Pan African Resources Share Discussion Threads

[lovewinshatelosses] 28/11/2022 10:59

No idea if that signifies anything, Elias, but I took a few myself this morning. Happy to hold them until north of 20p, or will buy more if we revisit sub 17p on no company-specific news. All being well, I will not get the chance of the latter, but I have been in PM stocks long enough to know that it is more sensible to count your bruises than it is your chickens :) GLA.

[elias jones] 28/11/2022 10:45

WOW have never seen big buys like this on PAF before especially those two whackers they put through the Aquis market. Gold is flying again today and a tasty dividend on offer here at end of the week :-)))

Strong Buy

[stonedyou] 25/11/2022 18:01

China secretly hoarding gold – media.


Countries are expanding their bullion holdings after the West froze Russian reserves, analysts say.


Central banks across the world have stepped up their gold purchases after Russia’s overseas assets were frozen under sanctions this year, according to strategists cited by the Japanese business daily Nikkei Asia.

Some $300 billion in Russian foreign reserves, and billions more held by individuals and businesses, have reportedly been frozen by the US and its allies. The Kremlin has repeatedly slammed the seizures as “theft.”

Gold purchases by regulators more than quadrupled in the July-September period, totaling 399.3 tons, according to data published in the World Gold Council's November report.

The figure marks a dramatic surge from 186 tons recorded in the preceding quarter, and 87.7 tons in the first quarter of this year. Meanwhile the year-to-date total has surpassed any full year since 1967.

Emin Yurumazu, a Japan-based economist from Turkey, told the media that “anti-Western countries are eager to accumulate gold holdings on hand,” after nations saw how Russia's overseas assets were frozen as part of sanctions.


The central banks of Turkey, Uzbekistan and India previously said they had bought 31.2 tons, 26.1 tons and 17.5 tons, respectively. It is currently unclear which nations purchased the rest of the 300-ton total.

Some unidentified purchases are to be expected, but an unspecified slice of “this magnitude is unheard of,” according to Koichiro Kamei, a financial and precious-metals analyst cited by the agency.

“China likely bought a substantial amount of gold from Russia,” market analyst and former Japan director for the World Gold Council, Itsuo Toshima, said. He explained that the People's Bank of China likely purchased a portion of the Central Bank of Russia's gold holdings of over 2,000 tons.

The analyst noted that this is typical behavior from the Chinese monetary regulator, which did not disclose any gold purchases from 2009 to 2015, and then reported it had increased the reserves by 600 tons. The People's Bank of China has not published any new reports on gold purchases since 2019.

The gold-buying frenzy comes as part of fresh attempts by central banks to protect their assets by reducing their exposure to the US dollar. China has been a dominant force in the current de-dollarization trend. According to data from the US Treasury Department, the nation sold $121.2 billion in US bonds between March and October.

[allesandro] 25/11/2022 12:22

Dividend of 0.95p coming soon here and hopefully can hold above 15p beyond if the market is still wobbly.

[astjgroom] 25/11/2022 10:58

That's interesting, I'm with iweb, they don't know their right from their left. Ignore my previous post then!

[astjgroom] 25/11/2022 10:57

Yes, I filled in lots of forms, sent emails, rang in the end. Seem to remember it was because they were nominee account the broker could not separate my shares. Thought about going to certificates but I like being able to sell easily, not that I ever do!

[stonedyou] 24/11/2022 20:49

Notice of annual general meeting and no change statement

Notice of annual general meeting

Notice is hereby given that the 2022 annual general meeting (AGM) of Pan
African will be held at the offices of Fladgate LLP, 16 Great Queen Street,
London WC2B 5DG on Thursday, 24 November 2022 at 11:00 (all references to time
in this notice is United Kingdom time (GMT+00.00), unless otherwise stated).

Shareholders are advised that the notice of AGM, including the abridged
audited annual financial statements for the year ended 30 June 2022, will be
distributed to shareholders on Wednesday, 26 October 2022.

Shareholders are advised that the Company’s Integrated Annual Report, audited
annual financial statements and notice of AGM for the year ended 30 June 2022
are available at:


No change statement

The audited annual financial statements for the year ended 30 June 2022 and
the auditor’s report thereon contain no modifications to the information
contained in the provisional summarised audited results for the year ended 30
June 2022, which were published on SENS on Wednesday, 14 September 2022.

Salient dates relevant to the AGM

2022
The record date for the purpose of determining which

Friday, 14 October
shareholders are entitled to receive the convening
notice of the AGM
Last day to trade in the Company’s shares in order to Tuesday, 15 November
be recorded as a shareholder on the Company’s South
African register by the voting record date
The record date to determine which shareholders on Friday, 18 November
the Company’s South African register are entitled to
participate in and vote at the AGM (by close of
business)
Proxy instructions to be received by the Company’s Tuesday, 22 November
South African Transfer Secretaries or United Kingdom
Registrars by no later than 11:00 am

AGM Thursday, 24 November

Results of AGM released on SENS/RNS on or about Thursday, 24 November


Johannesburg

26 October 2022

Corporate information
CORPORATE OFFICE HEAD OF INVESTOR RELATIONS
The Firs Office Hethen Hira
Building Office: [phone]
2nd Floor, Office 204 Email: [e-mail]
Corner Cradock and
Biermann Avenues COMPANY SECRETARY
Rosebank, Johannesburg Phil Dexter / Jane Kirton
South Africa St James's Corporate Services Limited
Office: [phone] Office: [phone]
2900
Email [e-mail] JSE SPONSOR
Ciska Kloppers

REGISTERED OFFICE Questco Corporate Advisory Proprietary Limited
Second Floor, 107 Office: [phone]
Cheapside
London EC2V 6DN NOMINATED ADVISER AND JOINT BROKER
United Kingdom Ross Allister / David McKeown
Office: +44 (0) 20 Peel Hunt LLP
7796 8644 Office: [phone]

CHIEF EXECUTIVE JOINT BROKER
OFFICER Thomas Rider / Nick Macann
Cobus Loots BMO Capital Markets Limited
Office: [phone] Office: [phone]
2900
Matthew Armitt / Jennifer Lee

FINANCIAL DIRECTOR Joh. Berenberg, Gossler & Co KG
Deon Louw Office: [phone]
Office: [phone]
2900



If you have any questions regarding your shareholding in the Company, please
call the company’s transfer secretaries – Computershare, on telephone number:
[phone] or contact them by e-mail at:
[e-mail]

Please visit the following website to read the Computershare legal notice:

[plasybryn] 24/11/2022 17:59

Wasn't it the AGM today? No RNS to say Resolutions passed. Strange?

Ex Dividend on 1st December

[stonedyou] 24/11/2022 16:20

China’s gold stockpiling is dollar warning sign.


Beijing is quietly dumping dollars for gold as greenback strength looks increasingly illusionary.


TOKYO — One of the worst-kept secrets in global central banking is the extent to which Chinese officials are swapping dollars for gold.

Governor Yi Gang’s team at the People’s Bank of China isn’t admitting as much. The PBOC doesn’t have to, though, given the clear policy trajectory Chinese leader Xi Jinping has pursued in recent years: internationalizing of the yuan as the top rival to the dollar.

Xi’s position hasn’t changed so much as other governments are catching on that trust is waning in the global reserve currency and an alternative to the dollar is badly needed.

Particularly as the US national debt zooms past $30 trillion, inflation is at 40-year highs, the Federal Reserve is pushing the biggest economy into recession and a band of firebrand Republicans threatens to play politics with Washington’s debt limit again.

Not surprisingly, central banks that once hoarded dollars are buying gold at the fastest clip on record. In the July-September quarter, central banks more than quadrupled gold purchases from a year earlier — adding nearly a net 400 tonnes to already sizable stockpiles.

These figures from the World Gold Council are no aberration. The year-to-date flurry of gold buying already well surpasses any 12-month period since 1967. This has traders guessing who the real whales are here.

Punters doing the math can confirm that about 90 tonnes worth of purchases can be traced to Turkey (31.2 tonnes), Uzbekistan (26.1 tonnes), India (17.5 tonnes) and other developing nations. The other 300 tonnes, it’s widely assumed, bear Chinese fingerprints.

Xi’s ambitions to increase the yuan’s use in trade and finance would get a huge boost if Beijing made it fully convertible. Ditto for giving the PBOC independence from Communist Party meddling.

[linton5] 24/11/2022 14:31

This looks a steal now gdx and gdxj broken out looks good for gold stocks for a while now waiting for anybfurther drop to trend in

[lovewinshatelosses] 24/11/2022 11:48

Absolutely. An underhand method for keeping some of the cash that does not belong to the state IMO. It should be an easy, hassle-free process. No ifs, no buts.

[tuscan4] 24/11/2022 10:56

We touched on this subject last year. Holding in a nominee is irrelevant . My broker Walker Crips got the tax back last year for me. Bit of a hassle for them but it can be done. Fingers crossed next week I wll make the same request. The more pressure that is applied to the Registrars the better.

[lovewinshatelosses] 24/11/2022 10:35

I did not know that holding these shares in a nominee account barred you from claiming. Is that what your broker told you? Seems mightily unfair! If you have a lot of these, it might be worth looking into different options. If like me it is only a few thousand quid of stock, then I can understand you might not want to bother :) Matter of principle though, it should not make a difference IMO. Hey ho.

[astjgroom] 24/11/2022 10:24

I couldn't claim back as my shares were in a nominee account.

[lovewinshatelosses] 24/11/2022 08:58

I think you can claim the deducted amount back, but it is a bit of a hassle. I guess if you had a boat-load of these, you would take the trouble to anyway. Perhaps it is one of the reasons why this stock tends to trade at a lower premium to some of its peers.

[creditcrunchies] 24/11/2022 08:04

I remember the dividends on this one you end up getting half the price quoted due to some high tax applied in SA from memory. If still true it's probably better to buy ex-div low they go ex-div on 1st December

[stonedyou] 22/11/2022 18:52

Traders fleeing crypto markets – Bloomberg.

The collapse of the FTX exchange has dented investor confidence in cryptocurrencies.


Traders are abandoning online crypto-trading platforms in a bid to safeguard their assets in the wake of the FTX bankruptcy, Bloomberg reported on Monday, citing experts.

The “wild-west days” of crypto markets are back again as the large trading houses that once thrived on arbitraging price gaps pull back, according to the media.

Prices for identical assets are reportedly diverging on various platforms. The gap between the funding rates of identical Bitcoin futures on Binance and OKEx has been as wide as an annualized 101 percentage points and remained at least 10%, compared to mostly single-digit gaps last month.

“Everybody is heading for the hills,” chief executive officer at Pythagoras Investments, Mitchell Dong, told the media outlet, specifying that the return of some price spreads shows “things that were previously arbed out are not so arbed out.”

Dong said his firm is writing off its 1% and 7% exposures to FTX in its market-neutral and trend-following funds respectively.

Meanwhile, Fasanara Digital lending fund, which manages about $100 million, has reportedly dialed down its risk exposure to nearly zero.

Traders now have to decide whether to write off their exposure to FTX or create a so-called sidepocket that separates those assets from the main fund, explained Barnali Biswal, chief investment officer at Atitlan Asset Management, which runs a fund that allocates to different quant managers.


“The age-old arbitrage strategies are more and more lucrative,” the former Goldman Sachs managing director said. “However, contagion risk is elevated. So, we are being conservative in our approach,” he added.

According to Chris Taylor, who runs crypto strategies at GSA Capital, the downfall of what was once a trusted exchange will make professional traders seek ways to avoid putting up collateral on any centralized platforms, for instance by using prime brokerages instead. In short, they will want crypto to look more like Wall Street, if the exchanges allow it, he explained.

“There was a lot more trust in FTX than there was in Terra/Luna,” Taylor said. “You are now seeing some of the big players pull back not completely but try to have less collateral on centralized exchanges and think more about counterparty risk.”

[stonedyou] 14/11/2022 22:07

India’s gold market in October: festivals and weddings lifted retail demand.

Mukesh Kumar
Senior Analyst, India World Gold Council

Summary

The domestic gold price diverged from the international gold price: the MCX Gold Spot price rose marginally by 0.2% compared to a 2% decline in the LBMA Gold Price AM in USD.

Healthy retail demand in October drove a local price premium for the majority of the month.

Indian gold ETFs witnessed a marginal net inflow of 0.7t in October, as the correction in the domestic gold price ahead of Dhanteras likely lured investors into gold.

The Reserve Bank of India (RBI) added 1t of gold to its reserves in October, lifting its total gold reserves to 786.3t.1

Looking ahead

Retail demand is expected to remain healthy in the months ahead, supported by the ongoing wedding season.

Urban demand may benefit from improving consumer sentiment and an expectation of a lower inflation trajectory.

Rural demand may, however, face headwinds due to the poor kharif foodgrain output after uneven and erratic rainfall.2

The local market remained in premium for most of the month
The international gold price declined by 2% in October to US$1,639/oz, impacted by higher yields and dollar strength.3 Gold’s performance was relatively strong in local currency terms (+0.2%% m-o-m) as the INR depreciated against the USD.

The arrival of festivals and the wedding season, fortuitously coinciding with a price pullback, proved to be positive for Indian retail demand. This pushed the local market back into a premium for most of the month. The wholesale demand for bullion also picked up due to a correction in the customs tariff, which was revised downwards to US$533/10g from 1 October – it had previously been US$549/10g – resulting in lower bullion import costs. With this pick up in demand the local market touched a premium of US$3/oz by the end of the month (Chart 1).4