are being utilized within the portfolio. Projects also must meet prevailing wage and registered apprenticeship requirements to receive the full value of their 48C allocation.

The U.S. Department of Treasury and Internal Revenue Service anticipate issuing guidance for the second round of the 48C program in the coming weeks, with a submission window for required concept papers anticipated to open by this summer.

Companies that wish to be publicly listed by Department of Energy as recipients of the 48C program may submit their opt-in form to the Department of Energy to be featured in ongoing announcements. Learn more about the Qualifying Advanced Energy Project Credit (48C), which is managed by DOE’s Office of Manufacturing and Energy Supply Chains.
https://www.energy.gov/articles/biden-harris-administration-announces-first-projects-receiving-clean-energy-manufacturing

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Biden-Harris Administration Announces $475 Million Investment to Support Clean Energy Solutions on Current and Former Mine Land

MARCH 21, 2024
Energy.gov Biden-Harris Administration Announces $475 Million Investment to Support Clean Energy Solutions on Current and Former Mine Land
President Biden’s Investing in America Agenda Funding Five Projects in Mining Communities Across the Nation, Supporting Local Economies While Accelerating Affordable, Clean Energy Solutions

WASHINGTON, D.C. — As part of President Biden’s Investing in America agenda, the U.S. Department of Energy (DOE) today announced up to $475 million in funding for five projects in Arizona, Kentucky, Nevada, Pennsylvania, and West Virginia to accelerate clean energy deployment on current and former mine land. This funding—made possible by the Bipartisan Infrastructure Law—will support a variety of diverse, locally-driven clean energy projects that can be replicated in current and former mining communities across the country. The projects are expected to expand local and regional workforce partnerships and generate local tax revenues, supporting essential public services and spurring new economic opportunities in communities that have helped power the nation for generations. Today’s announcement will help strengthen America’s energy security and ensure the nation’s mining communities continue to play a vital role in our energy economy—reinforcing the Biden-Harris Administration’s deep commitment to building an inclusive and equitable clean energy future that creates healthier, more resilient communities.

“President Biden believes that the communities that have powered our nation for the past 100 years should power our nation for the next 100 years,” said U.S. Secretary of Energy Jennifer M. Granholm. “Thanks to the President’s Investing in America agenda, DOE is helping deploy clean energy solutions on current and former mine land across the country—supporting jobs and economic development in the areas hit hardest by our evolving energy landscape.”

In line with President Biden’s Justice40 Initiative, these projects will advance energy and environmental justice and help ensure the benefits of the clean energy transition flow directly to impacted communities. The projects announced today will accelerate clean energy solutions that are critical to reducing pollution, creating healthier communities, and meeting the Biden-Harris Administration’s ambitious clean energy and climate goals.

Accelerating Clean Energy Deployment in America’s Mining Communities

The selected projects cover a range of clean energy technologies, from solar, microgrids, and pumped storage hydropower to geothermal and battery energy storage systems. Three projects are on former Appalachian coal mines, which supports economic revitalization and workforce development on land that is no longer viable for industrial purposes. In the West, two projects seek to displace fossil-fuel use by ramping up net-zero mining operations and providing the critical materials needed for a robust, domestic, clean energy supply chain. These projects are expected to create more than 3,000 good-paying construction and operations jobs.

The five projects selected for award negotiation include:

Copper Recovery to Support America’s Domestic Energy Supply Chain (Graham and Greenlee Counties, Arizona) – This project seeks to deploy direct-use, geothermal, clean heat combined with a battery energy storage system at two active copper mines in Southeast Arizona, helping decrease the mines’ reliance on onsite thermal backup generators while supporting the annual extraction of 25 million pounds of copper, a critical material, previously considered unrecoverable. This project anticipates creating 121 construction and 12 operations jobs. Freeport Minerals Corporation, the selectee, aims to continue to foster partnerships with technical colleges and high schools, with an emphasis on expanding access for students from underrepresented groups and providing scholarships for nearly 300 Native American students from 14 tribes.
Lewis Ridge Project (Coal-to-Pumped Storage Hydropower) (Bell County, Kentucky) – This project proposes converting former coal mine land to a closed-loop, pumped-storage hydroelectric facility with the potential to dispatch up to eight hours of power when needed, such as during times of peak demand or extreme weather events. This project will support the increase of local tax revenues that have decreased steadily since the 1970s and create approximately 1,500 construction and 30 operations jobs. Rye Development serves as the selectee and plans to prioritize local hiring through partnerships with several unions and the Southeast Kentucky Community & Technical College.
Decarbonizing Gold Mines (Elko, Humboldt and Eureka Counties, Nevada) – This project aims to develop a solar photovoltaic (PV) facility and accompanying battery energy storage system across three active gold mines in Nevada. By shifting to clean energy, this project could demonstrate a replicable way for the mining industry to reach net-zero operations, while meeting growing demands for minerals across multiple sectors—including the clean energy supply chain. Nevada Gold Mines LLC, the selectee, has committed to local hiring; offering training, mentoring and apprenticeships; and creating 300 construction jobs to support this project.
Mineral Basin: Coal-to-Solar (Clearfield County, Pennsylvania) – This project plans to repurpose nearly 2,700 acres of former coal mining land to support the largest solar project in Pennsylvania. At 402 MW, Mineral Basin will generate enough clean energy to power more than 70,000 homes. This project will increase regional access to clean energy and fill a critical electricity-generation gap following the closure of the Homer City coal plant. The project expects to create more than 750 construction jobs and six operations jobs, while providing $1.1 million in annual tax revenue to Goshen and Girard townships, Clearfield County and the Clearfield County School District. Once operational, Mineral Basin will contribute $500 for every megawatt generated annually to Goshen and Girard townships for community improvements, for a total of more than $200,000 per year. Mineral Basin Solar Power, LLC, a subsidiary of Swift Current Energy, the selectee, plans to partner with multiple local and regional education and workforce stakeholders to increase economic mobility for citizens across a 27-county region; make significant improvements to the water quality on the Susquehanna River; and create high-demand, high-wage jobs across multiple sectors.
A Model for Transition: Coal-to-Solar (Nicholas County, West Virginia) – This project plans to repurpose two former coal mines with a utility-scale, 250 MW solar PV system that would power approximately 39,000 West Virginia homes. These two inactive mine sites provide land and access to existing energy infrastructure that will transmit the clean, solar energy the project generates to the grid. Repurposing these previously disturbed sites for solar energy development can reduce development on sensitive natural and agricultural land, produce and deliver clean power to local communities, and lay the groundwork for a regional economic revitalization starting with the workforce. The New River Community and Technical College, Mana Group, and National Association of Counties Research Foundation plan to create a national Coal Transition Workforce Center to support and revitalize the local workforce for other opportunities in the nation’s growing clean energy economy. This project anticipates creating approximately 400 construction jobs and four operations jobs and aims to engage state labor groups and education program, curating a curriculum and identifying pathways to good-paying, clean energy jobs.
Developing clean energy projects on mine land provides an attractive economic alternative to using undisturbed natural and agricultural land. Mine land is often located near critical infrastructure that makes it suitable for clean energy development, including electric substations, transmission lines, and access to roads or railroad lines. Projects ultimately selected for award have the potential to be replicated and scaled on the millions of acres of current and former U.S. mine land. Managed by DOE’s Office of Clean Energy Demonstrations (OCED), the Clean Energy Demonstration Program on Current and Former Mine Land (CEML) will help provide the mining industry with a range of ways to decarbonize their operations and minimize environmental impacts and air pollutants, abating greenhouse gas emissions and disturbances to fragile, surrounding ecosystems. Simultaneously, replicating clean energy technologies like these on other current and former mines will help maximize local workforce development and community opportunities for generations.

Learn more about the selected projects here.

Building an Inclusive Clean Energy Future
DOE is committed to ensuring that America’s mining and traditional energy producing communities benefit from the nation’s transition to a clean energy future. This includes supporting local workforces, advancing environmental and energy justice, and fostering community engagement through the development and implementation of comprehensive Community Benefits Plans. Two selectees, as outlined in their Community Benefits Plans, have already signed agreements with local organized labor. The remaining selectees are either exploring or planning to develop project labor agreements to ensure a timely project completion with the help of skilled and diverse workers.

This program also advances President Biden’s Justice40 Initiative, which sets the goal that 40 percent of the overall benefits of certain Federal climate, clean energy, affordable and sustainable housing, and other investments flow to disadvantaged communities that are marginalized by underinvestment and overburdened by pollution. According to the Climate and Economic Justice Screening Tool (CEJST), four of the selected projects (Arizona, Nevada, Kentucky, and West Virgina) will benefit disadvantaged communities, and one project (Pennsylvania) is located near a disadvantaged community for one of its proposed sites.

As part of the Department’s commitment to transparency and engagement, OCED will also hold a series of national and project specific community virtual briefings to provide information on the selected projects, OCED’s approach to clean energy demonstrations, and opportunities for community engagement. Learn about CEML engagement opportunities and register to attend here.

Selection for award negotiations is not a commitment by DOE to issue an award or provide funding. Before funding is issued, DOE and the selectees will undergo a negotiation process, and DOE may cancel negotiations and rescind the selection for any reason during that time.?If awarded,?OCED will evaluate these projects through a?phased approach to project management?that?includes “go/no-go” decision points between each project phase where DOE reviews and evaluates implementation progress, including community benefits. ??

OCED manages the CEML program and will provide project management oversight for the projects selected. Learn more about how OCED is supporting the Biden-Harris Administration’s whole-of-government approach in?addressing the climate crisis and delivering a clean and equitable energy future for every American.

https://www.energy.gov/articles/biden-harris-administration-announces-475-million-investment-support-clean-energy

Fresh Air (Remastered) · Quicksilver Messenger Service

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Copper demand to boom as new technology drives power consumption, Trafigura says

with MMGYS Soundtrack

Reuters | April 22, 2024 | 5:31 am Intelligence Markets Copper

Flourishing activity in the electric vehicle, power infrastructure, AI and automation sectors will lead to at least 10 million metric tons of additional copper consumption over the next decade, commodity trader Trafigura told Reuters.


Technological developments such as artificial intelligence and automation, and the energy transition, which includes electric vehicles and renewable energy, have already driven up demand prospects for copper cable used to conduct electricity.

Estimates of new demand from these applications vary, but Graeme Train, head of metals analysis at Swiss-based Trafigura, said one third of the 10 million tons of new demand would come from the electric vehicle sector.

“A third is electricity generation, transmission and distribution, and the rest is for things like automation, manufacturing capex and cooling systems within data centres,” he said. Growth in data centres is related to AI.

Accelerating production of electric vehicles, solar panels and grid investment in China, and a pick-up in manufacturing activity in the top consumer, has already boosted demand for copper used in the power and construction industries.

That combined with tight supplies of refined copper metal and concentrate has propelled copper on the London Metal Exchange (LME) to two-year peaks near $10,000 a ton.

Copper industry sources say part of the reason for the price surge are sliding stocks in LME registered warehouses, which at 121,200 tonnes have dropped more than 35% since October last year.

Tight supplies of mined copper or concentrate, the feedstock for copper metal, due to disruptions such as the closure of First Quantum’s Cobre mine in Panama last year have also helped fuel copper’s upward price momentum this year.

Analysts have been revising their forecasts of the copper market balance since in December when Anglo American also cut its production guidance, and some now expect significant shortages in the copper market estimated at around 26 million tonnes this year.

Train expects copper demand to be bolstered by industrialization and urbanization in the emerging world, particularly in India where consumption per person per year is only half a kg.

In China and the developed world, per capita copper consumption is 10 kgs and seven kgs respectively, he said.

(By Pratima Desai; Editing by Jan Harvey)
https://www.mining.com/web/copper-demand-to-boom-as-new-technology-drives-power-consumption-trafigura-says/

Humans Not Needed (Artificial Intelligence Composed Music | Beatles Inspired Pop Song)

[JD400]

Choosing Mining Stocks Through The Eyes Of The Beer-holder

Today's Most Talented Miners

MARKET MOVERS

COMPANY +CHANGE% LAST TRADE
Royal Gold +1.07 0.88% $122.73
Aya Gold & Silver 0.72 5.11 $14.80
Torex Gold Resources 0.50 2.52 $20.38
Filo 0.50 2.05 $24.91
Newmont 0.48 1.25 $39.03
SilverCrest Metals 0.47 4.52 $10.87
Endeavour Mining 0.44 1.49 $29.94
Lundin Gold 0.43 2.18 $20.18
Agnico Eagle Mines 0.43 0.49 $87.82
Kinross Gold 0.34 3.79 $9.31
Seabridge Gold 0.32 1.54 $21.08
MAG Silver 0.32 1.91 $17.07
Alamos Gold 0.31 1.49 $21.06
U.S. Gold 0.29 7.11 $4.37
SSR Mining 0.27 3.82 $7.34

HIGH VOLUME
COMPANY VOLUME LAST TRADE
GoviEx Uranium 8,451,789 $0.11
Ivanhoe Mines 7,746,877 $19.21
Outcrop Silver & Gold 5,232,844 $0.22
Thesis Gold 4,701,396 $0.69
Kinross Gold 4,662,289 $9.31
B2Gold 4,515,613 $3.59
Uranium Energy 4,163,007 $6.79
Loyalist Exploration 4,025,000 $0.01
Power Nickel 2,975,872 $0.38
Minaurum Gold 2,906,008 $0.26
First Quantum Minerals 2,454,880 $15.96
Sherritt International 2,417,594 $0.32
Reyna Silver 2,391,392 $0.16
Purepoint Uranium 2,267,799 $0.04

[JD400]

BRICS GOLD train leaving the station - Destination Revalue Rd. - LFTV Ep 169

In this week’s episode of Live from the Vault, Andrew Maguire is joined by TF Metals Report’s Craig Hemke to address the community’s pressing questions on the FED’s suppression struggles, predictions for gold and silver and insight into BRICS.

The precious metals experts explore the significance of physical gold deliverability towards the success of the BRICS currency, which is forcing Western central banks to drastically reevaluate their predictions on the gold price.

Ask your questions for Andy here: https://forum.kinesis.money/forums/qu...

Timestamps
00:00 Start
01:50 Overall market update
10:10 The impending support levels for precious metals
21:45 Ongoing frustrations with gold trading reports!
25:14 An update on China’s gold strategy
27:16 What are the FED and COMEX up too?
33:30 Is BRICS behind the rally of gold to all-time highs?

[JD400]

Gata Dispatches

with MMGYS Soundtrack

DAILY DISPATCHES

U.S., Japan, South Korea hint at currency market intervention to stop dollar's rise
Submitted by admin on Thu, 2024-04-18 08:59 Section: Daily Dispatches
Dollar Rally Stalls After Rare FX Warning from Finance Chiefs

By Amanda Cooper
Reuters
Thursday, April 18, 2024

LONDON -- The dollar fell for a second day today after a rare warning by the finance chiefs of the United States, Japan, and South Korea over the sharp decline in other currencies, which in turn offered the yen some rare respite.

The yen got a modest lift after Japan's top currency diplomat Masato Kanda said finance leaders of the G7 reaffirmed their stance that excessive currency volatility was undesirable.
Strong U.S. economic data and persistent inflation have prompted investors to drastically rethink the chances of the Federal Reserve cutting rates any time soon. Tension in the Middle East has also added to the dollar's safe-haven appeal.

The upshot has been that other currencies, particularly in Asia, have been battered. The yen has been pinned near 34-year lows, prompting several warnings from Japanese authorities as traders fret about possible intervention.

The United States, Japan, and South Korea agreed to "consult closely" on foreign exchange markets in their first three-way finance dialogue on Wednesday, in a nod to the concerns of Tokyo and Seoul over their currencies' recent sharp declines.

"It sends another strong signal to market participants that Japan and South Korea are moving closer to stepping into the FX market, while at the same time officials from Japan and Korea will be hoping that the joint statement with the U.S. helps to strengthen the credibility of verbal intervention as well," said MUFG strategist Lee Hardman. ...

... For the remainder of the report:

https://www.reuters.com/markets/currencies/dollar-takes-breather-investors-ponder-us-rates-outlook-2024-04-18/


Toronto airport gold heist arrests include Air Canada staff as police recover little of the stolen metal

Submitted by admin on Wed, 2024-04-17 17:59 Section: Daily Dispatches
By Andy Takagi and Peter Edwards
Toronto Star
Wednesday, April 17, 2024

Two Air Canada employees and a Toronto jewelry store owner were among the inner group that plotted the theft of nearly $24 million in gold and cash from a storage unit at Pearson International Airport a year ago, police say.

Just $90,000 worth of the stolen gold has been recovered, police said at a press conference today, as they announced six arrests and three outstanding warrants on the one year anniversary of the massive heist.

"This investigation isn't done," Peel Deputy Chief Nick Milinovich said.

It was the largest gold theft in Canadian history and the sixth largest in the world, said police, who called their investigation Project 24K. ...

... For the remainder of the report:

https://www.thestar.com/news/gta/arrests-in-gold-and-cash-heist-at-pearson/article_fdf14418-fca8-11ee-94eb-13142f8dfcca.html

* * *


Here's why gold and silver miners seldom stand up for themselves and their investors

Submitted by admin on Wed, 2024-04-17 12:27 Section: Daily Dispatches
12:43p ET Wednesday, April 17, 2024

Dear Friend of GATA and Gold (and Silver):

In a brilliant essay GATA called to your attention yesterday, Money Metals Exchange CEO Stefan Gleason asked the compelling question: "When will gold and silver miners start believing in their product?"

Gleason wrote: "These businesses quite literally mine real money. But like nearly every other business or individual, they still seem to be stuck in the fiat currency paradigm."
https://www.taracoins.com/

-- and --

https://www.taracoins.com/distributors

Acquire Irish Gold and Silver Trees of Life coins at competitive prices from APMEX here:

https://www.apmex.com/product/287071/2023-1-10-oz-gold-round-tara-tree-of-life

-- and --

https://www.apmex.com/product/287099/2023-1-oz-silver-round-tara-tree-of-life

Most gold and silver miners, Gleason noted, don't even reserve part of their production in their cash balances, preferring instead to sell their production for government currency almost as fast as they get it out of the ground.

GATA long has seen this phenomenon in a slightly different light, lamenting that few gold and silver mining companies acknowledge and agitate against government's constant if largely surreptitious market intervention to suppress monetary metals prices, intervention that supports government currencies against competition, intervention extensively documented by GATA here:

https://www.gata.org/node/20925

-- and here:

https://www.gata.org/taxonomy/term/21

But GATA understands this negligence of the monetary metals mining industry.

That is, the miners are too scared of their governments and their banks to acknowledge that they are competing with them in the money business.

Government can shut down a mine quickly on many pretexts -- environmental regulations, royalty rights, sovereignty claims, and such. And most mines are so expensive to build and operate that they require financing from the biggest banks, most of which are the partners of government in market rigging.

So the World Gold Council, an international trade association, should be running interference for the miners in the war waged by government against them. But the council itself seems to be an accomplice of government and big banks, operating as if its main purpose is to make sure there never is a world gold council.

As a result little GATA has been stuck doing the work the World Gold Council should be doing, exposing the government policies and operations that aim to prevent the monetary metals from being fairly valued, to prevent the miners from making money, and to prevent the world from enjoying free and transparent markets and limited and accountable government.

The World Gold Council has an annual budget of many millions of dollars, drawn from dues paid by its approximately 32 member mining companies:

https://www.gold.org/about-us/our-members

In contrast, GATA's annual budget is small and irregular. But who has accomplished more for the cause?

If you think it's GATA, please consider helping us --

https://www.gata.org/node/16

-- and consider urging any mining company in which you have invested to help us as well

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
[e-mail]

* * *


Ambrose Evans-Pritchard: Gold is sniffing out monetary and geopolitical dystopia

Submitted by admin on Tue, 2024-04-16 20:10 Section: Daily Dispatches
By Ambrose Evans-Pritchard
The Telegraph, London
Tuesday, April 16, 2024

A powerful force is stalking the world's gold market. It is operating in the shadows.

None of the normal footprints are visible on the London bullion market or the Chicago Mercantile. Retail goldbugs have not been buyers: ETF gold funds have been shrinking since December. The crowd is piling into the Bitcoin scam instead.

Yet gold has smashed through a four-year barrier around $2,000 an ounce, rising in parabolic fashion since mid-February, and hitting an all-time high of $2,431 on April 11. Is somebody preparing for an escalation of the shadow Third World War?

In a practice unique to First Majestic, the company offers a portion of its silver production for sale to the public. Bars, ingots, coins, and medallions are available for purchase online at the company's bullion store at some of lowest premiums available.

In Q1 2024 First Majestic will also commence bullion production from its 100%-owned and operated minting facility, First Mint LLC, to manufacture its own exceptional silver bullion products catering to the growing demand for physical silver.

"It is not a Western institution behind this. It is a massive player with very deep pockets. I have never seen this kind of buying before," said Ross Norman, a veteran gold trader and now chief executive of Metals Daily.

Gold has been ratcheting up fresh records against the headwinds of a strong dollar, a 70-point jump in 10-year U.S. Treasury yields, and hawkish talk from the Federal Reserve. This mix would normally spell trouble for gold.

Whoever it is -- or they are -- seems insensitive to cost. Central banks do not behave like this. "They buy on the London benchmark and they don't chase the price," said Mr. Norman. This rally is happening off books in the OTC market. ...

... For the remainder of the commentary:

https://www.telegraph.co.uk/business/2024/04/16/gold-price-surge-china-warchest-geopolitical-dystopia/

* * *


Vietnam to probe gold traders for possible manipulation as prices soar

Submitted by admin on Tue, 2024-04-16 15:39 Section: Daily Dispatches
From Reuters
Tuesday, April 16, 2024

HANOI, Vietnam -- Vietnam's parliament has asked the government to investigate gold trading firms for possible market manipulation amid soaring domestic prices, state media reported today.

The price for gold bars in the Southeast Asian country has risen around 15% this year and hit a record high 85 million dong ($3,401.36) per tael on Friday.

A tael is equivalent to 37.5 grams or 1.21 troy ounces, and domestic prices for a tael are approximately $1,000 more than current global prices.

"The National Assembly Standing Committee requested the government to direct relevant agencies to focus on inspecting and examining gold trading enterprises to clarify if there are market manipulation acts," state-run Vietnam News Agency reported.

Vietnam's central bank has said it would increase supplies of gold bars by resuming auctions suspended more than a decade ago, as part of its effort to stabilise the market. ...

... For the remainder of the report:

https://www.reuters.com/legal/litigation/vietnam-probe-gold-traders-possible-manipulation-prices-soar-2024-04-16/

* * *


Stefan Gleason: When will gold and silver miners start believing in their product?

Submitted by admin on Tue, 2024-04-16 13:08 Section: Daily Dispatches
By Stefan Gleason, CEO
Money Metals Exchange, Eagle, Idaho
Tuesday, April 16, 2024

Miners spend billions of dollars every year pulling precious metals out of the ground. They toil mightily for years on end to produce these stores of value -- but then they turn right around and sell all their gold and silver immediately in exchange for fiat currencies.

If you stop to really think about it, this may seem strange.

hese businesses quite literally mine real money. But like nearly every other business or individual, they still seem to be stuck in the fiat currency paradigm.

It takes tremendous risk, capital, and time to find a resource, develop a mining project, and dig up and process the metals. It is extremely difficult to produce gold and silver at a profit. ...

... For the remainder of the commentary:

https://www.moneymetals.com/news/2024/04/16/when-will-gold-and-silver-miners-start-believing-in-their-product-003126

* * *

Gold banking accounts shine in South Korea as price of precious metal soars

Submitted by admin on Tue, 2024-04-16 10:35 Section: Daily Dispatches
By Yi Whan-woo
Korea Times, Seoul, South Korea
Tuesday, April 16, 2024

A growing number of bank clients are investing in gold using a deposit account that allows them to buy and sell the precious metal, whose price is surging due to heightened geopolitical risks and an increasing preference for safe haven assets.

The country's four major commercial banks -- KB, Shinhan, Hana, and Woori -- collectively reported on Monday a total of 255,887 accounts in which depositors entrust cash to the banks that purchase an equivalent value of gold on their behalf following consultation.

Account holders have the option to possess the actual gold they have invested in or to wait for market prices to appreciate, enabling them to withdraw a greater cash amount than their initial investment.

The number of so-called "gold banking accounts" increased steadily as the war in Ukraine drags on and financial market uncertainties increase due to the Israel-Hamas military conflict. ...

... For the remainder of the report:

https://www.koreatimes.co.kr/www/biz/2024/04/602_372799.html


China unloads more U.S. Treasury bills as odds of Fed rate cuts grow slim
Submitted by admin on Thu, 2024-04-18 10:29 Section: Daily Dispatches
By Kandy Wong
South China Morning Post, Hong Kong
Thursday, April 18, 2024

Worries over security and a further delay to expected interest rate cuts by the Federal Reserve have depleted Beijing's appetite for U.S. Treasury bills, and its position as the second-largest foreign holder of the financial instruments could be taken by the U.K. in coming months, analysts warned.

The world's second-largest economy offloaded US$22.7 billion of the bills in February, with its total holdings adding up to U.S. $775 billion as of the end of that month, according to figures released by the U.S. Treasury Department on Wednesday. ...

... For the remainder of the report:

https://www.scmp.com/economy/china-economy/article/3259463/china-unloads-more-us-treasury-bills-odds-fed-rate-cuts-grow-slim
...

All Dispatches
https://www.gata.org/

[JD400]

Grifters in an Ocean of Lies - Stock Option Expiration on Friday

with MMGYS Soundtracks

"A common feature of all these earlier troubles [panics such as 1907 and 1914] was that having happened they were over. The worst was reasonably recognizable as such. The singular feature of the great crash of 1929 was that the worst continued to worsen. What looked one day like the end proved on the next day to have been only the beginning.

Nothing could have been more ingeniously designed to maximize the suffering, and also to insure that as few as possible escaped the common misfortune. The fortunate speculator who had funds to answer the first margin call presently got another and equally urgent one, and if he met that there would still be another. In the end all the money he had was extracted from him and lost.

The man with the smart money, who was safely out of the market when the first crash came, naturally went back in to pick up bargains. The bargains then suffered a ruinous fall. Even the man who waited out all of October and all of November, who saw the volume of trading return to normal and saw Wall Street become as placid as a produce market, and who then bought common stocks would see their value drop to a third or a fourth of the purchase price in the next twenty-four months.

The Coolidge bull market was a remarkable phenomenon. The ruthlessness of its liquidation was, in its own way, equally remarkable."

John Kenneth Galbraith, The Great Crash of 1929

"The period of financial distress is a gradual decline after the peak of a speculative bubble that precedes the final and massive panic and crash, driven by the insiders having exited but the sucker outsiders hanging on hoping for a revivial, but finally giving up in the final collapse."

Charles Kindleberger, Manias, Panics, and Crashes: A History of Financial Crises, 1978


The hallmark of forecasting a crash is a 'trigger event' that causes the rally that fails.
If there is no trigger event the usual market interventions by the fiscal and monetary authorities can turn the markets back up, and prolong the putative financial asset bubble until the real economy catches up to its valuations, or an event of sufficient magnitude finally occurs and a severe correction ensues.

Like snow building for an avalanche, at some point in an extended bubble it may take an event of much lesser magnitude than one might expect to set off the slide. Of late, however, the Fed and the Exchange Stabilization Fund have become so determined to support markets that the events tend to be of a greater magnitude. So what has happened in the past may not happened now.
Stocks continued their decline today. Goldilocks seems to have the vapours.

Gold and silver took a pause most likely with an eye to the stock market option expiration on Friday.

The Dollar slipped off the 106 handle.

VIX marked time at an elevated level.

It would be hard for me to remember a time when so many masks fell off the powerful, who increasingly drop all pretense to the rule of law, and any sort of morality other than 'do what thou will is the whole of the law.'

But God has a way of standing before the nations with judgement.

This is going to end badly, and many innocent people will be caught up in their wickedness.

It would be better for many of these criminals and their enablers if they had never been born.

Have a pleasant evening.
https://jessescrossroadscafe.blogspot.com/

[JD400]

McEwen Mining Announces Friendly Acquisition of Timberline Resources
April 16, 2024

TORONTO, April 16, 2024 (GLOBE NEWSWIRE) -- McEwen Mining Inc. (NYSE: MUX)(TSX: MUX) (“McEwen”) is pleased to announce that it has entered into a definitive agreement and plan of merger (the “Agreement”) to acquire all of the issued and outstanding shares of Timberline Resources Corporation (TSXV:TBR)(OTCQB:TLRS) (“Timberline”) by way of a merger between Timberline and a subsidiary of McEwen (the “Transaction”). The Transaction will augment McEwen’s existing portfolio of development and exploration projects in Nevada.

Timberline shareholders will have the right to receive 0.01 of a share of McEwen’s common stock for each share of Timberline’s common stock (the “Exchange Ratio”), representing a value of US$0.102 per Timberline share, calculated based on the 20-day volume weighted average trading price of McEwen’s shares on the NYSE at the close on April 15th, 2024. This represents an 132% premium to Timberline’s 20-day volume-weighted average price on the OTCQB. McEwen currently owns 6.25 million Timberline shares representing approximately 3.3% of Timberline’s basic common shares outstanding and 6.25 million Timberline warrants. Excluding McEwen’s existing ownership, McEwen expects to issue approximately 1.84 million shares on closing for a transaction value of US$18.8 million.

The closing of the Transaction is subject to customary conditions, including receipt of necessary regulatory and stock exchange approvals and approval from Timberline’s shareholders holding a majority of its outstanding shares.

Timberline’s board of directors has unanimously recommended that Timberline’s shareholders vote in favour of the Transaction. The directors, officers and two principal shareholders of Timberline, holding shares reflecting approximately 40% of Timberline's aggregate outstanding shares, have entered into voting and support agreements with McEwen, pursuant to which they have agreed, among other things, to vote their shares in favour of the Transaction.

The Agreement includes customary deal-protection provisions. Timberline has agreed not to solicit or initiate any discussion regarding any other business combination or acquisition. In the event that Timberline validly terminates the Agreement to accept a superior offer, Timberline will be required to pay McEwen a termination fee of US$400,000.

Each Timberline warrant outstanding immediately prior to the closing of the Transaction will remain outstanding and be converted into a warrant to acquire McEwen shares based on the Exchange Ratio. Each Timberline stock option outstanding and in-the-money immediately prior to the closing of the Transaction will automatically vest and be converted into the right to receive McEwen shares at the Exchange Ratio less the exercise price per stock option; all other outstanding Timberline stock options will be cancelled.
https://www.mcewenmining.com/investor-relations/press-releases/press-release-details/2024/McEwen-Mining-Announces-Friendly-Acquisition-of-Timberline-Resources/default.aspx

................................
$MUX McEwen Mining Rolls in Timberline Resources

Lets take a quick glance of the property in this 2019 video

Timberline Resources advancing district-scale Gold and Copper Exploration and Development Projects

Mar 27, 2019
Timberline Resources is a mineral exploration company focused on gold and copper discoveries in north-central Nevada, USA

Timberline's district-scale Elder Creek-Paiute and Eureka properties are located within the prolific Battle Mountain-Eureka Trend, one of Nevada’s world class mineral belts with active multi-million ounce gold, and copper-gold mines.

Elder Creek / Paiute Projects - Battle Mountain Mining District
- Copper-Molybdenite-Gold-Silver discovery
- Partnerships with Barrick Gold and McEwen Mining subsidiaries
- Follow-up offset drilling of discovery hole to target a strong geophysical anomaly

Eureka Gold Project, Eureka District
- Gold discovery in a 5 km drill-defined trend
- NI 43-101 gold resource of 508,000 oz (M&I), 141,000 oz (Inf); open in all directions
- Priority exploration of an adjacent, higher-grade, geophysically-defined gold zone

[JD400]

Chile must pass permitting reforms to unblock investment, copper executives say

with MMGYS viewer sent Soundtrack

Thanks for sending ♥️

Reuters | April 16, 2024 | 9:03 am Intelligence Top Companies Latin America Copper
Union at BHP's Escondida, Spence copper mines reject contract offer


Chile’s government needs to quickly approve a proposal to streamline permitting for the mining industry to unlock and promote investment in the world’s top copper-producing country, a top executives said on Tuesday.


“In Chile it is urgent to improve the permit system to allow companies to approve large investment projects in a timely manner,” BHP President Americas Brandon Craig said on a panel at the World Copper Conference being held in Santiago.

“This not only applies to new projects, but also to permits needed to optimize current operations,” he added. BHP is a top copper producer and its flagship Escondida mine in Chile is the world’s largest copper mine.

Rio Tinto, which has a 30% stake in Escondida and partnered with state-run Codelco for copper exploration, agreed that more streamlining is needed to boost investment.

“I would like to invest more in Chile, but I need help,” said Bold Baatar, head of Rio Tinto’s copper business. “The more we can streamline the permitting process (in Chile) … I think that would be helpful.”

Mining companies and industry groups have complained about the extensive permitting process in Chile. In January, the government presented legal reforms to streamline permitting for investments, which can currently reach up to 500 requests from various authorities.

The reforms still must be approved by Congress, where the government has faced strong opposition. The government was able to pass a mining tax reform last year, but a major industry request during the debate was to streamline permitting and reduce start-up times for multi-million dollar copper projects, which is Chile’s largest export.

“I hope these reforms are approved quickly so that the industry can unlock large mining investments,” Craig said.

(By Fabian Cambero and Alexander Villegas; Editing by Andrea Ricci and Richard Chang)
https://www.mining.com/web/chile-must-pass-permitting-reforms-to-unblock-investment-says-bhp/

[JD400]

$IAG Today........
Short Interest in IAMGOLD Co. (NYSE:IAG) Decreases By 9.7%
Written by MarketBeat
April 15, 2024
SHARE

IAMGOLD logoIAMGOLD Co. (NYSE:IAG -TSE: $IMG was the target of a large drop in short interest in March. As of March 31st, there was short interest totalling 8,010,000 shares, a drop of 9.7% from the March 15th total of 8,870,000 shares. Based on an average trading volume of 8,450,000 shares, the days-to-cover ratio is presently 0.9 days. Approximately 1.6% of the shares of the stock are short sold.

Today
IAMGOLD Stock Down 2.2 %
Two Tiny Mining Stocks Worth Considering for the Next Gold Rush
IAG traded down $0.08 during trading on Monday, reaching $3.53. 1,647,328 shares of the stock traded hands, compared to its average volume of 8,604,386. The stock has a market cap of $1.75 billion, a price-to-earnings ratio of 19.16, a price-to-earnings-growth ratio of 1.24 and a beta of 1.69. IAMGOLD has a fifty-two week low of $1.99 and a fifty-two week high of $3.92. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.19 and a quick ratio of 0.77. The stock's 50-day simple moving average is $2.98 and its two-hundred day simple moving average is $2.61.

IAMGOLD (NYSE:IAG - Get Free Report) TSE: IMG last released its quarterly earnings data on Thursday, February 15th. The mining company reported $0.06 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.02 by $0.04. The firm had revenue of $297.60 million during the quarter. IAMGOLD had a return on equity of 1.97% and a net margin of 9.55%. As a group, equities research analysts expect that IAMGOLD will post 0.07 EPS for the current year.

More info
Institutional Trading of IAMGOLD

A number of institutional investors and hedge funds have recently made changes to their positions in IAG. Helikon Investments Ltd acquired a new stake in shares of IAMGOLD in the fourth quarter worth about $23,722,000. Two Sigma Investments LP lifted its position in shares of IAMGOLD by 492.0% in the first quarter. Two Sigma Investments LP now owns 7,284,801 shares of the mining company's stock worth $19,742,000 after buying an additional 6,054,262 shares during the last quarter. Norges Bank acquired a new stake in shares of IAMGOLD in the fourth quarter worth about $12,557,000. Donald Smith & CO. Inc. lifted its position in shares of IAMGOLD by 13.9% in the fourth quarter. Donald Smith & CO. Inc. now owns 35,778,309 shares of the mining company's stock worth $90,519,000 after buying an additional 4,358,444 shares during the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd acquired a new stake in shares of IAMGOLD in the fourth quarter worth about $10,972,000. Institutional investors and hedge funds own 47.08% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. BMO Capital Markets increased their target price on IAMGOLD from $4.00 to $4.25 and gave the company an "outperform" rating in a report on Friday, April 5th. National Bank Financial restated a "sector perform spec overwgt" rating on shares of IAMGOLD in a report on Monday, April 8th. CIBC increased their target price on IAMGOLD from $3.00 to $3.10 and gave the company a "neutral" rating in a report on Wednesday, February 7th. Finally, StockNews.com upgraded IAMGOLD from a "sell" rating to a "hold" rating in a report on Wednesday, April 10th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, IAMGOLD has an average rating of "Hold" and a consensus price target of $3.52.

https://www.marketbeat.com/instant-alerts/nyse-iag-options-data-report-2024-04-15/

Just a matter of time
"Pour Some Sugar On Me"

[JD400]

BRICS driving gold & silver breakout? Feat. Dave Kranzler - LFTV Ep 168

Apr 12, 2024
In this week’s episode of Live from the Vault, Andrew Maguire is joined once more by Dave Kranzler, publisher of the popular Mining Stock Journal, to analyse drivers behind the current physically-driven gold and silver bull run.

The precious metals experts take listeners through the current drivers of short-term market movements, including the possibility of unforeseen black swan events and the now beta-tested BRICS currency.

Check out Dave Kranzler: https://investmentresearchdynamics.com/

Ask your questions for Andy here: https://forum.kinesis.money/forums/qu...

Timestamps
00:00 Start
02:10 Gold mining stock example: Cabral Gold
06:30 Dave’s thoughts on silver
11:40 The physical market in the short-term
19:00 Silver to break out?
28:30 The gold: silver ratio
36:00 Rate cuts & commercial real estate
49:00 BRICS currency greenlighted and beta-tested

[JD400]

Copper is entering a new bull market phase, Citi says
Bloomberg News | April 9, 2024 | 4:40 am Intelligence Markets China Copper

with MMGYS Soundtrack

Copper has entered its second secular bull market this century, Citi analysts said, as the metal traded near a 15-month high.


Prices have risen over 10% this year as disruptions at major mines threaten refined metal production at the Chinese plants that account for more than half the world’s supply. The Federal Reserve’s expected pivot this year to easier monetary policy is also brightening the outlook for the global economy.

Still, China is grappling with a prolonged property crisis and sagging consumer confidence. The country’s smelters, which produce more than half the world’s refined copper, are considering output cuts after processing fees fell near zero.


“Copper’s second secular bull market this century is being driven by booming decarbonisation-related demand growth,” the Citi analysts wrote in a note. “Only higher prices will solve these deficits.”

During copper’s bull market of the 2000s, prices rose more than five-fold in three years, driven by urbanization and industrialization in China. Citi recommends corporate consumers hedge their copper exposures, because there is potential for “explosive price upside” again over the next three years.

Prices briefly dipped in the London morning, before recovering, as LME data showed inventories jump by the most since September. Copper was up 0.4% to $9,449.00 a ton on the London Metal Exchange as of 11:04 a.m. in London, after prices hit $9,484.50 a ton on Monday, the highest since January 2023.

Other base metals were higher, with zinc rising 1.4% as Chinese output faces risks due to a collapse in treatment charges at smelters.
https://www.mining.com/web/copper-is-entering-a-new-bull-market-phase-citi-says/

Little Feat - Let It Roll

[JD400]

Copper miners glimpse the future they’ve long seen coming
Bloomberg News | April 5, 2024 | 7:50 am Intelligence Markets Top Companies China Latin America Copper

with MMGYS Soundtrack

Chile's mining production up 7.7% in February

For much of the past decade, there’s been a widely accepted orthodoxy in the mining industry that copper is the place to be.


Its champions have pointed to a likely explosion in demand as the global economy electrifies and decarbonizes, while fresh supply has looked increasingly scarce.


Instead, the metal has largely been overshadowed by old-industry stalwarts such as iron ore and coal, which have driven record profits for mining’s biggest names in recent years.

Yet a supply shock and growing confidence in an economic recovery are now seeing copper take center stage.


Production concerns have been fueled by Panama’s order late last year to shut a giant First Quantum Minerals Ltd. mine, removing roughly 400,000 tons of the metal from the world’s annual supply.

Behemoth Anglo American Plc then stunned investors by saying it was scaling back output by about 200,000 tons.

The market initially shrugged off these cuts as consumption looked anemic. But that’s changing as manufacturing — perhaps the most important demand metric for copper — shows signs of picking up almost everywhere.

In China, the official manufacturing purchasing managers’ index expanded in March for the first time since September, while preliminary data from India points to some of the strongest growth for the industry in years.

That’s catapulted the commodity to the highest prices in more than a year, up almost 9% so far in 2024.

While metal markets often move in tandem — with Chinese demand lifting all the boats — at the moment that’s not the case. Iron ore remains under pressure, while coal continues to slide.

That’s allowed the pure-play copper producers to lure investors who have cooled on the large, diversified miners — whose profits are dominated by iron ore.

Copper specialist Antofagasta Plc has gained almost 30% this year, while Freeport-McMoRan Inc. is up about 15%. By contrast, mining’s biggest names — BHP Group Ltd. and Rio Tinto Group — are both down around 14%.

(By Thomas Biesheuvel)
https://www.mining.com/web/copper-miners-glimpse-the-future-theyve-long-seen-coming/

[JD400]

The mining community is coming together!

This year, many individuals are showing support for Save Canadian Mining specifically. We are starting to make some real noise, but there is still much more work that needs to be done to stop predatory short selling in the Canadian junior mining industry.

[JD400]

""""""Lets Go HOYING """""""

52-week Highs

with MMGYS Soundtrack

Bank of Montreal (T.BMO) hit a new 52-week high of $132.63 Monday. BMO Asset Management Inc. (BMOAM Inc.), the manager of the BMO ETFs, today announced the launch of BMO US Equity Buffer Hedged to CAD ETF – April.

Equinox Gold Corp. (TSX: EQX) hit a new 52-Week high of $8.27. Equinox has agreed with the existing noteholders to amend certain terms of the $139.7 million principal 5.00% convertible notes due April 12, 2024 and the $139.3 million principal 4.75% convertible notes due March 10, 2025.

IAMGOLD Corporation (T.IMG) hit a new 52-week high of $4.86 Monday. Iamgold that it has completed its first gold pour at the Côté Gold Mine, located in Ontario. Côté Gold is operated as a joint venture between IAMGOLD, as the operator, and Sumitomo Metal Mining Co., Ltd.

American Eagle Gold Corp. (V.AE) hit a new 52-Week high of 73 cents. No news stories available today.

Agnico Eagle Mines Limited (T.AEM) hit a new 52-Week high of $82.22 Monday. No news stories available today.

Alamos Gold Inc. (T.AGI) hit a new 52-Week high of $19.64 Monday. No news stories available today.

Aris Mining Corporation (T.ARIS) hit a new 52-week high of $4.90 Monday. No news stories available today.

Artemis Gold Inc. (V.ARTG) hit a new 52-week high of $8.43 Monday. No news stories available today.

ARC Resources Ltd. (T.ARX) hit a new 52-week high of $24.33 Monday. No news stories available today.

Black Mammoth Metals Corporation (V.BMM) hit a new 52-week high of 45 cents Monday. No news stories available today.

Sprott Physical Gold and Silver Trust (T.CEF) hit a new 52-week high of $27.74 Monday. No news stories available today.

China Gold International Resources Corp. Ltd. (T.CGG) (Q4) hit a new 52-week high of $8.67 Monday. No news stories available today.

Canadian Natural Resources Limited (T.CNQ) hit a new 52-week high of $103.32 Thursday. No news stories available today.

Capstone Copper Corp. (T.CS) hit a new 52-week high of $8.67 Thursday. No news stories available today.

Dynacor Group Inc. (T.DNG) hit a new 52-week high of $4.69 Monday. No news stories available today.

Canoe EIT Income Fund (T.EIT.UN) hit a new 52-week high of $13.73 Monday. No news stories available today.

Eldorado Gold Corporation (T.ELD) hit a new 52-week high of $19.38 Monday. No news stories available today.

Erdene Resource Development Corporation (T.ERD) hit a new 52-week high of 40 cents Monday. No news stories available today.

Enerplus Corporation (T.ERF) hit a new 52-week high of $26.60 Monday. No news stories available today.

Firan Technology Group Corporation (T.FTG) hit a new 52-week high of $6.12 Monday. No news stories available today.

Galiano Gold Inc. (T.GAU) hit a new 52-week high of $1.94 Monday. No news stories available today.

Gamehost Inc. (T.GH) hit a new 52-week high of $9.94 Monday. No news stories available today.

Tantalus Systems Holding Inc. (T.GRID) hit a new 52-week high of $1.84 Monday. No news stories available today.

Grown Rogue International Inc (C.GRIN) hit a new 52-week high of 69 cents Monday. No news stories available today.

Hudbay Minerals Inc. (T.HBM) hit a new 52-week high of $9.51 Monday. No news stories available today.

IBEX Technologies Inc. (V.IBT) hit a new 52-week high of $1.44 Monday. No news stories available today.

Imperial Oil Limited (T.IMO) hit a new 52-week high of $94.26 Monday. No news stories available today.

Intrepid Metals Corp. (V.INTR) hit a new 52-week high of 80 cents Monday. No news stories available today.

Kinross Gold Corporation (T.K) hit a new 52-week high of $8.38 Monday. No news stories available today.

Keyera Corp. (T.KEY) hit a new 52-week high of $35.00 Monday. No news stories available today.

Lundin Gold Inc. (T.LUG) hit a new 52-week high of $19.46 Monday. No news stories available today.

Lundin Mining Corporation (T.LUN) hit a new 52-week high of $13.92 Monday. No news stories available today.

Minaurum Gold Inc. (V.MGG) hit a new 52-week high of 29 cents Monday. No news stories available today.

Royal Canadian Mint (T.MNT) hit a new 52-week high of $30.01 Monday. No news stories available today.

Mineros S.A. (T.MSA) hit a new 52-week high of $1.08 Monday. No news stories available today.

McEwen Mining Inc. (T.MUX) hit a new 52-week high of $14.16 Monday. No news stories available today.

MediaValet Inc. (T.MVP) hit a new 52-week high of $1.70 Monday. No news stories available today.

New Gold Inc. (T.NGD) hit a new 52-week high of $2.33 Monday. No news stories available today.

NexGen Energy Ltd. (T.NXE) hit a new 52-week high of $11.18 Monday. No news stories available today.

Ovintiv Inc. (T.OVV) hit a new 52-week high of $70.94 Monday. No news stories available today.

https://www.baystreet.ca/articles/breakoutstocks.aspx?id=3652

most recognizable song of each year (1950-2022)

[JD400]

Gold price shatters new records as Mideast tensions add to bullish mix
Reuters | April 2, 2024 | 3:36 pm Intelligence Markets USA Gold

with MMGYS Soundtrack

Gold scaled yet another record peak on Tuesday as traders snapped up the safe haven asset amid growing Middle East tensions, largely ignoring a stronger dollar and tempered bets for US rate cuts.


Spot gold was up 0.8% at $2,268.44 per ounce by 2:07 p.m. EDT (1807 GMT), after hitting an all-time high of $2,276.89.



US gold futures settled 1.1% higher at $2,281.8.

“We’re seeing some safe-haven demand flowing into gold, which relates to the Israeli strikes on Iran’s embassy in Syria,” said Daniel Ghali, commodity strategist at TD Securities.

The latest leg up in gold prices is probably also associated with short covering from family offices and proprietary trading shops, Ghali added.

Iran vowed to take revenge on Israel for an airstrike on the Iranian embassy compound in Damascus.

Saxo Bank’s Ole Hansen said an underlying bid from retail and central banks was being joined by momentum-following speculators who have extended their already elevated longs following gold’s break above $2,200.

The mix of bullish tailwinds has driven bullion nearly 10% higher so far this year.

“What makes the gold rally so unusual is that it is occurring despite significant traditional headwinds with the US dollar rising, Treasury yields rising, the likelihood of higher for longer US rates increasing,” said independent analyst Ross Norman.

The dollar jumped after Monday’s data showed US manufacturing grew for the first time in 1-1/2 years in March.

Traders pared bets of a June interest rate cut to 58% versus around 60% before the data, which under normal circumstances, would pressure zero-yield bullion.

But while the gold market remains in a “highly bullish mood”, it probably needs to consolidate amid a shift back to a more hawkish view of Federal Reserve policy, said Tai Wong, a New York-based independent metals trader.

Silver rose 3.2% to $25.89 per ounce, platinum added 2.4% to $923.00 and palladium climbed 0.1% to $996.88.

(By Anjana Anil, Brijesh Patel and Polina Devitt; Editing by Emelia Sithole-Matarise and Vijay Kishore)
https://www.mining.com/web/gold-shatters-new-records-as-mideast-tensions-add-to-bullish-mix/

The Muskrat down by the river says if we break $17 we will see $50 in two years and should we see 50 it will run to $95 two years after that .
That's the way these top-tier large deposits stocks run,
Then he went back to chewing on a cattail.

[JD400]

2024 Nickel Market Deep-Dive with Experts Alex Laugharne and Martin Turenne (Hosted by Brian Leni)


Apr 2, 2024 #miningstocks #juniormining #nickel
Listen to a nickel market deep dive with experts Alex Laugharne of the CRU Group and Martin Turenne of FPX Nickel hosted by investor Brian Leni of JuniorStockReview.com. Topics covered in this MSE episode include Indonesia's impact on global production, the variation across in pricing - labor, energy, etc, differentiating between "green" and "dirty" nickel, and their nickel price outlook for 2024.

0:00 Introduction
0:40 Indonesia
4:52 Nickel Dumping
7:54 Nickel Cost Curve
13:22 Is traceability the solution to differentiating between "green" and "dirty" nickel?
21:01 Japanese and South Korean investment in developers
26:47 Nickel Price Outlook
34:17 CRU Group services
35:33 Update on FPX Nickel

[JD400]

$MUX McEwen Mining's Stock Soars. Exclusive Interview with Rob McEwen.
Mar 30, 2024 NASHVILLE
McEwen Mining has soared 71% in share price since announcing outstanding results on Feb. 29, 2024. We'll be talking about how the company doubled their revenue in the 4th quarter of 2023 and the development progress of McEwen Copper with McEwen Mining's Chairman and Chief Owner Rob McEwen. As you might have heard, copper is essential to electric cars, solar, wind and computers, and is one of the most important commodities of the future. (Learn more in our Copper blog. Link below.)

https://www.nataliepace.com/blog/copp...

Here are a few things that Natalie Pace will ask Rob McEwen about in this free videoconference.

McEwen’s Huge Share Price Surge After Announcing 4Q 2023 Earnings
What Lies Ahead for 2024?

Los Azules Copper Mine Timeline

Challenges of Development to Production

The World’s 1st Regenerative Copper Mine

Gold and Silver Prices. Where are they headed?

Copper Prices? Back to 2021 highs, or down to 2008 lows?

Is McEwen Mining Undervalued?


Be sure to share this videoconference with your friends. It is available as a podcast on Substack, Apple & Spotify. (Check out the links below.)

https://nataliepace.substack.com/

https://podcasts.apple.com/us/podcast...

https://open.spotify.com/show/3m8TpT9...

Here are links to some of the web pages that are mentioned in this videoconference, as well as other important sustainability resources.

The World's 1st Regenerative Copper Mine (video)


• McEwen Copper Los Azules Jason McLenn...

http://www.nataliepace.com/

Copper Blog
https://www.nataliepace.com/blog/copp...

https://www.amazon.com/dp/B09GN6G4KL

https://www.nataliepace.com/retreat20...

https://earthgratitude.org/
https://www.amazon.com/dp/B09VFVBGRS
http://www.nataliepace.com/

[JD400]

$IAG

Côté Gold is expected to be within the largest operating gold mines in Canada with an expected mine life exceeding 18 years and significant opportunities for growth. On a project level, combining the Côté and Gosselin deposits, Côté has a total estimated Measured and Indicated Mineral Resource1 of 16.5 million ounces with an additional 4.2 million ounces of Inferred1, putting the project in exclusive company of large-scale Canadian assets.

IAMGOLD Announces First Gold Pour at Côté Gold
Mar 31, 2024
https://www.iamgold.com/English/investors/news-releases/news-releases-details/2024/IAMGOLD-Announces-First-Gold-Pour-at-Ct-Gold/default.aspx

[JD400]

The Billion Dollar Class Action To Stop Naked Short Selling In Canada

AGORACOM IR

Mar 29, 2024
Naked Short Selling has cost Canadian junior mining companies $40 Billion - and that number balloons to over $500 Billion when you include all Canadian small cap companies - according to Terry Lynch.

Terry Lynch is the CEO of Power Nickel and the co-Founder of "Save Canadian Mining", the small cap stock advocacy group backed by industry giants such as Eric Sprott, Keith Neumayer, Robert McEwen and multiple sponsors who have worked tirelessly and given generously over the last 4 years to conduct research, create reports and meet with key government officials & regulatory bodies … for the singular purpose of putting an end to the devastating practice of illegal short selling in the Canadian small cap market.

BLACK FRIDAY

A few months back on Black Friday, the team behind Terry grew even bigger and better with the addition of Wes Christian and David Wenger to host a live webcast discussing the problem at greater depth, including new case law that opened the door to holding Broker-Dealers liable for failing to fulfill their "Gatekeeping Responsibilities" of monitoring client trading actions.

Over 1,500 small cap companies and industry participants were in attendance, further demonstrating the gravity of this potential existential threat to Canadian small caps.

GOOD FRIDAY

If that Black Friday webcast was the low point of frustration, anger and despair in the small cap world, today’s Good Friday video is the good news turnaround point (dare we say resurrection?) because Terry and his team have not only discovered the shocking mechanism to facilitate the firehose of naked short selling - but along with it the specific actions now required to be taken by the small cap industry to stop it, including a mass grassroots publicity campaign culminating in a Billion Dollar class action lawsuit.

POLITICIANS WILL GET WEEKS NOT MONTHS

Save Canadian Mining plans to present this new and final evidence to the Doug Ford administration in order to give them the opportunity to act. But when asked how much time SCM will wait for concrete action Lynch responded “Weeks Not Months”.

Lynch added “I want Doug Ford to be the hero. But they have to wake up because we are not waiting”

THE BILLION DOLLAR CLASS ACTION LAWSUIT

In the meantime, the march towards the Billion Dollar class action lawsuit has begun and will not stop. Lynch wouldn’t provide the names of specific targets for strategic reasons but he discusses why just 10 companies will be needed to begin the class action (3 are already confirmed) and how companies can contact him to round out the slate.

THE PLAN TO MOBILIZE OVER 1,000 SMALL CAPS AND THEIR INVESTORS

While the class action ramps up, we have put together a plan to mobilize over 1,000 small cap companies and their investors with collateral that has already been drafted and only requires company specific personalization including:

- Letter to shareholders
- Press release
- Social media posts for all platforms for companies AND shareholders

The goal? 100,000 posts

Thank you for now taking the time to watch this video and please be sure to share it with your networks across all of your social media platforms.

[JD400]

JUST STUFF.......
~*~Welcome to Mining & Metals GraveYard Shift~*~

Hope you all are having a wonderful Easter weekend



Daily Dispatches

India's March gold imports to drop 90% as prices surge, sources tell Reuters
Submitted by admin on Thu, 2024-03-28 10:55 Section: Daily Dispatches
By Rajendra Jadhav
Reuters
Wednesday, March 27, 2024

MUMBAI -- India's gold imports are set to plunge by more than 90% in March from the previous month to hit their lowest level since the COVID pandemic as banks cut imports after record-high prices hit demand, a government official and two bank dealers told Reuters.

Lower imports by India, the world's second biggest consumer of the precious metal, could limit a rally in global prices that hit a record high earlier this month on expectations that the Federal Reserve will cut interest rates this year.

The drop in imports could also help India narrow its trade deficit and support the rupee.

India's gold imports are likely to fall to 10 to 11 metric tons in March from 110 metric tons in February, said a government official, who declined to be named as he was not authorised to talk to the media. ...

... For the remainder of the report:

https://www.reuters.com/markets/commodities/indias-march-gold-imports-set-drop-90-prices-surge-sources-2024-03-2**************;

*******************************************


Jim Rickards: Why gold is the everything hedge

Submitted by admin on Wed, 2024-03-27 19:32 Section: Daily Dispatches
By James G. Rickards
The Daily Reckoning, Baltimore
Wednesday, March 27, 2024

Excerpted from his commentary tonight at The Daily Reckoning, "Gold Is the Everything Hedge":

https://dailyreckoning.com/goldilocks-is-gonna-get-it/

Gold prices are being driven higher by U.S. threats to steal $300 billion in U.S. Treasury securities from the Russian Federation. Those assets were legally purchased by the Central Bank of Russia as part of their reserve position.

The actual securities are held in custody in digital form at European banks, U.S. banks, and the Brussels-based Euroclear clearinghouse. Only about $20 billion of those Treasury securities are held by U.S. banks; the majority are held by Euroclear. Those assets were frozen by the United States at the outbreak of the war in Ukraine.
Freezing assets means the Russians cannot collect interest or sell or transfer the assets or pledge them as collateral. Asset freezes are used frequently by the United States, including in the cases of Iran, Syria, Cuba, North Korea, Venezuela, and other nations. Often the assets are frozen for years but ultimately released to the owner as happened in the case of Iran after 2012.

Now the U.S. wants to go further and actually seize the assets, which may be viewed as outright theft under international law. The U.S. proposes to use the $300 billion to finance the war in Ukraine. European entities have expressed considerable uncertainty about this plan but the U.S. has maintained the pressure and wants to complete the theft before the June and July summits of G7 leaders and NATO members.

If the U.S. steals these assets, Russia will likely confiscate an equivalent amount of industrial and commercial assets located in Russia and owned by German, French, and Italian interests among others.

The bottom line is that if U.S. Treasury securities are not a safe investment, then securities of Germany, Italy, France, the United Kingdom, and Japan are no better.

The only reserve asset free of this kind of digital theft is gold. Nations are beginning to diversify into gold in order to insulate themselves from digital confiscation by the collective West.
*****************************************************


Federal Reserve refuses to provide records of foreign gold holdings
Submitted by admin on Wed, 2024-03-27 15:41 Section: Daily Dispatches
By Ken Silva
Headline USA, Charlotte, North Carolina
Wednesday, March 27, 2024

Weeks after Federal Reserve Chairman Jerome Powell evaded a congressman's questions about the central bank's foreign gold holdings, the Fed has also declined to comply with a Freedom of Information Act request for records about such holdings.

The Federal Reserve's lack of transparency comes amid reports that countries are removing their gold and other assets from the U.S. in the wake of the unprecedented Western sanctions imposed on Russia over its invasion of Ukraine.

According to a 2023 Invesco survey, a "substantial percentage" of central banks expressed concern about how the U.S. and its allies froze nearly half of Russia’s $650 billion gold and forex reserves.

U.S. Rep. Alex Mooney, R-W.Va., asked Powell about the matter in a December letter, only to have the Fed chair respond last month with evasive non-answers, telling him that the Federal Reserve does not own gold but holds it as a custodian for other entities -- a fact that the congressman presumably already knew.

Following Powell's evasive response, Headline USA filed a FOIA request with the Fed for records reflecting how much gold the Federal Reserve Bank of New York currently holds in its vault, as well as records reflecting the ownership stake that each of FRBNY's central bank/government clients have in that gold. The FOIA request also sought records about the Fed's gold holdings prior to Russia's February 2022 invasion of Ukraine. ...

... For the remainder of the report:

https://headlineusa.com/federal-reserve-refuses-to-provide-records-of-foreign-gold-holdings/
*****************************


Secret national police report warns Canadians may revolt once they realize how broke they are
Submitted by admin on Wed, 2024-03-27 11:53 Section: Daily Dispatches
When Americans discover the same thing, their revolt may make Canada's seem like a tea party.

By Tristin Hopper
National Post, Toronto
Wednesday, March 20, 2024

A secret Royal Canadian Mounted Police report is warning the federal government that Canada may descend into civil unrest once citizens realize the hopelessness of their economic situation.

"The coming period of recession will ... accelerate the decline in living standards that the younger generations have already witnessed compared to earlier generations," reads the report, entitled "Whole-of-Government Five-Year Trends for Canada."

For example, many Canadians under 35 are unlikely ever to be able to buy a place to live," it adds.

The report, labelled secret, is intended as a piece of "special operational information" to be distributed only within the RCMP and among "decision makers" in the federal government. ...

... For the remainder of the report:

https://nationalpost.com/opinion/secret-rcmp-report-warns-canadians-may-revolt-once-they-realize-how-broke-they-are



***************************************

Switch to gold standard could stabilize prices, Philly Fed researchers find

Submitted by admin on Tue, 2024-03-26 16:47 Section: Daily Dispatches
From Central Banking, London
Tuesday, March 26, 2024

Long-run price stability could be a key feature of the gold standard, researchers with the Federal Reserve Bank of Philadelphia find.

In their working paper, published in February, Jesus Fernandez-Villaverde and Daniel Sanches explore how the gold standard would operate as a monetary framework in a hypothetical small open economy.

They argue that the price level would consistently converge to its long-run equilibrium value. Inflation and deflation would be "merely temporary phenomena." ...

... For the remainder of the report:

https://www.centralbanking.com/central-banks/monetary-policy/7961027/switch-to-gold-standard-could-stabilise-prices-philadelphia-fed-research




(/NOW SWITCHING TO GOLD) FOR NEWCOMERS, HERE ARE THE DETAILS

SPREADING LIQUIDATION HAS NOW COMMENCED AS WE HEAD TOWARDS THE NEW ACTIVE FRONT MONTH OF FEB. WE ARE NOW INTO THE SPREADING OPERATION OF GOLD

HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS IN THE SPREADING ENDEAVOUR ;MODUS OPERANDI OF THE CORRUPT BANKERS AS TO HOW THEY HANDLE THEIR SPREAD OPEN INTERESTS:HERE IS HOW THE CROOKS USED SPREADING AS WE ARE NOW INTO THE NON ACTIVE DELIVERY MONTH OF NOV HEADING TOWARDS THE ACTIVE DELIVERY MONTH OF FEB., FOR GOLD: AND MARCH FOR SILVER

YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST STARTS TO RISE BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING ACTIVE DELIVERY MONTH (APRIL), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY. THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”

WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS. ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM. IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE.
https://harveyorganblog.com/2024/03/28/march-28-blog-first-day-notice-for-both-the-gold-and-silver-april-contract-month-gold-in-record-territory-with-respect-to-all-currencies-gold-closed-up-26-30-to-2218-30-silver-closed-up-0-20-to/

[JD400]

Column: Funds stampede into copper as price breaks higher

Reuters | March 27, 2024 | 8:54 am Intelligence Markets China Europe Copper

with MMGYS Soundtrack

"It ain't a easy job"

Clearly, plenty of fund managers are buying into the change of narrative but whether others will join them depends on whether copper can consolidate its chart gains.

The most recent COTRs capture the build in long positions just before copper peaked above $9,000 per ton. Much of the money entering the market was likely reacting to the chart break and the resulting upwards price momentum.

LME three-month copper has since retraced all the way to a current $8,860 per ton, a key technical level that acted as resistance in the previous year-long trading range and which, bulls hope, will now provide support for a new higher range.

If that resistance-turned-support thesis holds, heavier-weight money may well follow the shorter-term technical funds into the market. If, however, copper can’t hold its gains and falls back into the old range, some of its new fund friends may disappear as quickly as they came.

Check out the full read with charts here
https://www.mining.com/web/column-funds-stampede-into-copper-as-price-breaks-higher/

[JD400]

Choosing Mining Stocks Through The Eyes Of The Beer-holder

Golds 2200 high hopes faded with the wrong move down to 2179 at close today

MARKET MOVERS
COMPANY +CHANGE% LAST TRADE
Premier American Uranium 0.52 20.81 $2.99
Endeavour Mining 0.44 1.74 $25.71
Capstone Copper 0.23 2.89 $8.20
Dundee Precious Metals 0.23 2.34 $10.08
Gold Fields 0.22 1.45 $15.38
Cameco 0.20 0.35 $57.19
SSR Mining 0.19 3.51 $5.60
NovaGold Resources 0.19 5.49 $3.65
Awalé Resources 0.18 22.50 $0.98
Aura Minerals 0.16 1.68 $9.71
Jaguar Mining 0.16 7.02 $2.44
Eldorado Gold 0.16 0.87 $18.47
Artemis Gold 0.13 1.66 $7.98
Newmont 0.12 0.35 $34.04
Wesdome Gold Mines 0.12 1.26 $9.62

HIGH VOLUME
COMPANY VOLUME LAST TRADE
Gabriel Resources 6,395,737 $0.01
The Metals Company 6,233,101 $1.35
Uranium Energy 4,349,136 $6.77
Anfield Energy 4,031,014 $0.09
Orecap Invest 3,773,983 $0.08
Kinross Gold 3,513,370 $7.73
Awalé Resources 3,158,705 $0.98
ATEX Resources 2,950,156 $1.46
B2Gold 2,747,109 $3.41
First Quantum Minerals 2,212,494 $13.32
OceanaGold 2,156,529 $2.90
NuLegacy Gold 2,125,000 $0.01
i-80 Gold 2,008,929 $1.71
Calibre Mining 1,953,650 $1.62
Goldsource Mines 1,658,496 $0.47

[JD400]

Cocoa is more expensive than copper as it tops $9,000
Bloomberg News | March 25, 2024 | 5:44 am Markets Africa Copper

with MMGYS Soundtrack

Cocoa extended its surge — surpassing $9,000 a ton for the first time ever — as a supply crunch grips the market and chocolate makers grapple for beans.


Futures are up about 50% this month alone and have more than doubled already this year. Poor harvests on the back of bad weather and crop disease in West African growers, where most of the world’s cocoa is grown, and little sign of production relief elsewhere have left the industry in a bind.

The rally has sent prices toward $10,000 — a level that seemed unthinkable only a few months ago — and even made cocoa more expensive than bellwether industrial metal copper.

Cocoa’s advance will feed through into higher chocolate costs throughout the year. Easter eggs are already getting more expensive due to last year’s price jump, and some manufacturers are curbing bar sizes or promoting varieties with other ingredients to soften the blow.


Futures rose as much as 5.2% to $9,400 in New York. Prices have kept climbing despite a technical gauge being in overbought territory for much of the last couple of months. Cocoa in London also climbed.

“Chocolate may be even more expensive in Easter 2025, if cocoa-tree diseases and inclement weather prolong the deficit amid high sugar prices,” Bloomberg Intelligence analyst Diana Gomes said in a note on Friday.

While prices have soared, speculators have actually been pulling out of the market. Open interest — the number of outstanding contracts — has dropped from a peak in late January, and money managers cut their net-bullish wagers to a one-year low in the latest week. That suggests that physical buyers may have played a key role in the price rally.

There’s a risk the supply situation may worsen. Incoming European Union rules — aimed at stopping products that destroy forests from being sold in shops — may make it even harder for the bloc’s top chocolate makers to secure supplies.

Focus is now turning to West Africa’s upcoming mid-crop, the smaller of two annual harvests. Top grower Ivory Coast’s regulator expects that to shrink this season, Bloomberg reported earlier this month.

(By Megan Durisin)

https://www.mining.com/web/cocoa-is-more-expensive-than-copper-as-it-tops-9000/

Christina Aguilera - Candyman (Official Video)

[JD400]

“I Worked Hard and Got Lucky with Multiple Discoveries of Size While in My 30’s” explains Rick Rule

MiningStockEducation.com

Mar 18, 2024 #goldstocks #miningstocks #juniormining
“I worked hard and got lucky with multiple discoveries of size while in my 30’s” explains Rick Rule in this MSE episode. Rick offers both timely and timeless junior mining stock wisdom in this interview with Brian Leni.

0:00 Introduction
1:12 GLD outflows
4:56 Canadian Government's Review of Zijin's investment in Solaris Resources
8:30 Milei's election in Argentina - Impact?
13:15 Probability of Mexico's open pit mining ban?
15:05 Optimal breakdown of construction financing
18:57 Goal Setting as an investor
25:02 Learning through experience / making mistakes
26:51 How to attain wealth
31:07 Prospect Generator Boot Camp
36:10 Rick's view on Kenorland / Sumitomo deal
38:28 Rule Investment Symposium

[JD400]

Warning ! Doom loop for gold and silver sellers! - LFTV EP165

Mar 22, 2024
In this week’s episode of Live from the Vault, Andrew Maguire discusses how the resurgence of physically-driven demand from central banks and manufacturers have laid the groundwork for silver’s recent breakout rally.

The London whistleblower investigates how the Federal Reserve is injecting volatility into gold and Bitcoin ETFs, before looking closer at the mystery behind the COMEX’s impending “First Notice Day”.

Timestamps:
00:00 Start
03:30 A deep dive into the silver markets and how they operate
15:06 Is demand for silver still high?
21:20 What does Andrew see for gold?
32:00 The FED’s tactic to inject volatility into Bitcoin
34:44 An update on BRICS
36:30 Is the internal COMEX casino coming apart?

[JD400]

Gold hits fifth record high in March on Fed rate-cut view
By Sherin Elizabeth Varghese
March 21, 20243:49 AM MSTUpdated 19 min ago

with MMGYS Soundtrack

Summary

Gold hits all-time high of $2,222.39 per ounce
Dollar slips to 1-week low after Fed verdict
Fed stands pat on rates and view on 2024 cuts

March 21 (Reuters) - Gold prices on Thursday hit record highs for the fifth time this month after the U.S. Federal Reserve signalled it would press ahead with three rate cuts in 2024 despite elevated inflation.

Spot gold was up 1.1% at $2,209.65 per ounce at 1035 GMT after hitting an all-time high of $2,222.39 earlier in the session. U.S. gold futures soared 2.4% to $2,212.40.
"The rally was started by yesterday's Federal Reserve comments, basically confirming their intention to eventually start cutting U.S. interest rates," said Julius Baer analyst Carsten Menke.

"The mood in the gold futures market is very bullish. So your hedge funds or any other short-term traders or trend followers are positioned for higher prices, and I think this is the segment that is in the driving seat while the physical gold market is rather soft."
Despite recent high inflation readings, Fed chair Jerome Powell said the U.S. central bank is still likely to reduce interest rates by three-quarters of a percentage point by the end of 2024, but that it also depends on further economic data.

Fed funds futures traders are now pricing in a 74% probability that the Fed will begin cutting rates in June, up from 60% before the rate decision, according to the CME Group's FedWatch Tool.
The dollar slipped to a one-week low against its rivals, while benchmark U.S. 10-year Treasury yields also dipped.
Lower interest rates decrease the opportunity cost of holding non-yielding bullion and weigh on the dollar, making greenback-priced bullion more appealing for other currency holders.
Spot gold may retest resistance at $2,222 per ounce, a break above which could lead to a gain into the $2,228-$2,234 range, according to Reuters' technical analyst Wang Tao.
Spot silver fell 0.4% to $25.51 per ounce, platinum rose 0.6% to $912.10 and palladium dropped 0.9% to $1,012.22.
https://www.reuters.com/markets/commodities/gold-sprints-record-high-fed-sticks-2024-rate-cut-view-2024-03-21/



This post dedicated to JW@KSC

[JD400]

The copper market has awoken from its year-long slumber

With MMGYS Soundtracks

Column: Raw materials squeeze jolts copper out of its torpor
Reuters | March 15, 2024 | 7:55 am Intelligence Markets China Copper


London Metal Exchange (LME) copper surged by 3.1% on Wednesday, breaking out of its long-standing range. The move extended on Thursday morning to an eleven-month high of $8,976.50 per metric ton.


The trigger for the price break-out is news that China’s copper smelters have agreed to curb output in response to a much tighter-than-expected raw materials market.

Spot treatment charges, which are the fees smelters earn for converting mined concentrates into metal, have collapsed in recent weeks as too many buyers chase too little material.

As the world’s largest buyer of concentrates, China is particularly exposed to the resulting squeeze on smelter margins.

China’s collective reaction has turned the market’s attention from weak global demand to copper’s stressed supply dynamics.

But to what extent it translates into less refined metal supply remains to be seen.

China’s imports of copper concentrates and scrap

Concentrates squeeze
Smelter treatment charges say a lot about what’s happening in the upstream segment of copper’s supply chain and right now they’re flashing red warning lights.

Spot charges in China tumbled to $11.20 per ton last week, a near 76% drop in just two months and the lowest level since 2013, according to price reporting agency Fastmarkets.

The implosion in processing fees speaks to an acute shortfall of concentrates in the spot market.

The unexpected closure of First Quantum’s Cobre Panama mine at the end of last year has blown a 350,000-ton hole in China’s copper supply chain.

Some Chinese producers are insulated by annual supply deals, which were priced at a benchmark treatment charge of $80 per ton for this year’s shipments.

Others, particularly newer operators, are more dependent on spot supply and have evidently been scrambling to buy replacement tonnage, chasing treatment charges down to unprofitable levels.

In January China’s Nonferrous Metals Industry Association (CNIA) advised, opens new tab the country’s copper smelters they needed “to bring maintenance ahead of schedule or extend the maintenance time, to cut production and to postpone the commencement of new projects.”

Which is what they agreed to do this week at a well-flagged meeting to discuss the unfolding crisis. The collective commitment to curb output is intended to safeguard the “healthy development of (the) global copper smelting industry”, according to state research company Antaike.

Too many smelters
There are no quotas for production cuts among the 19 Chinese operators at this week’s rare meeting. Rather, each producer will make their own assessment of what needs to be done.

In some cases the action has already likely been taken with maintenance downtime brought forward and unprofitable lines shuttered.

An average 11.5% of global smelting capacity was off-line in the first two months of this year, according to Earth-i, which uses satellite imagery to monitor plant activity rates. This is up from 8.6% last year and 8.0% in January-February 2022.

Tellingly, inactive capacity in top producer China averaged 8.3% this year, up from 4.8% last year, a much sharper jump than in the rest of the world.

Some Chinese producers, it seems, either voluntarily heeded the CNIA’s January call for sector restraint or were forced to by market reality.

Moreover, any promised curbs to output must be seen in the context of China’s rapid build-out of copper smelting capacity.

Treatment charges reflect not just the state of mine supply but also the volume of smelter demand.

China started up 780,000 tons of annual smelter capacity last year with another net 150,000 tons due this year, according to analysts at Macquarie Bank. (“Commodities Comment,” Jan. 16, 2024)

Macquarie estimates another two million tonnes of new or expanded capacity is also due to ramp up outside of China this year, increasing the pressure on concentrates availability.

Freeport McMoRan’s new Indonesian smelter, for example, will at full capacity soak up 1.7 million tons of concentrates, material that until now has been available for export.

The dramatic collapse in processing fees is as much a function of this new call on raw materials as it is of mine supply problems.

Sentiment shifts
China’s production restraint may slow but is unlikely to reverse the country’s recent rapid output growth.

The country’s production of refined copper jumped by an eye-watering 13.5% year-on-year to 12.99 million tons in 2023, according to the National Bureau of Statistics.

And while analysts have adjusted their market balance estimates to factor in recent mine losses, most still think the refined market will be in supply surplus this year, albeit to a smaller extent than previously thought.

But market sentiment has palpably shifted.

The weak state of global manufacturing activity, not least in China, has kept copper locked in a sideways trading range for much of the last year.

Macro drivers, particularly interest rate expectations, have dominated the choppy price action.

The concentrates squeeze has refocused attention on copper’s micro dynamics of stretched supply and chronic under-investment in new mines.

Copper’s bull narrative has just been reactivated, even if China’s collective commitment to curb output may promise more than it delivers.

(The opinions expressed here are those of the author, Andy Home, a columnist for Reuters.)

(Editing by Sharon Singleton)
https://www.mining.com/web/column-raw-materials-squeeze-jolts-copper-out-of-its-torpor/

One of my dads favs,,,this ones for you dad ♥️

[JD400]

Rick Rule: Gold Stock Bull Market Building; Now Watching Silver, PGMs, Nickel

Investing News

25,710 views Mar 12, 2024 #Gold #Silver #Investing
We recommend clicking "CC" to turn on subtitles for this video.

Veteran resource investor and speculator Rick Rule of @RuleInvestmentMedia shares his latest thoughts on the mining sector, honing in on gold stocks, as well as the opportunity he sees in the silver, platinum, palladium and nickel markets.

"The intelligent application of capital in a bad market is always square one for building a bull market. I feel over a five year timeframe very attracted not to the gold-mining sector, which I think is a disaster ... but to some of the high-quality companies," he said.

This interview was filmed on March 4, 2024.

#Investing #Gold #Silver

0:00 - Intro
0:25 - US economy, upcoming election
5:14 - Investor hostility to gold stocks
10:04 - When will gold stocks move?
13:42 - Rick's goal with silver stocks
16:40 - Platinum, palladium and nickel
18:58 - Battle Bank and Rule Symposium
23:26 - Outro

[JD400]

Invest in Mining Sociopaths if You Want To Win says Analyst Joe Mazumdar

MiningStockEducation.com

Mar 14, 2024 #miningstocks #resourceinvesting #juniormining
Joe Mazumdar of Exploration Insights explains why you must invest in mining sociopaths if you want to win. He also reveals insights from when he managed Newmont’s billion-dollar junior mining portfolio. Joe also shares where he is seeing value in the mining sector and offers one stock pick.

Joe Mazumdar is co-editor and analyst at Exploration Insights. Joe has an extensive, multi-decade background in working for both mining companies and the financial institutions that cover and invest in mining equities. He possesses an excellent understanding of geology, the process of exploration and development, and what it takes to run and finance a mining company.

0:00 Introduction
1:11 PDAC takeaways
7:40 ASX vs TSX miners
11:41 Mining sociopaths will make you rich
18:00 Rupert Resources offers to buy B2Gold’s 70% interest in Finland JV with Aurion Resources
22:29 BHP says nickel facing difficult multi-year run
27:55 Artificial Intelligence in mining
29:40 Junior mining stock 2024 outlook
32:34 Joe managed Newmont’s BILLION-DOLLAR junior mining portfolio
39:21 Stock pick

[JD400]

Keith Neumeyer - Silver Deficits Running Hard

Premiered 2 hours ago
Patrick Vierra from SBTV spoke with First Majestic Corp. CEO Keith Neumeyer. Keith tells us the silver specifics from the point of view coming from the mines. Keith's first hand view and knowledge is full of good info, good info that a silver investor or in general a precious metals investor needs to know. Watch it all here.

Discussed in this interview:
01:16 Metals on the move
03:37 Silver attracting a broader market
07:57 Silver prices ad deficits
16:26 Mining info and strategic metal
22:53 The First Mint and $100 Silver

$AG

[JD400]

Gold & Silver supply shortage imminent? Feat. Rob Kientz - LFTV Ep 164

Mar 15, 2024
In this week’s episode of Live from the Vault, Andrew Maguire is joined once more by Rob Kientz of GoldSilverPros, who reveals the trade secrets he just picked up at a major industry event in Canada.

The precious metals experts discuss how a gold and silver supply shortage may coincide with an economic downturn and how investors can prepare for coming challenges by switching to sound money.

Check out Rob: https://www.youtube.com/c/GoldSilverPros

Ask your questions for Andy here: https://forum.kinesis.money/forums/qu...

Timestamps:
00:00 Start
03:30 Rob’s talk at Prospector Developer Association Canada (PDAC)
08:00 Precious & base metals supply crunch coming
22:30 Will true prices emerge?
32:00 The paper game is done
46:30 Sound money movement in the US

[JD400]

$MUX 7 Month High So Hot I Think I'm Going To Burst Into Flames !!!!!

I told myself I wasn't going to play any Robin Williams or Wolfman Jack videos until $MUX broke over $10.00

OK But Just this once.........

Good Morning 😃


Go $MUX.......
.....Go Green...........
Go McEwen Copper...........

[JD400]

Copper price soars to 7-month high on China’s plans to cut output
Staff Writer | March 13, 2024 | 9:29 am Markets China Copper
with MMGYS Soundtrack

China copper smelters raise Q4 treatment charge floor ahead of miner talks
Stock image.
Copper prices soared on Wednesday to their highest in seven months after Chinese smelters, which process half of the world’s mined copper, agreed on a joint production cut.


Benchmark three-month copper on the London Metal Exchange (LME) touched $8,799 a metric ton, the highest since Aug. 1, 2023. It last traded 1.6% up at $8,790 as at 1055 GMT.

Copper for delivery in May rose on the Comex market in New York, touching $4.06 per pound ($8,932 per tonne), up 3.3% compared to Tuesday’s closing.

The rise started on the Shanghai Futures Exchange (SHFE), where copper reached a two-year high of 70,460 yuan ($9,796) per ton.

China’s biggest copper smelters met in Beijing on Wednesday, agreeing on a symbolic cut in loss-making production, without specifying volumes and timing.

“It’s a knee-jerk response to rush in. Interest spiked on SHFE right after the announcement of China’s production cut,” a trader said. “Who will admit they are the first to turn unprofitable?”

Shortages have led to intensifying competition for mined copper concentrates, causing a sharp fall in income for smelters to decade-low levels.

“But it’s important to note that there are around 1.7 million tons per year new ex-China smelter projects that are expected to come online in the second half, which will put more pressure on global concentrate supply,” said Brian Peng, a copper analyst of consultancy CRU.

More global copper smelters were not operating in the first two months of the year than in the same period last year, mainly because of Chinese inactivity, data from satellite surveillance of metal processing plants showed.

However, higher copper prices could further dampen demand in top consumer China, as can be seen in inventories.

Copper inventory in warehouses monitored by SHFE rose steeply to 239,245 tonnes as at March 8 from 30,905 tonnes in the beginning of the year.

Clarity on demand prospects could be provided by China’s loan data due this week, including total social financing numbers, a gauge of future metals consumption.

(With files from Reuters)

https://www.mining.com/copper-price-soars-to-7-month-high-on-chinese-plans-to-cut-output/

Copperline - James Taylor

Copperline was released on the 1991 album "New Moon Shine". During the late 1980s, he had began touring regularly, especially on the summer amphitheater circuit. His later concerts featured songs from throughout his career.

Taylor had thoughts of retiring by the time he played the massive Rock in Rio festival in Rio de Janeiro in January 1985. He was encouraged by the nascent democracy in Brazil at the time, buoyed by the positive reception he got from the large crowd and other musicians, and musically energized by the sounds and nature of Brazilian music. Lyrics follow:

Even the old folks never knew
Why they call it like they do
I was wondering since the age of two
Down on copperline
Copper head, copper beech
Copper kettles sitting side by each
Copper coil, cup o'georgia peach
Down on copperline
Half a mile down to morgan creek
Leaning heavy on the end of the week
Hercules and a hog-nosed snake
Down on copperline
We were down on copperline.

One summer night on the copperline
Slip away past supper time
Wood smoke and moonshine
Down on copperline
One time I saw my daddy dance
Watched him moving like a man in a trance
He brought it back from the war in france
Down onto copperline
Branch water and tomato wine
Creosote and turpentine
Sour mash and new moon shine
Down on copperline
Down on copperline.

First kiss ever I took
Like a page from a romance book
The sky opened and the earth shook
Down on copperline
Down on copperline
Took a fall from a windy height
I only knew how to hold on tight
And pray for love enough to last all night
Down on copperline
Day breaks and the boys wakes up
And the dog barks and the birds sings
And the sap rises and the angels sigh, yeah.

I tried to go back, as if I could
All spec house and plywood
Tore up and tore up good
Down on copperline
It doesn't come as a surprise to me
It doesn't touch my memory
Man I'm lifting up and rising free
Down on over copperline
Half a mile down to morgan creek
I'm only living for the end of the week
Hercules and a hog-nosed snake
Down on copperline, yeah
Take me down on copperline
Oh, down on copperline
Take me down on copperline.

[JD400]

Choosing Mining Stocks Through The Eyes Of The Beer-holder

The SP500 (squeezed) a New High $5,189 while Gold (Shot) to a new record High $2,203 too. 😊

MARKET MOVERS
COMPANY +CHANGE% LAST TRADE
Franco-Nevada 4.13 2.73 $155.22
Contango ORE 1.29 6.62 $20.79
Royal Gold 1.03 0.92 $112.75
Wheaton Precious Metals 0.79 1.33 $60.34
Agnico Eagle Mines 0.48 0.66 $73.56
Osisko Gold Royalties 0.43 2.01 $21.81
First Quantum Minerals 0.35 2.70 $13.30
Triple Flag Precious Metals 0.33 1.83 $18.36
Aris Mining 0.28 6.56 $4.55
AngloGold Ashanti 0.23 1.04 $22.36
U.S. Gold 0.20 5.71 $3.70
enCore Energy 0.18 3.44 $5.41
Taseko Mines 0.16 7.34 $2.34
Equinox Gold 0.15 2.43 $6.33
China Gold Resources 0.14 1.98 $7.20

HIGH VOLUME
COMPANY VOLUME LAST TRADE
Uranium Energy 7,228,127 $6.39
Big Gold 4,391,730 $0.04
B2Gold 3,499,649 $3.56
Newfoundland Discovery 3,489,750 $0.02
NexGen Energy 3,370,881 $9.90
Denison Mines 3,116,052 $2.48
New Gold 2,692,928 $2.03
Kinross Gold 2,663,701 $7.25
Gold Mountain Mining 2,505,484 $0.01
Agnico Eagle Mines 2,403,634 $73.56
First Quantum Minerals 2,269,296 $13.30
Euromax Resources 2,264,763 $0.03
Wesdome Gold Mines 2,130,701 $10.06
Argonaut Gold 1,995,545 $0.28

[JD400]

Comex nears gold and silver defaults, London trader Maguire says
Submitted by admin on Fri, 2024-03-08 13:50 Section: Daily Dispatches
1:51p ET Friday, March 8, 2024

Dear Friend of GATA and Gold (and Silver):

The New York Commodities Exchange is in danger of defaulting on its gold and silver contracts as demand for delivery of metal increasingly is directed there, London metals trader Andrew Maguire tells this week's "Live from the Vault" program from Kinesis Money.

Short futures positions in the metals, Maguire says, are being destroyed by their excessive leverage amid central bank demand for gold and the realization that silver is grossly underpriced compared to gold.

The interview is 49 minutes long and can be viewed at YouTube here:

See Next Post #6428

[JD400]

Physical silver buyers gatecrash COMEX vaults - LFTV Ep 163

Mar 8, 2024
In this week’s episode of Live from the Vault, Andrew Maguire brings an in-depth analysis of the recent price movements in both gold and silver, before diving deep into the increasingly depolarised silver market to expose its vulnerabilities.

The London whistleblower takes listeners through the current bullish setup backed by a thorough analysis that highlights silver’s undervaluation and pervasive manipulation, before closing with an update on the BRICS currency.

Timestamps:
00:00 Start
1:40 Gold breaking out - what to expect moving forward
3:45 Silver vulnerability
18:00 How close we are to a COMEX market default
25:45 Does the bullish silver setup favour the cartel or the central banks?
31:26 New Goldman Sachs structural analysis
40:00 Unwanted guests causing silver short squeezes
44:30 INVESCO’s 11th annual study
45:45 An update on the upcoming BRICS currency

[JD400]

Junior Gold Stock Bottom or More Pain Coming? with Pro Mining Investors Brian Leni and David Erfle

MiningStockEducation.com
36.3K subscribers

Mar 8, 2024 #goldstocks #goldinvesting #miningstocks
Professional junior mining investors Brian Leni and David Erfle discuss whether we have seen a junior gold stock bottom or if there is more pain coming. They also chat about the current junior gold stock sector and the recent BMO and PDAC mining conferences and offer insights into how they are perceiving the market. Bill Powers facilitates the discussion.

0:00 Introduction
0:45 PDAC sentiment
3:20 BMO conference subdued
4:45 What can gold miners do to bring in new flow of funds?
6:58 Street shorting juniors
10:51 Reinstate uptick rule?
13:24 “Nobody’s big enough to manipulate a trend”
14:45 Legal rumors heard at PDAC?
17:22 Chinese buying Osino Resources
20:11 Junior gold stock bottom

[JD400]

Choosing Mining Stocks Through The Eyes Of The Beer-holder

Gold extended it's rally today (Reaching) a new high $2156.00

MARKET MOVERS
COMPANY +CHANGE % LAST TRADE
Contango ORE 1.48 8.08 $19.79
Ivanhoe Electric 1.31 12.52 $11.77
Wheaton Precious Metals 1.21 2.08 $59.29
Freeport-McMoRan 1.03 2.77 $38.15
Filo 0.98 4.48 $22.87
Agnico Eagle Mines 0.84 1.17 $72.58
Cameco 0.73 1.31 $56.29
Ero Copper 0.66 2.84 $23.89
Osisko Gold Royalties 0.63 2.99 $21.68
Sigma Lithium 0.62 4.28 $15.11
Lundin Mining 0.58 5.37 $11.38
Seabridge Gold 0.56 3.29 $17.56
Lithium Americas 0.52 7.73 $7.25
Altius Minerals 0.50 2.69 $19.10
Wesdome Gold Mines 0.49 5.04 $10.21

HIGH VOLUME
COMPANY VOLUME LAST TRADE
Argonaut Gold 7,759,492 $0.31
Contact Gold 6,702,788 $0.03
Kinross Gold 5,159,362 $7.22
Uranium Energy 4,954,170 $6.45
ATEX Resources 3,844,351 $1.25
First Quantum Minerals 3,441,735 $13.46
B2Gold 3,044,891 $3.62
Agnico Eagle Mines 2,839,874 $72.58
Fission Uranium 2,757,338 $1.03
Goldshore Resources 2,591,552 $0.13
Mawson Gold 2,505,131 $0.56
Calibre Mining 2,403,288 $1.75
Lundin Mining 2,030,303 $11.38
OceanaGold 1,961,241 $2.63
Granite Creek Copper 1,921,000 $0.05

Powells next move tomorrow

[JD400]

Why Britain is still paying the price for Gordon Brown's gold bullion blunder
Submitted by admin on Tue, 2024-03-05 16:58 Section: Daily Dispatches

with MMGYS Soundtrack

Nothing that seemed as stupid and sure to be as loss-making as the Bank of England's gold sales that began in 1999 would have been undertaken unless it accomplished an important objective that couldn't be admitted without causing financial turmoil and scandal.

That is, the Bank of England's gold sales rescued the big UK and U.S. bullion banks from their uncoverable but central bank-instigated short positions as the gold market bounced off the bottom. Saving the banks was deemed necessary to protecting the world financial system.

Ever since the U.S. broke the longstanding link between the dollar and gold in 1971, the primary purpose of Western central banking has been to control the gold price largely surreptitiously, so as to prevent the return of the once and future world reserve currency and the reduction of government power that would result. It is all documented here --

https://gata.org/node/20925

-- but the matter is so sensitive that it cannot be examined by mainstream financial news organizations, or even discussed in polite company. / cp

* * *

By Tom Knowles
The Telegraph, London
Monday, March 4, 2024

https://www.telegraph.co.uk/money/investing/gold-hits-all-time-high-gordon-brown-blunder-cost/

It has been considered one of the worst financial blunders the Government ever made. On May 7, 1999, the UK Treasury announced it would be selling over half of the nation's gold reserves.

The move, made by then chancellor Gordon Brown, was done in a bid to diversify and strengthen Britain's reserves by reducing the proportion held in gold.

Yet the sale came at what turned out to be the very bottom of the gold market, ultimately costing the Exchequer billions of pounds in lost profits.

As the 25th anniversary of Mr Brown's now infamous decision approaches, the price of gold on Monday hit a record high. Here, Telegraph Money looks at what went wrong and what it meant for the UK in the long run.

... Build-up

In 1999, gold was increasingly being seen as a "barbarous relic," as the economist John Maynard Keynes had described the metal in 1924. The asset had been experiencing a two-decade bear market, having lost 80% of its real worth from a peak in 1980. The low price meant a number of central banks around the world were looking to offload some of their gold.

The metal is ultimately held by central banks as a safe haven that can be called upon as a last resort in times of emergency, seen as a hedge against inflation, currency devaluation and fiscal turmoil.

In this scenario, Mr Brown was not out of step with other nations for wanting to sell some of the UK's 715 tonnes of gold, which was owned by the Treasury and managed by the Bank of England. The plan to convert the proceeds into foreign currencies of 40% US dollars, 40% euros, and 20% yen would also bear interest for the government, unlike gold.

But the timing of the sale, and the way it was announced, would go on to cause ripples still felt today.

... The announcement

The offloading of gold reserves by other central banks up to 1999 had frequently mostly been done quietly on the global markets, only after which details of the sale would be announced. Yet in the UK, the Government publicly announced in May -- via a written question in the House of Commons -- that it would be holding a series of auctions for 125 tonnes of its gold reserves, starting in July that year, with an eventual plan to sell 415 tonnes by 2002.

The Treasury said it wanted to "achieve a better balance in the portfolio" by increasing the proportion of its reserves held in foreign currencies. Gold made up around 50% of the UK's foreign currency net reserves -- $6.5 billion (L5.1 billion) out of $13 billion -- and this exposure to one single asset, whose price was often volatile and earned no interest, was too great, the Treasury argued.

The announcement stunned the markets, however. Adrian Ash, director of research at BullionVault, an online investment gold service, said: "It landed like a bombshell. I don't think the Treasury expected it to make as much noise as it did. It was so cack-handed how they handled it."

Britain's top gold traders had only been told earlier that day about the planned sale at a meeting at the Bank of England and were shocked by the news. They explained to Bank officials that gold prices tend to move in decades-long cycles, with the price probably near its bottom and likely to increase in the coming years.

They also warned that revealing the timings and amounts for sale so far in advance would cause traders to short the asset -- betting on the price of gold falling -- which would drive gold down further.

"The timing of the decision was ludicrous. We told them, 'You are going to push the gold price down before you sell,'" Peter Fava, then head of precious metal dealing at HSBC, told The Sunday Times in 2007. "We thought it was a disastrous decision; we couldn't understand it."

Sure enough, the price of gold, which was $282.40 an ounce on the day of the sale's announcement, had fallen 1%c by the time of the first auction in July. "It was done in a fairly clunky way," Philip Shaw, chief UK economist at Investec, said of the Government's announcement. "It probably didn't do the UK's standing in international markets much good."

The government said a secret sale would have eventually leaked out and provoked rumours that would have pushed the price down further. The announcement of a series of auctions, rather than selling gold through the normal twice-daily price fix, would also increase the number of prospective buyers who could bid "with greater confidence about future supply," the Government argued.

... The sale

Eventually, 395 tonnes of gold were sold by the Bank of England on the Treasury's behalf; the price ranged between $256 and $296 a troy ounce, with an average of $276, and made a total of $3.5bn.

Gold reached a record high of $2,083 a troy ounce on the London gold benchmark on March 4, having enjoyed a tremendous bull run over the past decade. In the spot market, gold reached an all-time high of $2,135 in December last year. The 395 tonnes sold off by the Treasury would now be worth $26.6bn for the UK.

The gold, in other words, was sold at a 20-year-low in the market, and this period has since been nicknamed "Brown's Bottom" by traders.

One key reason that the sale price was so depressed was that the UK was considered symbolically and historically important in the gold market, with the Bank of England holding and helping to manage gold reserves for more than 40 central banks and monetary institutions at the time.

"For the UK to be selling, it was like, 'oh wow, this stuff really is finished.' So sentiment wise, it really did knock a hole in gold," Mr Ash said.

The government's handling of the sale was considered so poor that the backbench Conservative MP Peter Tapsell told the House of Commons in June 1999 that "conspiracy theories are widely circulating in the City" that "famous foreign finance houses" had taken out such dangerously large short positions on gold over the previous years that they needed their friends at the Treasury to kill any prospect of a price rise in the metal.

The Bank of England's then Head of Foreign Exchange, Clifford Smout, denied any conspiracy "with persons known or unknown." Mr Brown was also suspected of attempting to support the newly launched euro. This was also denied by the Bank of England, which described the idea as "conspiracy theory gone to extreme."

... The immediate aftermath

The government's announcement of the sale prompted other Western nations to publicly defend having the asset in their reserves. Jean-Claude Trichet, governor of the Bank of France at the time, said that France, Germany, Italy, and the US would not sell their gold. In the US, Alan Greenspan, the then chairman of the Federal Reserve, responded to the UK's sale by saying: "Gold still represents the ultimate form of payment in the world."

The poor handling of the sale also pushed European central banks to set some rules around gold sales. There was growing concern that uncoordinated sales and lending of gold by central banks were causing issues for the market and driving down prices.

As a result of this, 15 European central banks, including the Bank of England, agreed on 26 September 1999 to limit their sales to 400 tonnes annually over the next five years, and also to announce sales to the market beforehand. Crucially, the central banks also announced that they would not increase their lending above 2,119 tonnes currently out on lease.

The announcement caused a sharp spike in the price -- with a two-week gain of 25% -- as it had made gold trading more transparent and had removed uncertainty around the intentions of central banks' sales.

... Effect on the UK

The sale of the gold was reinvested back in the UK's reserves and so had no palpable effect on the UK consumer or economy as it was not used for public spending or to pay off debt.

Suren Thiru, economics director at the Institute of Chartered Accountants in England and Wales, said: "Although much is made of the squandering of a national asset, the main function of such reserve assets is more for precautionary reasons such as intervening to stop a currency crisis, than managing wealth on behalf of the country."

He added that the need for governments to continue holding large gold reserves is "questionable."

However, critics argue the poor sale damaged the UK's reputation on a global stage. Ross Norman, chief executive of Metals Daily, a precious metals data provider, said: "The problem is, once you've consumed a significant part of our reserves, it's very hard to rebuild. I think that damages the UK."

The sale was also thought to be embarrassing for the Bank of England considering its eminent role in the bullion market, despite it not having control over the decision, which was made by the Treasury. There were press reports that Eddie George, then-governor of the Bank of England, had privately argued against the sale, saying it would erode the Bank's power base in the City.

However, Mr George told a Select Treasury Committee in May 1999: "People get emotionally attached to gold and we have seen quite a lot of emotional reaction to that decision. However, as a portfolio decision, it is perfectly sensible" to sell the gold.

... Would there ever be another sale?

Whereas in the 1990s, central banks were trying to offload some of their gold, the reverse is true today. A number of central banks, especially those not aligned with the West, have been buying physical gold in record quantities over the past two years, as the pandemic, inflation and geopolitical tensions, such as war in Ukraine and the Israel-Gaza conflict, boost its popularity as a safe haven.

Gold, if held in a nation's own vaults, cannot be frozen or accessed by others. Other countries are looking to reduce their dependence on the US dollar, such as China, which bought 225 tonnes of gold in 2023.

However, the likelihood of the UK either buying or selling more gold is virtually nil. Mr Norman added: "Selling any of its gold reserves at this stage would be regarded internationally as the UK being in absolute dire straits and would be most definitely counterproductive."

Attempts to buy more gold would also appear that the UK is worried about the stability of the global financial market. "These guys will never say much or do anything with gold for at least another generation," Mr Ash said. "Western central banks are still so paralysed by the PR disaster of their sales 20 years ago -- it wasn't just the UK by any stretch -- that whatever they do with gold now would look ridiculous."

... Lessons for consumers

Private investors should take Mr Brown's poor sale as evidence that there is a danger of herd thinking in financial markets. Mr Ash said: "It felt like every major nation was selling gold, cutting their bullion holdings as the hype around tech stocks and Western triumphalism in geopolitics ushered in the 21st century. Yet since that gold price low for UK investors in 1999, physical bullion has beaten all UK asset classes hands down."

The rise in gold prices has also shown the value of holding a little gold in a portfolio. Analysis by BullionVault shows that adding 10% to a portfolio otherwise split 60:40 between UK equities and bonds would have raised annualised returns from 5 to 5.6% across the past quarter century, and it would have boosted a private investor's worst five-year returns of the last half-century (ending 2022) from 0.6c to 1.6% per year.

https://www.gata.org/node/23056

[JD400]

MCEWEN MINING | Red Cloud's Pre-PDAC 2024

Mar 5, 2024
Rob McEwen, Chairman & Chief Owner, Michael Meding, VP & GM, McEwen Copper, Stefan Spears, VP, Corporate Development, McEwen Mining joined us at Red Cloud's Pre-PDAC 2024, brought to you by Red Cloud Financial Services.

$MUX

[JD400]

MARKET MOVERS

COMPANY +CHANGE% LAST TRADE

Royal Gold 3.02 2.94 $105.65
Franco-Nevada 3.02 2.13 $145.11
Agnico Eagle Mines 2.19 3.36 $67.28
Cameco 1.91 3.47 $56.91
Sigma Lithium 1.71 12.03 $15.93
Contango ORE 1.32 7.80 $18.25
Endeavour Mining 1.32 5.92 $23.63
McEwen Mining 1.01 12.21 $9.28
Wheaton Precious Metals 1.00 1.79 $56.93
Torex Gold Resources 0.95 6.69 $15.15
Ero Copper 0.95 4.11 $24.07
NexGen Energy 0.91 9.51 $10.48
Piedmont Lithium 0.87 5.98 $15.43
Gold Fields 0.79 6.06 $13.83
Osisko Gold Royalties 0.73 3.68 $20.55

HIGH VOLUME
COMPANY VOLUME LAST TRADE
Uranium Energy 11,011,798 $6.95
B2Gold 5,717,650 $3.48
NexGen Energy 4,782,433 $10.48
Fission Uranium 4,126,731 $1.06
Calibre Mining 3,544,085 $1.63
Kinross Gold 3,275,852 $6.88
OceanaGold 2,978,863 $2.44
First Quantum Minerals 2,710,568 $12.90
Argonaut Gold 2,561,600 $0.24
Sigma Lithium 2,487,056 $15.93
Omai Gold Mines 2,260,256 $0.11
Euro Sun Mining 2,227,843 $0.07
New Gold 2,047,172 $1.82
Pelangio Exploration 2,039,000 $0.02
Guanajuato Silver 1,992,656 $0.16

Whelp I'm bout done on the old hub don't think I'm doing anybody any good anymore
Feeling I'm knocking on heavens door
Have a good one everybody and Thanks

[JD400]

Sound Money Outside of the System Feat. Lynette Zang - LFTV Ep 162

Kinesis Money

Mar 1, 2024
In this week’s episode of Live from the Vault, Andrew Maguire is joined for the first time by renowned US-based banker, stockbroker, and economist Lynette Zang to talk about the growing sound money movement and ways to preserve wealth.

Lynette takes listeners through an American perspective on the failing dollar and recent developments in certain states, before offering a message of hope: people are waking up to the manipulation of the mainstream media.

Lynette Zang's Website: https://lynettezang.com/

Ask your questions for Andy here: https://forum.kinesis.money/forums/qu...

Timestamps
00:00 Start
05:00 Lynette’s thoughts on where we are with the failing dollar
08:45 Gold’s history and future as money
18:00 America’s stance on gold
24:00 Wealth preservation
31:00 People are waking up, especially the young
36:30 US states legalising sound money
54:30 The supply shock from Covid shutdowns
58:00 On Bitcoin

[JD400]

Milei's economic reforms stall in Argentina Congress
Argentine President Javier Milei was dealt a major setback in parliament Tuesday (February 6) when his deeply controversial deregulatory reform package was prevented from advancing and sent back for a rewrite, legislators said.

Latest $MUX Stock Update

McEwen drills 121.5 g/t over 0.4 metre at Stock gold mine

Staff Writer | February 28, 2024 | 8:04 am Exploration Canada Gold

The Stock East zone could be an early source of more ore for the Fox complex. Credit: McEwen Mining
McEwen Mining (TSX: MUX; NYSE: MUX) says gold resources are up 31% year-over-year at both the Stock West and Stock Main zones. The past-producing Stock mine is part of the company’s Fox complex near Timmins, Ontario.

The mineralization has been traced at depth. Geological interpretation suggests that there are two principal plunging structures, and drilling along these structures accounts to about half the 31% increases in resources. Both structures remain highly prospective for additional growth, said McEwen.

The Stock East zone is also emerging as a potential new source of near-term production. Here are the true width highlights of the recent assays:

Hole SEZ24-86: 121.5 g/t gold over 0.4 metre
Hole SEZ24-84: 6.5 g/t gold over 10.2 metres
Hole SEZ24-88: 4.5 g/t gold over 10.4 metres
Infill drilling at the Stock East zone has intersected mineable widths and grades. Drilling has also identified two plunge directions at Stock East.

McEwen says the location of the Stock East zone is strategic for several reasons. It lies close to the splay point of the Nighthawk Lake fault, and such splays are known to be good traps for gold mineralization. It is located only 700 metres east of the existing Fox mill, and because it is shallow it could be quickly and relatively inexpensive to develop.

The current drill program aims to upgrade most of the inferred mineralization to the indicated category and target the high-grade sections of the zone.

McEwen Mining produced 128,650 oz. of gold and 2.2 million oz. of silver in 2023, or 154,600 gold-equivalent ounces. The Fox complex was responsible for producing 44,450 gold-equivalent oz. or roughly 29% of the output.
https://www.mining.com/mcewen-drills-121-5-g-t-over-0-4-metre-at-stock-gold-mine/


Javier Milei to take on Argentina’s Economic Crisis

February 7, 2024 MJEInternational Economics
Written by Gabi Breuer

In late October, Argentina held presidential elections, crucial in determining how the country would handle its economic turmoil. Since the nineties, Argentina has struggled with such hardships: having substantial debts, falling into deep recession periods, and facing extraordinary inflation. This most recent election was critical to ensure Argentinians were put on the proper path to fix decades of poor economic decisions.

On November 19th, Argentina’s run-off election day, Javier Milei faced Sergio Massa after neither candidate received the necessary votes to win the first round. Milei won with 56% of the votes primarily due to his radical economic plan, which gave many Argentinians hope (Eliott, 2023). Even with the majority vote, people were anxious about the immediate ramifications their newly elected president would have on the peso. As of October 2023, inflation reached a 143% high, resulting in four in ten people living in poverty and the nation heading towards its sixth recession in a decade (Gillespie, 2023).

The morning after the election, Argentinians were most concerned with the “blue dollar” value. The blue dollar is a parallel rate to the dollar commonly used in backroom financial houses. Although the blue dollar is an unofficial exchange rate, news sites track the exchange in real-time due to its popularity. Starting his presidency with the blue dollar’s value increasing by 13%, Milei’s time in office began on a celebratory note (Biller, Politi, 2023). Compared to the bank-set price of 356 pesos to the dollar, the blue dollar exchange is almost triple that. The rate increase was an immediate positive sign for the newly elected president and possibly a beacon of hope that his economic plan could lead the country out of a recession.

Milei’s campaign was built upon perhaps the boldest plan any candidate has proposed in some time. The “Hail Mary” looks to dismantle the Argentine peso entirely and put into effect the US Dollar as the national currency. By dollarizing the economy, the national bank would set an exchange rate and buy back pesos.

Although the idea may seem far-fetched, it has been successfully implemented in Ecuador and Panama. It is important to highlight that both these countries have significantly smaller economies, whereas Argentina remains the third-largest economy in Latin America despite its economic difficulties (Gura, Martin, 2023). Argentina’s size will play a major part in the outcome of Milei’s plan as it faces the tedious process of buying back pesos from its 45 million citizens.

In addition to the nation’s size, Argentina faces a more significant problem. Likely, they do not have enough dollars to replace the peso, at least without causing an expansive currency shortage. Currently, the country owes the International Monetary Fund $44 billion and has $7.5 billion less than that in its reserves (Gura, Martin, 2023). It is improbable Argentina can find the funds to properly buy back all its pesos.

Even if the government did have the funds, Milei would need to convince over 45 million people to exchange their money in large quantities. This alone is an immense obstacle to face. With this being said, the Argentinian people feel a sense of safety with the US dollar, which could help ease the transition. Seeing that the peso loses value rapidly, Argentinians prefer to save money in American cash because of its reliability. As a result, 10% of all globally circulating US dollars are held in Argentina (Nica et al., 2023). This sense of safety helped Milei’s plan appeal to many and gain him their vote.

If Milei successfully dolarizes the economy, Argentina will lose autonomy over its currency and will depend entirely on the US for monetary policy. The US Federal Reserve would continue to make decisions based on what benefits the American economy, regardless of the impact on Argentina. Argentina would also lose its power to print money, an act done repeatedly over the last few decades in hopes of solving its crisis (Velde, Veracierto, 2023). Ultimately, money would be printed in the US.

Roughly two weeks after his election, Milei took the first step towards a new page in Argentine economics. The president appointed Luis Caputo as his economic minister. Caputo formerly served as the country’s finance minister and is known for his connections with Wall Street. Milei’s decision to appoint Caputo is a relatively calm choice compared to his alternatives. Previously, Milei had mentioned naming Emilio Ocampo, a strong supporter of dollarisation, but Ocampo backed out of the role (Nugent, 2023). Caputo’s appointment has many believing Milei will put aside his dollarization plan and focus on other issues first, like putting an immediate halt on printing excess money.

It is difficult to tell precisely what direction Milei will take in his first months as president, but it is clear that whatever decides, his attack must be aggressive. Javier Milei is set to take office officially on December 10th.

Works Cited

Biller, David, and Daniel Politi. “After the Dollar-Loving Milei Wins the Presidency, Argentines Anxiously Watch the Exchange Rate.” AP News, November 21, 2023. https://apnews.com/article/milei-argentina-dollar-peso-exchange-bb61f9e9a6108ba0ced63f89b2cfd431.

“Dollarization in Argentina.” Federal Reserve Cank of Chicago, 1999. https://www.chicagofed.org/publications/chicago-fed-letter/1999/june-142.

Elliott, Larry. “Would Javier Milei’s Dollar Plan for Argentina Be an Economic Experiment Too Far?” The Guardian, November 20, 2023. https://www.theguardian.com/world/2023/nov/20/javier-milei-dollar-plan-argentina-economy.

Gillespie, Patrick. “Argentina Inflation Hits 143% in Final Release before Presidential Election.” Bloomberg.com, November 13, 2023. https://www.bloomberg.com/news/articles/2023-11-13/argentina-s-inflation-hits-143-in-final-release-before-election?embedded-checkout=true.

Martin, Michel, and David Gura. “Argentina’s President-Elect Javier Milei Has a Plan to Fight Inflation: Dollarization.” NPR, November 22, 2023. https://www.npr.org/2023/11/22/1214619380/argentinas-president-elect-javier-mile-has-a-plan-to-fight-inflation-dollarizati.

Nicas, Jack, Natalie Alcoba, and Lucía Cholakian Herrera. “In Country Where Houses Are Bought in $100 Bills, Plans for Sweeping Change.” The New York Times, November 24, 2023. https://www.nytimes.com/2023/11/24/world/americas/argentina-economy-peso-dollar-javier-milei.html#:~:text=As%20a%20result%2C%20about%2010,to%20%243%2C100%20for%20every%20American.

Nugent, Ciara. Argentina’s Javier Milei names moderate ex-trader as economy minister, November 29, 2023. https://www.ft.com/content/330bd3fb-b418-458f-9b2b-31718b52f935.
https://sites.lsa.umich.edu/mje/2024/02/07/javier-milei-to-take-on-argentinas-economic-crisis/
...............................

with Mining & Metals GraveYard Shift Soundtrack

Tom Waits - Whistlin´ Past The Graveyard

Well I come in on a night train
With an arm full of box cars
On the wings of a magpie
Cross a hooligan night
And I busted up a chifforobe
Way out by the Cocomo
Cooked up a mess a mulligan
And got into a fight

Whistlin past the graveyard
Steppin' on a crack
I'm a mean Mother Hubbard
Papa one eyed jack

You probably seen me sleepin'
Out by the railroad tracks
Go on and ask the prince of darkness
What about all that smoke
Come from the stack
Sometimes I kill myself a jacket
Suck out all the blood
Steal myself a station wagon
Drivin' through the mud

Whistlin past the graveyard
Steppin' on a crack
I'm a mean Mother Hubbard
Papa one eyed jack

I know you seen my headlights
And the honkin' of my horn
I'm callin' out my bloodhounds
Chase the devil through the corn
Last night I chugged the Mississippi
Now that suckers dry as a bone
Born in a taxi cab
I'm never comin' home

Whistlin past the graveyard
Steppin' on a crack
I'm a mean Mother Hubbard
Papa one eyed jack

My eyes have seen the glory
Of the draining of the ditch
I only come to baton rouge
To find myself a witch
I'm-ona snatch me up a
Couple of em every time it rains
You see a locomotive
Probably thinkin' its a train

Whistlin past the graveyard
Steppin' on a crack
I'm a mean Mother Hubbard
Papa one eyed jack

What you think is the sunshine
Is just a twinkle in my eye
That ring around my fingers
Just the fourth of July
When I get a little bit lonesome
And a tear falls from my cheek
There's gonna be an ocean in
The middle of the week

Whistlin past the graveyard
Steppin' on a crack
I'm a mean Mother Hubbard
Papa one eyed jack

I rode into town on a night train
With an arm full of box cars
On the wings of a magpie
Cross a hooligan night
I'm-ona tear me off a rainbow
And wear it for a tie
I never told the truth
So I can never tell a lie

Whistlin past the graveyard
Steppin' on a crack
I'm a mean Mother Hubbard
Papa one eyed jack

,,,,,,,,,

[JD400]

Nickel faces existential moment with half of mines unprofitable
Bloomberg News | February 26, 2024 | 7:01 am Battery Metals Intelligence Top Companies Asia Australia Nickel
with MMGYS Soundtrack

A nickel briquette. Image from Sherritt International
Many of the world’s biggest nickel mines are facing an increasingly bleak future as they wake up to an existential threat: a near limitless supply of low-cost metal from Indonesia.


With roughly half of all nickel operations unprofitable at recent prices, the bosses of the largest mining companies last week sounded a warning that there was little prospect of a recovery.

The potential collapse of nickel mining from Australia to New Caledonia comes at a time when western governments are scrambling to secure the supply chains needed to decarbonize the global economy. But in an ironic twist, Indonesia’s coal-fired nickel output is pricing out greener metal that’s so far failed to command a market premium.

Wresting control of strategic metals from China has become a focal point of Joe Biden’s administration. Yet while US officials have dashed around the world looking to strike deals for materials such as cobalt and copper, the heaviest reverse has come in Chinese-backed Indonesian nickel, a key component of electric vehicles.

Indonesia now accounts for more than half of world supply, with the potential to reach three-quarters of all production toward the end of the decade.

“There is a serious structural challenge as a result of Indonesian nickel,” said Duncan Wanblad, chief executive officer of Anglo American Plc, after his company took a $500 million writedown on its nickel business last week. “They don’t seem to be letting up anytime soon.”

Traditionally, nickel has been split into two categories: low grade for making stainless steel and high grade for batteries. A huge Indonesian expansion of low-grade production led to a surplus, and, crucially, processing innovations have allowed that glut to be refined into a high-quality product.

Commodity markets have always been susceptible to cyclical volatility, especially when sudden supply and demand imbalances get a push from wider macro upswings or downturns. But what’s happening in nickel right now is different, with the entire industry undergoing a structural shift that has upended forecasts and models.

For BHP Group, the world’s biggest miner, nickel is a rounding error, contributing mostly losses to profits that routinely break $30 billion a year. Yet in recent years the company has championed the metal, seeing it as a key growth market that will help offset its retreat from fossil fuels.

Instead it’s turned into a disaster.

This week CEO Mike Henry conceded that the company will have to make a decision on whether to shutter its flagship nickel business in Australia within the next few months. Having already written down the business’s value by $2.5 billion, Henry said he expects the market to remain in surplus until at least 2030.

That means the pain is likely just starting.


Macquarie Group Ltd. calculates that about 250,000 tons of annual production — equivalent to about 7% of the total — has been taken out of the market by closures, with another 190,000 of planned output delayed.

Combined with economic slowdowns in China and the US and the choppy adoption of EVs, nickel has been pummeled. The price fell 45% last year, and is currently hovering around $17,000 a ton. According to Macquarie, at $18,000 a ton 35% of production is unprofitable, while at $15,000 a ton that jumps to 75%.

Anglo’s CEO Wanblad, who is reviewing nearly all the company’s mines in bid to cut costs, said that he will give the miner’s nickel business time in the face of the Indonesian threat.

“Our nickel business will undergo a fulsome review in terms of holding its head above water and making a viable profit,” he said. “I’m not giving up on the guys to come up with a plan that might help them readjust themselves into a position where they can function effectively.”

Glencore Plc, which has already moved to shutter its nickel operations on the islands of New Caledonia, is one of the world’s biggest producers with sprawling businesses in Canada and Australia. At current prices, that business will make just $500 million this year, with CEO Gary Nagle expecting prices to remain depressed.

“We see continuing strong production growth out of Indonesia,” Nagle said. “We do not expect significant price recovery in the short to medium term.”

With more than half a decade of oversupply ahead, more mines are likely to close before things get better. Should the market finally rebalance, that will leave Indonesia and China with even more market share then they already have.

Still, Indonesia’s rapid expansion has drawn criticism. Much of its production comes from coal-powered energy, giving it higher emissions per ton than rival producers, and its rapid expansion is eroding rainforests.

With little prospect of a near term recovery, western miners are pinning their hopes on state aid in the short term and a push toward customers — such as carmakers — demanding “greener” nickel in the future and being willing to pay more for it.

BHP this week called for the London Metal Exchange to expand its responsible sourcing policy to include environmental due diligence, helping to differentiate production from Indonesian and Chinese supply.

Still, as conceded by Glencore, so far buyers of nickel are unwilling to pay more.

“Right now there is not much of a premium in the market,” Nagle said.

(By Thomas Biesheuvel)
https://www.mining.com/web/nickel-faces-existential-moment-with-half-of-mines-unprofitable/

Waylon Jennings Old Five and Dimers

[JD400]

Elliott Management plans to spend over $1 billion on mining assets
Reuters | February 23, 2024 | 7:55 am Battery Metals Intelligence Markets USA
with MMGYS Soundtrack

US activist investor Elliott Investment Management is setting up a company to hunt for mining assets worth more than $1 billion, according to sources familiar with the matter.


Elliott’s new venture, called Hyperion, would have a mandate to buy across all assets, including base and precious metals and commodities used in electric vehicles, the sources said on condition of anonymity. The new venture will be led by former Newcrest Mining CEO Sandeep Biswas, they added.

The Financial Times first reported the news.

The mining industry is a key focus for policymakers and investors globally because it provides the critical raw materials needed for electric vehicles and renewable energy infrastructure.

By 2035, demand for lithium, nickel and cobalt is expected to be 23 times higher than in 2021, with copper demand doubling over the same period, a study by US ratings agency S&P showed last August.

Elliott is willing to leverage the $65 billion that it has under management to go after larger deals if the opportunity arises or bring in co-investors, according to the sources.

The investment management firm did not immediately respond to a Reuters request for comment.

(By Kanjyik Ghosh and Svea Herbst-Bayliss; Editing by Eileen Soreng and Paul Simao)

https://www.mining.com/web/elliott-management-plans-to-spend-over-1-billion-on-mining-assets-ft-reports/

Tribute to Randy Meisner - Take It to the Limit (Live 1977 with lyrics)

[JD400]

40 Million ounces of COMEX gold vaporised! - LFTV Ep 161

Kinesis Money
41.9K subscribers

Feb 23, 2024
In this week’s episode of Live from the Vault, Andrew Maguire tackles a burning question from a US-based bullion dealer: is it possible that the Federal Reserve could try and confiscate your hard-earned gold savings?

The precious metals expert provides an update on the effects of Bitcoin ETFs on the gold price and comments on the strong geopolitically-driven demand for precious metals. Finally, Andrew shares some very good news for Silver Stackers.

Ask your questions for Andy here: https://forum.kinesis.money/forums/qu...

Timestamps
00:00 Start
01:53 Is there a chance the Fed will confiscate your gold?
13:45 Updates from liquidity providers: Bitcoin & gold
20:30 COMEX formed 50 years ago, Fed intervention in gold started…50 years ago
31:11 Rising tensions in the Middle East & China’s holiday season impact
33:33 Big move coming for silver?

[JD400]

*****7 Days 11 Hours Transition Marker*****

Will the government shut down next week end the miners transitory sell off

Might be the pivot

[JD400]

$MUX Bank of New York Mellon Corp Has $109,000 Position in McEwen Mining Inc (NYSE:MUX)
Posted by AM Reporter Staff on Feb 15th, 2024
with MMGYS Soundtrack

McEwen Mining logoBank of New York Mellon Corp reduced its stake in shares of McEwen Mining Inc (NYSE:MUX – Free Report) (TSE:MUX) by 15.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 16,783 shares of the basic materials company’s stock after selling 3,097 shares during the quarter. Bank of New York Mellon Corp’s holdings in McEwen Mining were worth $109,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the stock. Meitav Investment House Ltd. acquired a new position in McEwen Mining in the second quarter valued at approximately $950,000. UBS Group AG lifted its holdings in McEwen Mining by 58.7% in the first quarter. UBS Group AG now owns 4,827 shares of the basic materials company’s stock valued at $41,000 after buying an additional 1,785 shares during the period. Tower Research Capital LLC TRC lifted its holdings in McEwen Mining by 968.2% in the second quarter. Tower Research Capital LLC TRC now owns 5,950 shares of the basic materials company’s stock valued at $43,000 after buying an additional 5,393 shares during the period. Citigroup Inc. acquired a new position in McEwen Mining in the second quarter valued at approximately $45,000. Finally, Bank of America Corp DE raised its holdings in McEwen Mining by 221.4% in the first quarter. Bank of America Corp DE now owns 7,544 shares of the basic materials company’s stock worth $64,000 after purchasing an additional 5,197 shares during the period. 19.63% of the stock is owned by institutional investors.

https://reporter.am/2024/02/15/bank-of-new-york-mellon-corp-has-109000-position-in-mcewen-mining-inc-nysemux.html