Pan African Resources Share Discussion Threads

[cinoib] 12/4/2024 12:38

$2,400 and heading for $3,000 is my bet and if I buy back in it's sure to drop. Remembering where it was when gold first touched $2,000 then we should now be about 36p not 24.

[justiceforthemany] 09/4/2024 13:37

Events Diary
Gold Forum Europe Conference
9-10 April 2024

Zurich, Switzerland

Cobus Loots, CEO of Pan African Resources will be presenting on Wednesday, April 10 at 13:50 CET.

For more information about the conference, please visit: Gold Forum Europe 2024

[stonedyou] 09/4/2024 10:23

Maybe the Sun Isn’t the Only Thing Being Eclipsed.


Chris Powell
GATA

"He is also secretary/treasurer of the Gold Anti-Trust Action Committee Inc. (GATA), which he co-founded in 1999 to expose and oppose the rigging of the gold market by Western central banks and their investment bank agents"



Recent action in gold and silver is astounding. Both monetary metals opened down hard as if somebody was trying to set a negative tone in the market for the day ahead after many days of strong advances.

Whereupon somebody pounced on the price smashes as if metal was a bargain at any price.

Something major has changed.

The Federal Reserve and U.S. Treasury would not have been letting the monetary metals rise so sharply over the last few weeks if they still had much control over the markets, and if they still had much metal they were prepared to lose.

Is the second great era of gold price suppression ending just as the first great era ended with the collapse of the London Gold Pool in 1968, with the exhaustion of the ready reserves of the price suppressors?

In any case, the U.S. dollar is in danger of being murdered by its own government through over-issuance, spectacular and still-growing indebtedness, and political weaponization.

While the longstanding gold price suppression policy of the U.S. government and its allies, undertaken to defend the dollar and executed largely through the futures markets, remains a prohibited topic with the cowardly mainstream financial news organizations in the West, major central banks and governments throughout the world -- including those of China and Russia -- long have known all about it and have even discussed it openly.

Major financial houses know about it too, though they won't take the risk of discussing it openly.

GATA is a big reason why they know.

They all are aware of the uncoverable short position the Federal Reserve and U.S. Treasury have been running in gold for almost 50 years. The violence of the recent rally in the monetary metals strongly implies that this short position is being squeezed by equally big operators.

So maybe the sun won't be the only thing eclipsed. Maybe a predatory financial system will be eclipsed too, and payback, as the saying goes, is ...well, very unpleasant.


Chris Powell
GATA
GATA.ORG

CHRIS POWELL, Secretary/Treasurer

Gold Anti-Trust Action Committee Inc.

Chris Powell is a journalist in Connecticut, where he was managing editor of the Journal Inquirer, a daily newspaper in Manchester, for 44 years. He continues to write political columns for that paper and five others in the state and often appears on talk radio programs there. He is also secretary/treasurer of the Gold Anti-Trust Action Committee Inc. (GATA), which he co-founded in 1999 to expose and oppose the rigging of the gold market by Western central banks and their investment bank agents. He edits the GATA Dispatch, that organization’s daily electronic newsletter. He is a member of the Board of Directors of the Connecticut Council on Freedom of Information and was its state legislative chairman from 2004-2010.

* * *

Help keep GATA going:

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:



To contribute to GATA, please visit:

[stonedyou] 09/4/2024 10:17

GoldSeek Radio Nugget - Peter Kendall: Gold Has Room to Run.


Chris Waltzek

GoldSeek Radio


Peter Kendall returns with gold blasting through $2,325 this week, yet another record high! we review the charts of key markets in real-time. He co-edits Elliott Wave International’s Elliott Wave Financial Forecast with Steven Hochberg. He also provides commentary on cultural trends, the economy and the U.S. stock market for the firm’s Global Market Perspective.

- Elliott Wave analysis on the gold sector suggests gold price just started the most significant 3rd wave.

December 1st [2023]...We walked through the pace is about gold was in [Steven Hochberg's] forecast. And as I look at your [live gold] chart, I can see the waves as they've played out and as he suggested they would. We talked a lot about October and exactly what Steve had said in the short-term update in October...and then by December, you know that we were fairly certain that that low was in place and that we would continue to new highs which happened pretty soon.

After you know that this the first set of new all-time highs that took place in. I guess it was still December, it might have been January but there we were... we got it and then we pulled back; that's wave two that pulled back into earlier this year and now we're in a third wave up, which is exactly what Steve was calling for and it's playing out very nicely, as you mentioned.

- We review the US equities chart - our guest expects a consolidation.
- With the epic GPU maker, NVIDIA higher by 10x in about one year, is the price nearing a key zenith and if so what steps can investors take to shield their portfolios?
- Are nascent money managers blissfully unaware of the risks associated with price excesses?
- How closely does the global financial asset bubble resemble the key financial manias of the past?
- Further Elliott Wave analysis suggests $3,000+ in the coming years.
- The COT data suggests the herd may once again be wrong, hinting at further gold gains for contrarian-minded investors.

Check out EWI Promotion for Goldseek Listeners.

[stonedyou] 08/4/2024 21:48

Healthy Central Bank Gold Buying Continued in February

April 08, 2024

Mike Maharrey

Market Analyst


Central banks continued to add to their gold reserves in February, albeit at a slightly slower pace.

On net, global central bank gold reserves increased by 19 tons in February with some selling pushing down that total. It was the ninth straight month of net central bank gold buying.

China was the biggest buyer in February. The People's Bank of China increased its official gold holdings by 12 tons. The Chinese central bank has added gold to its hoard for 16 straight months. China officially holds 2,257 tons of gold. The Chinese have added over 300 tons of gold to their reserve since they resumed reporting gold purchases in October 2022.

The People's Bank of China added 1,448 tons of gold to its stash between 2002 and 2019, and then suddenly went dark until it resumed reporting in the fall of 2022. There is speculation that the Chinese were still adding gold to their holdings off the books during those silent years.

In fact, China may hold far more gold than it officially reports. As Jim Rickards pointed out on Mises Daily back in 2015, many analysts believe that China keeps several thousand tons of gold “off the books” in a separate entity called the State Administration for Foreign Exchange (SAFE).

The National Bank of Kazakhstan is back in a buying mood. It added 6 tons of gold to its reserves in February. Kazakhstan tends to shift back and forth between buying and selling.

The Reserve Bank of India bought 6 tons in February. Since resuming buying in late 2017, the Indian central bank has purchased over 200 tons of gold. In August 2020, there were reports that the RBI was considering significantly raising its gold reserves.

Turkey continued to add to its reserves in February but at a slower pace. After leading buyers in January with a 12-ton increase in its gold reserves, the Turks added another 4 tons in February.

Last year, Turkey was a net seller, liquidating 160 tons of gold in the spring of 2023. The central bank returned to buying in the third quarter of last year.

According to the World Gold Council, the big gold sale was a specific response to local market dynamics and didn’t appear to reflect a change in the Turkish central bank’s long-term gold strategy. The Turkish central bank sold gold into the local market to satisfy demand after the government imposed import quotas in an attempt to improve its current account balance. The country is running a significant trade deficit.

These central banks also added gold to their reserves in February:

Singapore - 2 tons
The Czech Republic - 2 tons
Qatar - 2 tons
Kyrgyz Republic - 1 ton
There were two notable sellers in February.

Uzbekistan sold 12 tons of gold. It is not uncommon for banks that buy from domestic production – such as Uzbekistan and Kazakhstan – to switch between buying and selling.

The Central Bank of Jordan reduced its gold holdings by 4 tons.

The World Gold Council noted that sales in 2024 have lagged behind the same period last year, but still described central bank gold buying as "healthy," adding that "the broad trend of gold buying remains intact."

Last month, the World Gold Council said the continuation of gold buying supports its expectation that "2024 will be another solid year of central bank gold demand."

"Last year central banks placed great emphasis on gold’s value in crisis response, diversification attributes, and store-of-value credentials. A few months into 2024 the world seems no less uncertain meaning those reasons for owning gold are as relevant as ever."

Last year, central bank gold buying fell just 45 tons short of 2022’s multi-decade record.

According to the World Gold Council, central banks net gold purchases totaled 1,037 tons in 2023. It was the second straight year central banks added more than 1,000 tons to their total reserves.

Central bank gold buying in 2023 built on the prior record year. Total central bank gold buying in 2022 came in at 1,136 tons. It was the highest level of net purchases on record dating back to 1950, including since the suspension of dollar convertibility into gold in 1971.

China was the biggest buyer in 2023.

Analysts at ANZ Bank recently said they expect central bank gold buying to remain hot for at least the next six years. According to these analysts, "Depleted trust in the U.S. fixed-income assets and the rise of non-reserve currencies are other themes that could support central bank gold buying."

[stonedyou] 04/4/2024 10:35

Einhorn Bets Big on Gold Amid Inflation, Eyes Value Stocks.

Einhorn bets big on gold amid inflation concerns, predicts fewer than three Fed rate cuts this year.


Key Takeaway

David Einhorn warns inflation may be reaccelerating, doubting the Federal Reserve will cut rates more than twice this year, if at all.
Einhorn's Greenlight Capital significantly increases its gold holdings, including $74 million in SPDR Gold Trust and physical bars, as a hedge against fiscal policies.
Despite market concerns, Einhorn sees value in stocks like Solvay after its spinoff into Syensqo, highlighting opportunities in undervalued companies.

Inflation Concerns Persist

David Einhorn, the hedge fund manager of Greenlight Capital, expressed concerns over persistent U.S. inflation, suggesting that bringing inflation down might be more challenging than investors anticipate. Despite expectations, Einhorn predicts "fewer than three" interest rate cuts from the Federal Reserve this year, with a possibility of none occurring. This perspective comes in light of recent U.S. data indicating a core personal consumption expenditures price index rise of 2.8% in February, surpassing the Fed's 2% inflation target. Einhorn's stance on inflation reaccelerating is supported by various indicators, highlighting the complexities facing the U.S. monetary policy.

Gold as a Defensive Play

Amidst inflation concerns and potential market downturns, Einhorn is increasing his investments in gold, viewing it as a hedge against loose monetary and fiscal policies. Greenlight Capital's significant position in gold, including physical bars and $74 million in the SPDR Gold Trust fund, underscores Einhorn's strategy to mitigate risks associated with fiscal deficits and policy challenges. This move reflects a broader trend among investors seeking safe-haven assets in uncertain economic times.

Value Investing Opportunities

Despite the overarching concerns, Einhorn identifies emerging opportunities in value stocks, particularly in companies undergoing spinoffs. He cites Solvay, a Belgium-based chemicals and plastics company, as a prime example, having picked up shares following its spinoff into Syensqo. Einhorn's investment in Solvay, despite its significant share price decline, illustrates his belief in the market's mispricing of value stocks. This approach is part of Einhorn's broader critique of the current market dynamics, where he sees a lack of investment in identifying undervalued companies.

Einhorn's Strategic Insight

Einhorn's investment philosophy focuses on identifying undervalued companies with strong growth potential, a strategy that has historically yielded significant returns for Greenlight Capital. His interest in Solvay aligns with this philosophy, emphasizing the company's market leadership and stable, high-margin businesses. Despite Greenlight Capital's slight underperformance compared to the S&P 500 last year, Einhorn's strategic moves, including his investment in Solvay and his defensive play in gold, highlight his adeptness at navigating market complexities and identifying potential growth opportunities.

Street Views
David Einhorn, Greenlight Capital (Neutral on the market and inflation):
"I think inflation is reaccelerating. I think there’s a lot of indication of that... fewer than three interest rate cuts from the Federal Reserve will take place this year — and that there’s a chance that no cuts actually take place."

[1]
Key Fed inflation gauge rose 2.8% annually in February, as expected
[2]

Greenlight’s David Einhorn unveils chemicals company Solvay as top investment idea
[4]

David Einhorn thinks inflation is reaccelerating and has made gold a very large position
Supernews

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[stonedyou] 04/4/2024 08:32

SURPRISING FACT

About half of all gold shipments in January went to Hong Kong and mainland China, according to UBS.

[stonedyou] 04/4/2024 08:23

Western Investors Bank Record Profits on Gold
Tuesday, 4/02/2024 09:30

New record prices as China buys gold, Western investors sell...

"China's relentless central-bank demand, drove the price of gold up to new record highs in all major currencies"



WESTERN INVESTORS just banked record profits from gold, selling more than twice the quantity that they bought as a group in March using world-leading marketplace BullionVault, as speculative betting by hedge funds, plus China's relentless central-bank demand, drove the price of gold up to new record highs in all major currencies.

But record-heavy selling by a record number of customers still left client holdings at BullionVault worth fresh record high above $3.2 billion (£2.5bn, €3.0bn).

"Previous peaks in the number of people selling gold also came as bullion prices jumped," says BullionVault director of research Adrian Ash. "But they all coincided with moments of acute political or financial stress, spurring stronger investor demand.

"In contrast, gold's new all-time highs have come without any external trigger. That speaks to the underlying strength of this uptrend, with relentless demand for physical bullion from emerging-market nations led by China more than offsetting the record-heavy profit taking by Western investors."

The price of gold jumped by 8.1% last month – its fastest gain in a year – to finish at a new record of $2214 per Troy ounce (+8.5% to £1752, +8.7% to €2050) after setting a fresh all-time high on 9 of the global wholesale market's 20 trading days across March.

In response, the number of private investors buying gold on BullionVault – almost 9-in-10 of whose users live in Western Europe or North America – slipped 3.4% to the fewest since December.

The number of sellers in contrast rose 95.1% to beat the number of sellers in March 2023 (the 'mini crisis' in US regional banking), August 2011 (US debt downgrade, Euro debt crisis, English riots), March 2022 (Russia's all-out invasion of Ukraine) and June 2016 (the UK's Brexit referendum shock).

Together, that took the Gold Investor Index – a unique measure of trading decisions among the world's largest single pool of private investors in physical bullion – down to a new series low of 47.5, down 4.0 points from February with its steepest drop since July 2016.

Tracking gold investor actions since October 2009, the index would read 50.0 if the number of buyers exactly equalled the number of sellers across the month. It reached 65.9 as the Covid Crisis took hold in March 2020, and it set a series high of 71.7 when gold prices hit their global-financial-crisis peak in September 2011.

The Gold Investor Index has recorded more gold sellers than buyers only twice before (48.8 in Feb 2010, 49.1 in June 2019).

[justiceforthemany] 03/4/2024 18:02

$2,300 broken.
PAF remains suppressed! WTF??

[stonedyou] 02/4/2024 15:31

GOLD / USD
$ 2273.93$ 2274.15 24.93 1.11%

GOLD / GBP
£ 1808.94£ 1809.10 16.43 0.92%

GOLD / EUR
€ 2109.69€ 2109.83 15.22 0.73%