Pan African Resources Share Discussion Threads

[cinoib] 06/10/2022 13:25

Very quiet here considering the news out. Minitailes project complete and already on the job with first extra gold expected in 24. Another 50,000 oz, not to be sniffed at and life of mine of 13-20 years. I think a lot of other medium size miners should take a leaf out of this man's book.

[plasybryn] 06/10/2022 07:34

And not straightforward - The area where Mintails is situated presents a number of environmental and social challenges. We will require the assistance of the government and all the other legitimate stakeholders to successfully address those challenges, remediate the site and develop a world-class project. We look forward to continue to work with those stakeholders in this regard."

[plasybryn] 06/10/2022 07:33

Good but could shareholders be asked to contribute?. The Group is in the process of evaluating a number of additional funding options for the balance of the capital budget requirement.

[farrugia] 06/10/2022 07:20

transaction concluded

[lovewinshatelosses] 05/10/2022 16:53

Are you unfamiliar with the phrase African time? :)

[plasybryn] 05/10/2022 14:56

What has happened to the 30th Sept. deadline?

"Pan African wishes to advise shareholders that the deadline for the fulfilment of the remaining conditions precedent to conclude the Mintails Transaction has now been extended to 30 September 2022, to allow the Group sufficient opportunity to conclude the final aspects of its due diligence investigation".

[stonedyou] 03/10/2022 23:14

GOLD / USD

$1699.26 $1699.65 *UP* $39.602. 39%

[stonedyou] 03/10/2022 22:08

Pan African Resources sees more upside at Evander after record production year.

Sep 14, 2022.

Cobus Loots, CEO of Pan African Resources PLC (LON:PAF) talks through a year of records for the South African gold miner.

Production and the dividend are at new highs, while cash generation cut net debt to almost zero.

Loots adds that Pan African's use of solar power continues to grow and the aim for the next 24 months is to have 30Mw of renewable energy as a minimum and equal to 25% of its energy requirements.

[lovewinshatelosses] 03/10/2022 14:06

Lack of Mintails update I presume.

[farrugia] 03/10/2022 11:25

why the pullback?

[stonedyou] 28/9/2022 14:30

In 2009 a remarkable 16-page memorandum was discovered in the archive of the late Federal Reserve Chairman William McChesney Martin. The memorandum is dated April 5, 1961, and is titled "U.S. Foreign Exchange Operations: Needs and Methods." The memo is a detailed plan of surreptitious intervention by the U.S. government to rig the currency and gold markets to support the U.S. dollar and to conceal, obscure, or even falsify U.S. government records and reports so that the rigging might not be discovered. This document remains on the Internet site of the Federal Reserve Bank of St. Louis:

[stonedyou] 25/9/2022 21:40

Or the system may end chaotically as the London Gold Pool ended in 1968 when the gold the Western central banks were prepared to lose simply ran out even as those central banks were not yet ready with an alternative gold price control system.

That's why the system's end is also an arithmetical question, a question of how much real gold is left among the central banks in the price suppression scheme. Some metal is always draining away to support the gold derivatives system, and it seems lately that more is draining away every year than is being mined. How much do the gold-suppressing central banks really still have left? How much is gone through swaps and leases? They're not telling.

The system's end is a question of education and publicity, a question of whether central banks that are not part of the gold price suppression scheme and investors alike will ever realize that as much as 90 percent of the world's investment gold, supposedly being held in trust for its owners, may not exist. If there is ever such a realization and delivery is demanded, gold will rise to multiples of its current price.

While that prospect excites gold investors, will governments let them keep the resulting extraordinary gains, or will governments impose windfall profits taxes or even try to confiscate gold?

If the gold price soars, will governments let mining companies keep taking metal out of the ground at current royalty rates? Will governments even let private companies keep mining gold at all?

On the other hand, if there is no general realization of the fraud of "paper gold," gold price suppression and the destruction of markets generally may go on forever.

Central banks are formidable enemies because of their power to create infinite money and debt. But that power is not their biggest advantage in the gold suppression scheme and the scheme to defeat markets generally.

For the scheme cannot work without deception, surreptitiousness, and misunderstanding.

And therefore to be overthrown the scheme needs only to be exposed, since when people realize that a market is rigged, they will not take the losing side of the trade.

That's why the biggest advantage of central banks here is not their power of money and debt creation but rather the complicity of the financial news media and the gold mining industry itself.

Financial journalists -- so far at least -- won't press the vital questions, will never put a critical question to a central bank and report the inadequate answers.

And the gold mining industry, seemingly unaware of the monetary nature of its product and the way the price of its product is suppressed, will not yet do anything to defend itself.

Will that ever change? Well, GATA is working on it.

Until that changes, and as long as a piece of paper is considered as good as a piece of metal, the gold mining industry has no future. And until free markets are restored, humanity itself won't have much of a future either.

* * *

If you'd like more information about this issue or can't locate one of the documents I've mentioned, please e-mail me at [e-mail]. I'll be glad to try to help.

Thanks for your kind attention today.

[stonedyou] 25/9/2022 21:28

-- In 2009 a remarkable 16-page memorandum was discovered in the archive of the late Federal Reserve Chairman William McChesney Martin. The memorandum is dated April 5, 1961, and is titled "U.S. Foreign Exchange Operations: Needs and Methods." The memo is a detailed plan of surreptitious intervention by the U.S. government to rig the currency and gold markets to support the U.S. dollar and to conceal, obscure, or even falsify U.S. government records and reports so that the rigging might not be discovered. This document remains on the Internet site of the Federal Reserve Bank of St. Louis:


- In a letter to President Gerald Ford in June 1975, Federal Reserve Chairman Arthur Burns reported a secret agreement with the German Bundesbank to obstruct market pricing for gold. Burns wrote to the president: "I have a secret understanding in writing with the Bundesbank, concurred in by Mr. Schmidt" -- Helmut Schmidt, West Germany's chancellor at the time -- "that Germany will not buy gold, either from the market or from another government, at a price above the official price of $42.22 per ounce."

Burns added, "I am convinced that by far the best position for us to take at this time is to resist arrangements that provide wide latitude for central banks and governments to purchase gold at a market-related price."


-- A president of the Netherlands Central Bank who was also president of the Bank for International Settlements, Jelle Zijlstra, wrote in his memoirs that the gold price was suppressed at the behest of the United States:


-- William R. White, the director of the monetary and economic department of the Bank for International Settlements, the central bank of the central banks, told a BIS conference in Basel, Switzerland, in June 2005 that a primary purpose of international central bank cooperation is "the provision of international credits and joint efforts to influence asset prices (especially gold and foreign exchange) in circumstances where this might be thought useful":



-- The Bank for International Settlements actually advertises to potential central bank members that its services include secret interventions in the gold market:


-- Secret gold market interventions by the BIS have been going on for a long time. A long article in Harper's magazine in 1983, based on a seemingly unprecedented interview with BIS officials, disclosed that the BIS was constantly intervening in the gold market in secret:



-- Perhaps most incriminating is the secret March 1999 staff report of the International Monetary Fund that GATA obtained in December 2012. The secret report says Western central banks conceal their gold swaps and loans to facilitate their secret manipulation of the gold and currency markets:





-- The participation of the United States in this market manipulation was confirmed by a member of the Board of Governors of the Federal Reserve System, Kevin M. Warsh, in a letter written in September 2009 denying GATA's request for access to the Fed's gold records. Warsh wrote that among the records denied to GATA were records of gold swap arrangements between the Fed and foreign banks:

[stonedyou] 25/9/2022 21:22

For there are many official admissions of gold market rigging.

These include statements by four former chairmen of the U.S. Federal Reserve Board (Alan Greenspan, Paul Volcker, Arthur Burns, and William McChesney Martin); the minutes of the Federal Open Market Committee; declassified U.S. Central Intelligence Agency and State Department memoranda, including one that cites the necessity for the U.S. government to remain "the masters of gold" --





-- statements by central bankers from other countries, including three officials of the Bank for International Settlements; and documents from the BIS and International Monetary Fund.

For example:

-- In testimony to Congress in July 1998, Federal Reserve Chairman Alan Greenspan declared that "central banks stand ready to lease gold in increasing quantities should the price rise." Thus Greenspan confirmed that the purpose of gold leasing was not what was usually claimed -- to earn central banks a little money on their supposedly dead asset in their vaults -- but rather to suppress the monetary metal's price:



-- At GATA's prodding in January 2012 former Federal Reserve Chairman Paul Volcker admitted to a financial journalist that central banks need to suppress the gold price to stabilize exchange rates at what he called a "critical point":

[stonedyou] 25/9/2022 21:10

Gold price suppression -- why, how, and how long.

Submitted by cpowell on Fri, 2014-02-14 11:15 Section: The Basics.


Most financial journalism and most academic teaching maintain that gold is at best a quaint antique. I'm here to argue that gold not only remains money but may again be the best and most important money -- to argue that, even more than this, gold is in fact the secret knowledge of the financial universe.

Gold already is so important that Western central banks -- particularly the U.S. Treasury and its Exchange Stabilization Fund, the Federal Reserve, and allied central banks -- rig the gold market every day, even hour by hour, to control and usually suppress gold's price.

Why do Western central banks rig the gold market?

It's because gold is a powerful competitive international currency that, if allowed to function in a free market, will determine the value of other currencies, the level of interest rates, and the value of government bonds. Gold's performance is usually the opposite of the performance of government currencies and bonds. Hence central banks fight gold to defend their currencies and bonds.

The problem is that central bank tactics in this fight affect more than gold; they affect markets generally and eventually destroy markets generally. This destruction of markets now has a name, a name used even by former members of the Federal Reserve Board. That name is "financial repression."

[lovewinshatelosses] 21/9/2022 16:55

Goodness me! That 18.50 buy was unwise. Will average down if we revisit sub 16p, which seems viable now. Hey ho.

[stonedyou] 14/9/2022 20:56

China’s gold market in August: local price premium extended its rise.


Key highlights:
The Shanghai Gold Price Benchmark PM (SHAUPM) in RMB rose by 0.5% in August while the LBMA Gold Price AM in USD saw a 2.6% fall
The average Shanghai-London gold price spread climbed further in the month, driven by stronger demand1
Seasonal strength and robust consumption supported gold withdrawals from the Shanghai Gold Exchange (SGE) in August, witnessing both m-o-m and y-o-y rises.
Total assets under management of Chinese gold ETFs stood at 58.3t (US$3.3bn, RMB22.6bn) at the end of August, a 7.7t (US$485mn, RMB2.8bn) outflow over the month.2
Looking ahead:
In late August more and more cities were implementing soft or partial lockdowns to contain recent COVID-19 case resurgences;3 this could weigh on local gold consumption in the near term
The annual Shenzhen Jewellery Fair – scheduled for early September – was postponed due to a pandemic outbreak, dialling down business activities in China’s main gold manufacturing hub.4 The pandemic has also impacted the exhibitions that manufacturers usually hold during September and prevented clients’ trips to Shenzhen. This could also potentially weigh on wholesale gold demand.

Local gold price premium continued to rise

Regional gold performances diverged in August. While the US Fed’s hawkish stance in monetary tightening and softer inflation expectations weighed on the USD gold price, the SHAUPM in RMB saw a marginal increase. This was primarily driven by the RMB’s 2% depreciation against the dollar – thanks to a strong dollar and sluggish economic activities in China.
Stronger gold consumption in China – see below for more – may also have contributed to the local gold price’s outperformance relative to its USD peer. Consequently, the Shanghai-London gold price spread continued to rise in August. The spread reached US$10.6/oz on average in the month, US$4.2/oz higher m-o-m and US$4.8/oz higher y-o-y.

The local gold price spread continued to trend up

[stonedyou] 14/9/2022 20:45

The US Mint Is Selling Gold For 50% Higher Than The Spot Price.


American Bullion shares insights about the reasons of various precious metals products' price differences compared to their "Spot" prices

LOS ANGELES, CA, UNITED STATES, September 13, 2022 /EINPresswire.com/ -- First of all, what does “spot price” even mean?

Spot prices are most frequently referenced in relation to the price of commodity futures contracts, such as contracts for oil, wheat, or gold, but not the tangible products of gold and silver, such as coins or bars.

When it comes to physical gold, any type of raw bullion needs to be mined and refined, which incurs cost. The greater the purity, the greater the refining cost. And then, the gold bullion needs to be minted into bars or coins (which incurs additional expense, but can also reduce or eliminate the need for assaying at the time of sale). Finally, the finished products then need to be distributed through the supply chain to wholesalers, then retailers and ultimately to the buyers. Remember to add the costs of storage, shipments and insurance during this journey which adds up to the ultimate price tag.

Here’s an example of product cost above spot price. With the day’s spot price listed as $1,705, the United States Mint Website is advertising new uncirculated one-ounce Gold American Eagle coins for sale for $2,570.00 ea. directly to retail buyers.

Besides the beauty of its design, trustworthiness and popularity, American Eagles are also highly preferred for other reasons, such as being a very discreet asset. According to ICTA (Industry Council of Tangible Assets), most products are subject to be reported by IRS Form 1099-B when selling back to dealers over a certain qty/weight. But American Eagle products are not on that list.

Market pricing can be somewhat volatile daily, but is predicated greatly by the market conditions of supply and demand.

This is also a good reason to speak with an experienced precious metals dealer, like American Bullion, who is also a US Mint Listed Dealer. There are a lot of considerations when selecting strategies, as to which metals and type of products are to be held. Additionally, those strategy options can diversify even further, depending on whether they are held in personal possession, or by way of a Gold IRA.

John Reese
American Bullion, Inc.

[lovewinshatelosses] 14/9/2022 13:27

I should have waited for 17's before adding :)

[lovewinshatelosses] 14/9/2022 10:50

Well, IMO we have a seller, because I can see nothing in those results that would merit even a small drop today. Personally, I would be happy to see them prioritise continued debt reduction over a dividend hike going forward. Maybe some more share buybacks too, if we go lower than 18's. Strong cost controls are going to be vital in the years ahead IMO.

[2vdm] 14/9/2022 10:43

Agree Cinoib. Increased production of 205,688oz v predicted tgt of 200,000 means another/additional $2.365 million to the bottom line, after taking in increased cost per ounce of $1,284. An excellent result and lots to come next year. Significant result in net debt reducing from 66.7% to US$13.0 million (2021: US$39.0 million). Well done to Cobus and the BOD.

[cinoib] 14/9/2022 10:06

Results out and a very good results they are in present conditions. I think some other companies would do well to look at these results and see how you run a good company.