Angus & Ross Share Discussion Threads

[moreforus] 07/8/2009 11:20

Europe Central Banks Agree to Third Cap on Gold Sales (Update2)
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By Jana Randow and Nicholas Larkin

Aug. 7 (Bloomberg) -- European central banks agreed to a third five-year cap on gold sales and said planned disposals by the International Monetary Fund could be done within the accord.

The European Central Bank and 18 other banks agreed to sell no more than a combined 400 metric tons of the metal a year through September 2014. That's less than the annual cap of 500 tons in the current agreement, which expires Sept. 26.

"It's positive for gold," John Reade, an analyst at UBS AG in London, said by e-mail. Having the agreement "removes the small chance that European central banks would have dumped gold onto the market in an unconstrained manner."

Central banks sold 73 percent less gold in the first half and full-year disposals may drop to the lowest since 1994, according to estimates from London-based researcher GFMS Ltd. The IMF wants to sell 403 tons from its reserves of 3,217 tons, the third-largest holding after the U.S. and Germany.

"The IMF has not signed and this leaves open the possibility that the Chinese, Russians, another central bank, could buy the 403 tons of IMF gold in one go," Reade said.

The Swiss National Bank, one of the signatories to the new accord, in a statement today said it isn't planning any gold sales in the near future, and that its gold is an important part of monetary reserves.

Gold for immediate delivery in London was little changed at $961.95 an ounce by 9:34 a.m. local time, after earlier falling as much as 0.3 percent. The metal reached $971.68 an ounce yesterday, the highest since June 5.

To contact the reporter on this story: Jana Randow in Frankfurt at [e-mail]; Nicholas Larkin in London at [e-mail]

Last Updated: August 7, 2009 04:44 EDT

[moreforus] 07/8/2009 08:23

wrong way chaps...

libc drops now 5 vs 1...mms simply reacting to suppy and demand - can buy 200k at 1.91...

[moreforus] 07/8/2009 05:53

..don't know if anyone picked up on this from nh pre-egm statement:-

"we both agree that the Company has an excellent opportunity to develop a variety of mining opportunities in Greenland."

also seems with the promise of the new website they seem to be taking the feedback that most shareholders who have been in contact with the company and doing something about it...

"We will shortly unveil our new website which we hope will be a more effective window on the world for us as we will use it to keep shareholders better informed with regular progress reports on operational sites together with other essential data. "

so 1 we have potential as some mentioned already re future potential outside current projects in greenland, and 2 management are doing something positive about improving battered investor sentiment.

[mariopeter] 06/8/2009 23:21

would you like me to go with all your proxy votes and sort out Cyrus?

[mariopeter] 06/8/2009 23:15

Uncle John

Brazil is no more my friend. Game over there forever.

[hard work] 06/8/2009 21:19

I understand there will be a presentation at the EGM, though the new web-site will enlighten us as at the progress being made

[clarkey58] 06/8/2009 20:12

I can't go to the EGM either - I'm working !!

[yorgi] 06/8/2009 16:18

But not that big a number bearing in mind their price !

[moreforus] 06/8/2009 16:16

it did - lots of sells and buys.. 1.32 mill shares traded, we'll be blue once people stomp dumping at the 1st possible opportunity...

the 300k did not have a trade type so possible was a mm trade.

[yorgi] 06/8/2009 16:16

But it should not be long before we have something positive coming from the gold mine

[yorgi] 06/8/2009 16:14

Yes very quiet......not very lively on trading either......thought the RNS might have livened things up a bit

[kitchens] 06/8/2009 16:08

all quite in here then everyone like the gun to the head RNS vote no go bust vote yes and have a very long wait for shareholder value nice one NH

[moreforus] 06/8/2009 11:48

that's the 3rd 300k sale in the last 24 hours.. are they tapping SEDA?

[uncle john] 06/8/2009 10:23

I have been looking through the ADvFN news list for a reference to St Andrews mine in Brazil.
The Annual report for last year says it is on care and maintenance financed by outside investors.
Is there more recent news?

[moreforus] 06/8/2009 09:01

...but they are going to be giving away samples of lead, zinc and gold to attendees...i read it on iii

[ibs7491] 06/8/2009 08:54

and i'm in glasgaw...

[moreforus] 06/8/2009 08:46

i'm away in norfolk ...

[wow400] 06/8/2009 08:23

Damn, I'm away in Hong Kong over the AGM :-(

[mariopeter] 05/8/2009 23:59

And that ladies and gentlemen is why you should never ever deal with loan sharks. Afraid best you get from me on voting is abstenance otherwise its a "no" vote.

The board must realise very quickly that with commodity prices getting higher they have just been dealt another ace in the game.

No alternatives shuts me up but a delay and forced renegotiation would be high risk but very interesting. Will not happen of course.

Anyway onwards with the mining get some gold dig Angel.

[hard work] 05/8/2009 15:25

All systems go...I'd got a call booked in to Nick, he wanted me to call tomorrow, I can see why now

[wow400] 05/8/2009 15:19

If nothing else, confidence should be restored here after the EGM!

[yorgi] 05/8/2009 15:18

Well I have just bought another 110k.......surely a bargin

[moreforus] 05/8/2009 15:15

it was a sell...right i've used up my august AGU posting ration so GLA!

[ljsquash] 05/8/2009 15:12

300k may well have been a very quick Buy and well played mm's?