Pan African Resources Share Discussion Threads

[cinoib] 08/3/2024 17:55

Just look at that gold price 2184 an a high of 2,195. if that holds for Monday then I expect at least 1/2p on Monday or better.

[stonedyou] 08/3/2024 15:51

Scramble on to buy gold rings despite record prices.


People flocked to buy 24K gold rings when prices of the precious metal rose to an all-time high.
24K bullion and ring prices respectively surged 0.37% to VND81.25 million (US$3,290) and 0.29% to VND68 million per tael at noon on Thursday, and at that time the Saigon Jewelry Company (SJC) store on Nguyen Thi Minh Khai Street in HCMC’s District 3 was filled with customers.

Hanh of District 5 said he prefers to keep his money in gold instead of a bank account.

He usually buys bullion but decided to switch to gold rings since the government has floated the idea of abolishing SJC’s bullion monopoly.

Buying gold is his way of accumulating wealth in the long term, and so prices do not bother him, he said.

A buyer from Tra Vinh Province said she told her son to go to an SJC store to sell the 10 taels of gold bars she had been saving for years and buy gold rings.

"They have the same purity, yet gold rings are much cheaper than gold bars, and so I switched to that. For me, gold is still better than deposits for wealth preservation."

An SJC store employee said there has been a rush to buy rings in the past few days, and the store is running out of stock.

"This has never happened before."

Other jewelry brands like DOJI and PNJ do not usually keep large stocks of 24K gold rings, and so they quickly ran out as demand soared.

On Thursday morning a PNJ store in District 5 only had 10 two-tael gold rings left and a customer came in and bought all of them, an employee recounted.

"The entire [PNJ] chain is low on supply and it is unclear when stocks will be replenished. So we currently prioritize selling to buyers who place orders in advance."

A DOJI store in the same district received 200 taels of gold rings in the morning and sold the entire lot by afternoon, with one customer buying 135 taels.

Traditionally 24K gold rings are bought as gifts despite the fact they have the same purity as bars.

They have become popular ever since Prime Minister Pham Minh Chinh announced recently plans to narrow the gap between Vietnamese and international bullion gold prices.

As of Friday morning, SJC 24K gold ring prices has increased to VND68.3 million per tael, while bullion slid to VND81.5 million.

[stonedyou] 08/3/2024 14:54

MARKETS

As gold scales all-time highs, Wall Street analysts say it has even further to go.

Gold is scaling record highs, with the gold contract for April closing above $2,100 per ounce for the first time.

Analysts at Citi describe themselves as “medium-term bullion bulls,” and see gold as a developed market “recession hedge.”

Recent moves have been attributed to firmer market expectations on a June rate cut from the Federal Reserve.

Gold prices pushed higher Tuesday after futures pricing for the precious metal notched fresh records in the previous two sessions — with analysts seeing strength lasting at least into the second half of the year.

The gold contract for April
on Monday closed above $2,100 per ounce for the first time, and was up 0.37% at $2,134.2 at 1:15 p.m. in London. Spot gold
was trading 0.7% higher at $2,129, though market-watchers note that in real terms, adjusted for inflation, gold is well below past peaks.

In a Monday note, analysts at Citi described themselves as “medium-term bullion bulls,” calling a 25% probability of gold averaging a record $2,300 per ounce in the second half. Their base case remains $2,150, and they reiterated a “wildcard” call for trade reaching $3,000 over the next 12 to 16 months.

Citi describes gold as a developed market “recession hedge,” and increasingly see tailwinds from uncertainty around the U.S. election in November.

Analysts at Berenberg also noted Monday that a Donald Trump victory in the election would provide a “major positive for gold,” with further support for the safe-haven asset from volatility around the ongoing wars in Ukraine and Gaza.

[justiceforthemany] 08/3/2024 13:37

Gold soaring to near $2,200
PAF making profits ++
Forward P/E 4

[stonedyou] 08/3/2024 08:17

Central Banks Boost Gold Reserves to Diversify from the Dollar
By ZeroHedge - Mar 07, 2024, 1:00 PM CST

Central banks globally are likely accumulating gold as a strategy to diversify away from the dollar, in light of concerns over persistent US fiscal deficits and inflationary pressures.

Despite stable dollar and higher real yields, gold prices have soared to 50-year highs against most major currencies, driven not by ETFs or seasonal buying but by central banks' purchasing.

The increase in gold holdings by central banks, notably in China, Germany, and Turkey, underscores a broader trend towards safeguarding reserve assets from potential dollar devaluation and financial system risks.

Powell might not be overly worried about inflation - with his recent comments reiterating the Federal Reserve is on track to cut rates this year - but other central banks are not so relaxed. Gold’s new high signals global central banks are likely accumulating the precious metal in an effort to diversify away from the dollar, as persistently large fiscal deficits threaten to further erode its real value and lead to more inflation.
Gold’s move in recent days has been broad as well as pronounced (as well as hinted at by low gold vol), with the precious metal making 50-year highs versus three-quarters of major DM and EM currencies. The biggest holdings of gold after jewellery are for private investment - ETFs, bars and coins - followed by central banks’ official reserve holdings.

The dollar has been stable and real yields (which anyway have a non-linear relationship with gold) are higher over the last three months. The bulk of seasonal buying, for instance Diwali in India, is likely behind us. Further, silver has not participated in the rise. It’s therefore a reasonable supposition the official sector, i.e. central banks, has been a significant driver of gold’s recent ascent to new highs.



In the runup to the pandemic, and again in the aftermath of Russia’s invasion of Ukraine, global central banks have continued to add to their gold holdings even as ETF investors (perhaps dazzled by the bright lights of crypto) have reduced theirs.

[stonedyou] 07/3/2024 23:19

"While the price spike has driven some selling, demand will be up after some time as people get used to these levels," especially on safe-haven demand, said Peter Fung, head of dealing at Wing Fung Precious Metals in Hong Kong.

Asian buyers are known to be price-sensitive, but that might change, said Ross Norman, an independent analyst based in London.

"The mindset changes, and as the market goes higher, it almost validates the reason you're buying," Norman said.

Analysts said the surge in gold prices could also attract some new investor interest in other regions.

A sustained rally could revive buying activity in Germany, a key retail hub for coins and bars, said Alexander Zumpfe, senior precious metals trader at Heraeus.

[stonedyou] 07/3/2024 09:11

GOLD / USD
$ 2155.63$ 2155.86 8.40 0.39%

GOLD / GBP
£ 1693.02£ 1693.21 7.08 0.42%

GOLD / EUR
€ 1978.40€ 1978.53 8.34 0.42%

[stonedyou] 07/3/2024 08:49

Gold imports shine with 86% rise in 11 months of FY24.


Ahmedabad: Backed by a buoyant wedding season.incentivized imports through the India International Bullion Exchange (IIBX) and a good response from inestors, the demand for gold remained robust during FY 2024. According to data from the Ahmedabad Air Cargo Complex, during the 11- month FY2024 period from April to Feb, gold imports settled at 78.21 metric tonnes (MT).

This is higher by 86% in less than a year against 41.88 MT of gold imports in FY
2023.

On Tuesday, gold price in the Ahmedabad market settled at an all-time high of at Rs 66,500 per 10g.

Imports this Feb were 13.9 MT 154% higher than 5.47 MT during the same month last year.

Demand had surpassed expectations despite the prices remainig mostly on the higher side.


“Gold sales sustained momentum during Feb backed by a buoyant wedding season. This is despite the surge in prices of gold witnessed in the last week of Feb,owing to geopolitical factors driven by US Federal Reserve Rates,” said Haresh Acharya, director, India Bullion and Jewellers’ Association (IBJA).

The gradual progression in yellow metal is indicating toward a price of Rs 70,000 per 10g in the local markets down the year. Analysts foresee gold prices to continue its upward trajectory in the backdrop of global economic events and consumption demands.

Read more at:

[stonedyou] 06/3/2024 23:25

As gold scales all-time highs, Wall Street analysts say it has even further to go.

KEY POINTS

Gold is scaling record highs, with the gold contract for April closing above $2,100 per ounce for the first time.

Analysts at Citi describe themselves as “medium-term bullion bulls,” and see gold as a developed market “recession hedge.”

Recent moves have been attributed to firmer market expectations on a June rate cut from the Federal Reserve.


Gold prices pushed higher Tuesday after futures pricing for the precious metal notched fresh records in the previous two sessions — with analysts seeing strength lasting at least into the second half of the year.

The gold contract for April
on Monday closed above $2,100 per ounce for the first time, and was up 0.37% at $2,134.2 at 1:15 p.m. in London. Spot gold
was trading 0.7% higher at $2,129, though market-watchers note that in real terms, adjusted for inflation, gold is well below past peaks.

In a Monday note, analysts at Citi described themselves as “medium-term bullion bulls,” calling a 25% probability of gold averaging a record $2,300 per ounce in the second half. Their base case remains $2,150, and they reiterated a “wildcard” call for trade reaching $3,000 over the next 12 to 16 months.

Citi describes gold as a developed market “recession hedge,” and increasingly see tailwinds from uncertainty around the U.S. election in November.

Analysts at Berenberg also noted Monday that a Donald Trump victory in the election would provide a “major positive for gold,” with further support for the safe-haven asset from volatility around the ongoing wars in Ukraine and Gaza.

As a result they see momentum ahead for gold-linked stocks, which they say have recently “disconnected from the underlying commodity” despite recent near-record prices.

“This is mainly down to better-than-expected economic performance from the U.S., as well as a persistently hawkish stance on monetary policy from the U.S. Federal Reserve,” they said.

Higher interest rates are generally linked with a decline in gold as higher-yielding assets become more attractive, with the recent price rally both in late 2023 and in recent days driven by expectations of coming rate cuts from the Federal Reserve.

On the flip side, bullion is often seen as a safe haven in times of economic stress. The non-yielding asset is also seen as a solid bet when yields are being suppressed by aggressive monetary policy — like rate cuts and stimulus. Gains for gold in the past two sessions were tied to firmer bets on a June cut from the Fed.

Market pricing indicates a 55% probability of a 25 basis point cut in June, according to CME’s FedWatch tool.

“We believe Fed policy will remain key for the outlook of gold prices in the months ahead and expect gold prices to remain volatile in the coming months as the market also reacts to macro drivers and geopolitical events,” strategists at ING said Tuesday.

[cinoib] 06/3/2024 19:21

Nimrod, sorry I bought some, but don't fear as I think gold will head for the $3,000 mark before it peaks as is well over due and under valued compared to inflation in the past 15 years.

[saint in exile] 06/3/2024 16:47

Amazing.How high can it go.?

[justiceforthemany] 06/3/2024 15:35

$2141 Gold price

[saint in exile] 05/3/2024 13:41

Been waiting for this parabolic rise in gold miners for soooooo long now.Could this be it at last

[stonedyou] 05/3/2024 13:38

Mooooooooooooore GOLD, mooooooooooooooooooooooooore GOLD. Hypersonic GOLD!


GOLD / USD
$ 2140.88$ 2140.96 26.36 1.25%

GOLD / GBP
£ 1686.59£ 1686.76 20.26 1.22%

GOLD / EUR
€ 1973.07€ 1973.18 24.91 1.28%

[stonedyou] 05/3/2024 12:57

COMPANIES / MINING

NEWS LEADER

Pan African Resources reported a 46% growth in interim earnings, thanks to a strong rally in the gold price. CEO Cobus Loots joins Business Day TV to discuss the mining company’s financial statements for the six months to end-December.


WATCH: Pan African Resources gets a healthy kick out of gold price
Business Day TV speaks to the gold mining company’s CEO, Cobus Loots.

[stonedyou] 05/3/2024 12:51

Mining For A Future In 2024 And Beyond

PAN African Resources

[stonedyou] 05/3/2024 12:41

GOLD / USD
$ 2122.90$ 2123.08 8.38 0.40%

GOLD / GBP
£ 1674.57£ 1674.76 8.23 0.49%

GOLD / EUR
€ 1957.22€ 1957.41 9.0 60.47%



PAN AFRICAN POSTS JUMP IN FIRST-HALF EARNINGS

(Sharecast News) - Pan African Resources reported a significant increase in net cash from operating activities in its interim results on Wednesday, soaring 134.5% to $27.2m year-on-year.

The AIM-traded firm said profits for the six months ended 31 December surged 46.7% to $42.4m, with headline earnings increasing 46.4% to $42.6m.

Earnings per share and headline earnings per share rose by 46.1% to 2.22 cents per share.

Despite a slight decrease in net dividend payments from $20m in 2022 to $18.3m in December, the dividend yield increased to 5.9% from 4.6% at the last traded price on 30 June.

The company said it maintained a healthy financial position, with net debt reaching $64.3m compared to $53.7m in the prior year period.

Gold production showed a commendable increase, reaching 98,458 ounces, a 6.7% rise compared to the previous reporting period.

Safety metrics also improved, with a notable decrease in the total recordable injury frequency rate to 6.13 per million man-hours.

Barberton Mines achieved a significant safety milestone, with four million fatality-free shifts in November.

The group said its surface operations reported no recordable injuries during the reporting period.

Despite inflationary pressures, production costs were effectively managed, leading to a reduction in all-in sustaining costs (AISC) per ounce to $1,287.

The group said its operations produced at an AISC per ounce of $1,149 per ounce, while tailings retreatment operations achieved an AISC of $894 per ounce.

Pan African said it anticipated further improvement in future AISC through renewable energy generation, water recycling, and other efficiency initiatives, as it reduced the AISC per ounce guidance range for the 2024 financial year to between $1,325 and $1,350 per ounce.

Pan African said it was committed to its growth projects, including the Mogale tailings retreatment (MTR) project, where steady-state production was expected by December to contribute 50,000 ounces annually over a 20-year life-of-mine.

Furthermore, environmental, social, and governance initiatives continued to be a priority for the company.

Construction of the Fairview Mine's 8.75MW solar plant was progressing, with commissioning expected in June.

"Pan African delivered an excellent safety, production and financial performance for the reporting period, which positions the group well to deliver on our production and cost guidance for the full financial year," said chief executive officer Cobus Loots.

"We are deeply saddened by the fatality that occurred at Elikhulu after the reporting period, as outlined in the subsequent events section further in the announcement.

"We are well positioned to deliver on our operational and strategic objectives for the 2024 financial year, and if the current gold price tailwinds persist, shareholders can look forward to a continuation of the reporting period's excellent financial performance for the full financial year."

At 1040 GMT, shares in Pan African Resources were down 2.37% at 16.93p.

Reporting by Josh White for Sharecast.com.

[nimrod22] 05/3/2024 10:29

Cinoib, please don't buy.

[cinoib] 04/3/2024 18:15

Justice, No I don't live there, nor will I ever. I have said for a long time that this a good goldy, then it keeps kicking me in the teeth when I buy on a T trade so keep loosing money an when I sell the dam thing goes back up and I don't have the reddies to hold. Like now with gold on a flyer. If I buy it will drop.