There's no doubt about it, gold sure is a store of value during inflation, an anchor when the storms of the economy is being tossed about. They say if there is war, then turn to gold, because when everyone is hungry, fighting, in chaos, then citizens will sit in the streets trading gold amongst one another. I love gold (and silver) it's so fucking marvelous!!!
%% I like federal reserve notes better than silver or SLV + i own some silver. I dont blame the Fed for sellin' its silver + silver certs. Silver storage could goof up good a central banks profit/LOL NOTE =Silver requires insurance or self insurance; but silver never rots like a wet fed reserve note can................................................................................
Kudos. People exchanging their hard earned money (lifetime) into a shiny pieces of metal in case crap hits the fence and metal street vendors shows up, with baskets full of bread and fish, waiting to exchange it for their pieces of metal. Yup. In bs department, only religion can compete with this one.
%% ONE metals dealer said silver + gold are money in the Bible And said The federal reserve is not federal/ its private like Fedx + has doubtful reserves. Good points , but then the Fed put ''in God we trust'' its federal reserve notes/LOL true,...............................................................................................
Zimbabwe Gives Images of Gold Coins Meant to Tackle Inflation Ray Ndlovu, Bloomberg News (Bloomberg) -- Zimbabwe’s central bank unveiled the first images of gold coins it hopes will help solve its inflation problem. The coins named “Mosi-oa-Tunya” after Victoria Falls, Africa’s largest waterfall that spans 1.7-kilometer (1.1 mile) located between Zambia and Zimbabwe, will be available to the public from July 25, the southern Africa nation’s central bank said on Friday. It’s the latest in a series of efforts by authorities to stem a decline in the Zimbabwean dollar that’s spurred inflation to nearly 200%. The government hopes it will break the demand for dollars. Surging prices have sparked calls from state workers including teachers and nurses to be paid in the US currency. The 22-carat coin will be sold at the international bullion spot price including a 5% charge to cover production and delivery costs. Gold was trading at $1,724.12 an ounce at 1:59 p.m. in London on Friday. Once bought from banks and approved dealers, the coin must be kept for at least 180 days, “in line with the need to promote a savings culture in the country,” the central bank said in a statement. ©2022 Bloomberg L.P.
St Barbara boss sees no end in sight for WA labour crunch Stuart McKinnon The West Australian Wed, 27 July 2022 Stuart McKinnon https://thewest.com.au/business/min...o-end-in-sight-for-wa-labour-crunch-c-7659532 The historic Gwalia mine near Leonora. Credit: Jason Mennell/Kalgoorlie Miner St Barbara boss Craig Jetson says he sees no easing of WA’s crippling labour shortage which has forced the gold miner to operate well below capacity at its Gwalia mine. Speaking after the miner posted an improved June quarter result, Mr Jetson said he could not be optimistic about the skills crunch in WA, despite some other mining bosses reporting shortages had eased in recent months. “I’m not seeing the labour pressures any different than they were in previous quarters,” he said. “I’m not seeing an influx of labour from the east to the west now that the borders have opened up. “What I am seeing is increasing (COVID) cases here in the West creating significant issues for us in our operations in WA.” His comments come after OZ Minerals boss Andrew Cole suggested this week falling commodity prices and recent project cancellations and postponements had begun to ease the tight market for mining labour. Liontown Resources boss Tony Ottaviano also said last month his conversations with contractors suggested wage inflation in the sector had peaked in February. Mr Jetson said while the company had managed labour shortages as best it could, the miner was “certainly not where we need to be”. “We’re not running the key equipment anywhere near capacity because of that and I don’t see that changing in the very near future as much as we try,” he said. Mr Jetson also faced questions on Wednesday during analyst and investor conference call from from a dissatisfied shareholder about speculation of proposed merger of equals with Genesis Minerals. Mr Jetson confirmed talks with the Raleigh Finlayson-led explorer over a possible consolidation of the Leonora gold province were continuing but talked up the value of St Barbara’s existing assets in the area. “When other business leaders start to see the opportunity that Leo(nora) would provide as a centralised hub, a lot of people start talking, a lot of people want it, a lot of people approach me,” he said. “It’s great that we are the centre of attention, in terms of value creation. “We’ve got the right strategy, we’ve certainly got the right endowment, we’re talking to the right people, not just one group of people, we’re talking to multiple groups. “Which one we land on, not decided, but we’ll certainly do everything we can to support the growth and the value of our share price.” St Barbara finished a difficult year strongly in the June quarter, achieving full-year production and cost guidance at a site and group level. The company produced 280,746 ounces for the year at costs of $1848 per ounce. However the output was still down 14 per cent on the previous year’s 328,000oz. Its cash reserves increased 25 per cent quarter-on-quarter to $99 million. Mr Jetson said the company expected to bring its Zoroastrian project, picked up in the $157m scrip acquisition of Bardoc Gold earlier this year, into production in the next 12 months, six months ahead of schedule. He said the extra 300,000tpa in ore at 3g/t it would deliver to the Gwalia mill would help justify a planned expansion of the facility’s capacity from 1.4Mtpa to 2.1Mtpa. The company also on Wednesday declared a maiden 218,000 ounce resource for its Old South Gwalia deposit. St Barbara shares were up 2¢, or 2 per cent, to 92¢ at 12.10pm.
Vaults emptied, coin and bars on allocation as ravenous demand for physical silver continues unabated Mining https://stockhead.com.au/resources/...emand-for-physical-silver-continues-unabated/ 1 hour ago | Reuben Adams At the end of June, the amount of silver held in London vaults hit a six-year low, reflecting almost insatiable demand for the precious metal from investors and industry. Silver vault holdings in London hit 997Moz (31,023t) at the end of Q2, which was the lowest total since November 2016. It also stands in sharp contrast to the record reporting high of 1,180Moz (36,705t), which occurred in June 2021, Metals Focus says. “This represents a drop of 15% or 183Moz (5,683t),” it says. “This in turn reflects the ongoing strength of physical silver demand. That may sound counterintuitive, given how the silver price has performed recently, but in our view this is the result of a mix of quite different drivers.” Metals Focus points to a recovery in the behemothic Indian market (mostly jewellery) and surging industrial demand for the recent drawdown, but the popularity of physical silver (and gold) amongst investors has also been at unprecedented levels for over two years. In March, Metals Focus said Western silver demand was already close to its record highs, with many coin and bar fabricators near full capacity. Perth Mint’s general manager of minted products Neil Vance says its silver coins/bars have been on allocation since April 2020 “and are still on allocation to our distributors today”. “We have been selling every single physical silver coin and bar we can make for over two years now,” Vance told Stockhead. “It has been an incredible surge in demand, and it fits in with a lot of the thoughts around precious metals — which is that in times of uncertainty, people move to a safe haven.” Why is silver more popular than gold? While physical gold is also very popular, silver is winning the race for investor hearts. Vance says silver is a far more affordable product for retail investors to start a precious metals portfolio with. Perth Mint has silver products that go from 0.5oz all the way up to 1kg. “In the last 12 months Perth Mint sold 981,000oz gold [in retail bars/coins],” he says. “At the same time, we sold 17.8Moz silver.” But the silver price is down in 2022. What gives? Metals Focus is forecasting a physical silver market deficit of 72Moz (2,224t) for 2022. But demand for physical silver belies the pricing action, which has seen it lose ~16% in value this year. It was selling for ~$US19/oz as of Thursday morning. Silver price over the past 2 years. Silver – which has a dual role as an investment and industrial product — has come under pressure for two main reasons, Metals Focus says. “First, expectations this year of aggressive rate tightening by the Fed, which has contributed to the multi-decade high in the US dollar, has weighed on gold, which in turn has affected silver,” it says. “Second, growing concerns about a recession have impacted base metals, especially over the past 3-4 months, which in turn has hit silver, given its importance as an industrial metal.” A double whammy. As a result, institutional investor sentiment has turned increasingly bearish towards silver. “This has been reflected in net CME futures positioning, which has recorded the largest net short of 70Moz (2,184t; as of 19th July) since November 2019,” it says “Together, this helps explain the jump in the gold:silver ratio, which this month exceeded 92 for the first time since July 2020.” The often-mentioned ‘gold-silver ratio’ is simply the amount of silver it takes to purchase one ounce of gold. The 20-year average is 60:1, which means silver is currently trading at a historically wide discount to the gold price. “It also helps to reconcile the fact that the underlying physical market remains healthy, against the backdrop of the silver price which is currently still trading below $US19,” Metals Focus says.
World Series of Poker Player Charged With Spoofing Gold Market By Pehal News Team August 6, 2022 https://www.bloomberg.com/news/arti...d-with-spoofing-gold-market?srnd=premium-asia(Bloomberg) — A Nevada metals dealer with a aspect gig on the world poker circuit was charged Friday with manipulating gold and silver markets utilizing a method referred to as spoofing. The Commodity Futures Trading Commission alleges that Daniel Shak, who additionally runs a small hedge fund, repeatedly positioned orders for gold and silver futures contracts with the intent to cancel the bids or presents earlier than execution. Called spoofing, the follow gained notoriety following a high-profile prison case involving a number of JPMorgan Chase & Co. bankers. “These charges demonstrate once again that the CFTC will vigorously prosecute to the fullest extent of the law, misconduct that has the potential to undermine the integrity of our markets,” Gretchen Lowe, the CFTC’s performing division of enforcement director, mentioned in a press release. The announcement comes as jurors in Chicago continued a fifth full day of deliberations within the huge JPMorgan spoofing case, wherein three former bankers are accused of operating a prison enterprise and conspiring to commit worth manipulation, wire fraud, commodities fraud and spoofing on treasured metals futures markets. Shak already has a historical past with the CFTC, having settled with the company in March 2015 over claims that he traded in the course of the closing minute of the gold futures market after being ordered to not. Shak, who’s the founder of SHK Management LLC, is best identified for competing in additional than 150 main poker event occasions wherein he earned greater than $11.7 million going again to 2004. Precious metals buyers may bear in mind Shak from greater than a decade in the past when the Wall Street Journal reported that his hedge fund roiled the gold market after it had made unhealthy bets, forcing him to liquidate the place and return cash to purchasers. Shak on the time held gold contracts value greater than 10% of the U.S. futures market.
Maybe the death penalty will get spoofing to stop. I fucking HATE spoofers on the CME. I see it on the ladder all the time, every day, on every instrument I watch. It is not an orderly book.