Mining Minerals & Metals Share Discussion Threads

[1waving] 21/11/2008 09:21

Stenick, tricorders, phasars, all this trekky gadgetry, could you pop over to Mali with a couple of these gadgets and sort Komana and Solona out ( would give you chance to use the transporter thingumajig!! ) ---- Please !!

[share_shark] 21/11/2008 08:51

There is a lot of tosh being published worlwide, for us all to consume.

I came across an article which has predicted that oil will be at $35pb. in 2030 !.

[stenick] 21/11/2008 08:11

Don't need a smelter 1waving just one of those phasars, that will do it....LOL..

[share_shark] 21/11/2008 08:02

Dear UK-Analyst.com member,

I was at a lunch last week organised by our new colleagues at minesite.com with the CEOs of 11 mining companies. The confidence of a year ago has gone and a newer sense of grim realism has replaced it. But there is also some astonishment at how far valuations have reversed. I share some of this astonishment. The case for base metals is arguably not clear cut. But the case for gold is - to me and others in the industry- just a nil brainer.

It is self-evident that if global base rates trend towards zero and Western Governments deficit finance their way out of recession gold must go up yet it is falling. But have you tried to buy a gold coin recently? In Australia there is now a waiting list at the Central bank. Try it here and you will pay a significant premium to the metal price so short is supply.




From this I can only conclude that either there is a global surplus of supply over demand or that the spot price is somehow wrong. To the former first. At $750 gold some older, low grade mines are not running profitably. Already some have shut and others will follow. Meanwhile the majors are producing more than they are finding - their reserves are thus falling. So in fact in terms of physical production there is actually a shortage. Now to the latter. It is clear that there are still forced sellers of gold, notably certain hedge funds and also some ETFs. These bull market creations are unwinding at a rate of knots and at some stage - I know not when but it won't be much into 2009 at the latest - the forced sellers will dry up. It is they who are holding gold down and it cannot last.
.

[1waving] 20/11/2008 22:09

Anyone got a spare smelter to go with the tricorder and $53,000 gold ??

.

[share_shark] 20/11/2008 22:07

I second that SepicoUK

[serpicouk] 20/11/2008 21:13

$53,000/oz? Sounds like the crazy talk you get in market extremes. Too many Emperors with vested interests in their new clothes stuffed full of fiat money.

I'd just like GEX to be valued at more than the current $10/oz.

[stenick] 20/11/2008 16:32

Well what with gold at $53,000/oz and having one of those tricorder things its going to be one hell of a year....LOL..

[share_shark] 20/11/2008 16:23

Tks Sten.
missed it as out of circulation.

[stenick] 20/11/2008 16:20

Try this SS I posted it here a few days ago

[serpicouk] 19/11/2008 22:30

Does anyone follow Resolute Mining?

They have a 2M oz (3.6g/t) Mali gold mine being (re)developed - costs have increased to a total planned capex of $174M.

Interestingly they've had to alter their final financing stage due to the global crisis and subsequent share price hammering. However, they still look set to raise an impressive $72.5M through a rights issue and convertible notes. With Patersons Securities staking $50M on the financing.

Somewhat reassuring that a project like this can get access to money.

[1waving] 19/11/2008 16:13

Haydock,
the Chinese will accumulate without any announcement and very probably started some time ago -- maybe a year or so.

Whether they buy the bullion or the gold mines, they are accumulating.

.

[haydock] 19/11/2008 16:07

Lwaving, more confirmation, but do they have to declare how much, very un chinese, more like the U.K. gold sale approach.
Is this a convention?
Anyway will pass to CEY: where the world has also ended, & they need hope.

[1waving] 19/11/2008 15:22

From jsmineset:--

China To Become Second Largest Holder Of Gold
Posted: Nov 19 2008 By: Dan Norcini Post Edited: November 19, 2008 at 12:05 am

Filed under: Trader Dan Norcini

Dear Friends,

I call your attention to the following story from the Dow Jones wire service...

The amount of gold being discussed would make China the second largest holder of gold among the nations of the world, surpassed only by the US with its reported 8,133.5 tons. The more we see stories of this nature coming out of the various Chinese newspapers, the more credible this story becomes. I think it is a done deal and that the Chinese are going to be large buyers from this point forward. That should help to provide very strong buying support beneath the gold market.

I like to fantasize just a bit that they will come to the Comex and clean it all out in one night!

China PBOC Mulls Raising Gold Reserve By 4,000 Tons – Report
Tue Nov 18 20:51:38 2008 EST

BEIJING (Dow Jones)–China's central bank is considering raising its gold reserve by 4,000 metric tons from 600 tons to diversify risks brought by the country's huge foreign exchange reserves, the Guangzhou Daily reported, citing unnamed industry people in Hong Kong.

The Guangzhou-based newspaper didn't elaborate on the plan.

China's forex reserves, at US$1.9056 trillion at the end of September, is the world's largest. U.S. dollar-denominated assets, including U.S. treasury bonds and mortgage agency bonds, account for a big proportion of the forex reserves.
_______________________

Only 4,000 metric tons !!!!!!!

[1waving] 19/11/2008 12:26

s-s
Many are looking for the xmas rally - possibly to 5,000 on ftse and 10,000 on dow.
That would coincide with the C leg of a wave 4 rally in Elliott Wave terms from where we are now.

It is possible that we have seen the peak of wave 4 and will now move down.

I slightly favour the C leg up of a wave 4 rally to come and give us that seasonal Christmas rally.

It is also a monthly index options/futures expiry week so ftse expiries on Friday. See what happens from there.

[share_shark] 19/11/2008 11:59

You may wish to take a look at a post on the GOLD thread( post 53528) by Aleman.
It is very interesting because I have received the same sort of views from a couple of very reliable sources too, over the last week or so.

The post is much too long to post here, from where I am at the moment..
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[haydock] 19/11/2008 10:07

lwaving: borrowed the comments on the delivery for CEY.

It will be interesting to see if this does begin to put the cat among the pigeons.
However the market price is very calm so far, but time will tell.

A good CEY write up today on Minesite, worth a read for anyone not in the know about this future producer.

Regards H.

[deka1] 18/11/2008 22:56

from haydock on cey board ,
a cracking read
Aleman - 18 Nov'08 - 17:57 - 2823 of 2824

[serpicouk] 18/11/2008 22:23

To be fair - gold could be over $1000 and we wouldn't see any impact here.

I can't see the economy/market picking up in the next 6 months, so (barring us drilling into solid gold) we're going to have to raise cash at this level whether we like it or not. Not that that's anything specific to GEX:

[serpicouk] 18/11/2008 22:03

A bit of good news for Macquarie's share price (all relative though):

[1waving] 18/11/2008 21:40

Looks like delivery on over 800 contracts is being taken on the November gold contract on COMEX from Dan Norcini's information on jsmineset.

Jim Sinclair taking delivery has certainly been widely reported, Middle East and China included. Also reported that China is increasing gold reserves.

Deleveraging and hedge fund redemptions may still hold gold back a little but a short squeeze on COMEX would be a cracker !!

.

[serpicouk] 18/11/2008 21:04

heydock - everyone's after the yellow metal. The Saudi's picked up a kilo or two recently:



A bit of commentary on that purchase: