Don't understand the fuss over gold

[angelburst29]

The Royal Canadian Mint have minted a limited-run of this coin, putting 3 million in circulation. Due to it's "glow-in-the-dark" effect and marking a 150th Anniversary, I would think these coins will be highly prized and increase in value?

To celebrate the nation’s upcoming 150th anniversary, the Royal Canadian Mint (RCM) has announced that they will be minting a limited-run glow-in-the-dark coin that will be the first piece of glow-in-the-dark legal tender to enter circulation in human history.

Royal Canadian Mint to Circulate First-Ever Glow-in-the-Dark Coin
https://sputniknews.com/art_living/201706281055029955-royal-canadian-mint-glowing-coin/

The two Canadian dollar ($1.52) coin will be adorned with the Aurora Borealis shining overhead as a canoe paddles through a lake, flanked by trees on both sides. In the dark the lights will glow, thanks to an illuminating ink.

Several other variants have been announced, including scenes from Canada's famously breathtaking wilderness, star signs and constellations, and one design depicting the Canadian flag with glow-in-the-dark fireworks exploding behind it.

"The mint has a long history of innovation in the coin business," said mint spokesman Alex Reeves in a statement. "We like to demonstrate our capabilities to our customers." The new coin is also the first-ever colored bimetallic coin to enter circulation.

"Only the core of the $2 coin is coloured and the glow effect makes the aurora borealis part of the design look lifelike… it's something special to add to the celebration" of the sesquicentennial, Reeves said.

The coin design competition was open to the public, and over 10,000 entries were submitted. The winning entry came from Timothy Hsia, a British Columbian doctor who said he "wanted to choose a subject that was truly wonderful."

"I feel like there is nothing more truly wonderful than Canada's Northern Lights," Hsia said. In total, 3 million glow-in-the-dark "toonies" will be printed and distributed throughout the Great White North.

The RCM became the first mint to circulate colored coins in 2004. They have also struck special edition glow-in-the-dark coins in the past, such as a quarter adorned with a glowing dinosaur skeleton in 2012, but those were for collectors only and were not placed in circulation.

More than just an expression of the artistic spirit of Canada, the RCM's innovative currency is a valuable publicity stunt to attract foreign clients. Nations such as Indonesia and the United Arab Emirates hire out the RCM to print coins for them.

 

[angelburst29]

Silver might be going up in value?

The world’s second largest primary silver mine, Tahoe Resources Escobal Mine, was forced to shut down operations in Guatemala by a ruling from the country’s Supreme Court. This was due to a provisional decision by the Guatemalan Supreme court in respect of a request by CALAS, an anti-mining group, for an order to temporarily suspend the license to operate the Escobal Mine until there is a full hearing.

WORLD’S 2ND LARGEST SILVER MINE SHUT DOWN: Implications For Company & Market
https://srsroccoreport.com/worlds-2nd-largest-silver-mine-shut-down-implications-for-company-market/

July 9, 2017 - While this story has been out for a few days, I believe there is a great deal of misinformation on the Mainstream and Alternative media about the current situation and future outcome of Tahoe’s flagship Escobal Mine. Some analysis suggests that this is just a small speed-bump for Tahoe, so when they are able to address disputed regulatory issues, production and profits will shortly return once again.

However, there also seems to be a another side to the story that could cause more problems for Tahoe with a much longer suspension time than the company is publicly stating. For example, the following was published in the article …

Tahoe Resources forced to halt Escobal mine in Guatemala:
http://www.mining.com/tahoe-resources-forced-halt-escobal-mine-guatemala/

While Tahoe is preparing for a three-month mine suspension, Haywood analysts project no production from the mine for the remainder of 2017.

Here we can see that the company (Tahoe) is very optimistic that production at Escobal will start back in three months, while Haywood analysts forecast operations won’t likely resume this year. So, who should we believe, or which forecast is more correct? Before we get into the details, let’s first look at the impact of suspending the 2nd largest primary silver mine in the world on the market.

A Shutdown Of The Escobal Mine, Ranked #2 In The World, Would Remove 21 Million Oz Of Supply

According to the 2017 World Silver Survey, Tahoe Resources Escobal Mine ranked #2, behind Fresnillo PLC’s Saucito Mine in primary silver production in 2016. Here are the top five producing primary silver mines in 2016 (Moz – million ounces):
1.Saucito (Mexico) = 21.9 Moz
2.Escobal (Guatemala) = 21.2 Moz
3.Dukat (Russia) = 19.8 Moz
4.Cannington (Australia) = 18.2 Moz
5.Uchucchacua (Peru) = 16.2 Moz

Furthermore, the data in the 2017 World Silver Survey reports that a total of 265 million oz (Moz) of primary silver was produced last year. Thus, the Escobal Mine represents 8% of total global primary silver mine supply. If Haywood Analysts are correct that production at Escobal may not resume in 2017, than the mine is likely to lose nearly half of the 20-21 Moz forecasted for 2017.

While this is not a great deal of silver compared to total world silver supply of 886 Moz (in 2016), if the Escobal Mine is shut for a longer period of time, or indefinitely, it could impact the silver market over the next few years.

So, again… the big question for investors is, HOW LONG will the ESCOBAL MINE be shut down? Well, let’s look at some information and data that seems to be overlooked by the Mainstream and Alternative media.

What Is The True Nature & Future Impact Of The Suspension Of Tahoe’s Escobal Mine?

First… after the Guatemalan Supreme Court suspended operations at Escobal, Tahoe’s stock price took a real beating falling 33% that day. In the past week, Tahoe’s stock price decline 40%:

A lot of investors were caught by surprise as Tahoe Resources has been making a lot of money from its mines, especially from its Escobal Silver Mine in Guatemala. For example, in 2016 Tahoe Resources reported profits of $118 million on revenue of $784 million. That is a stunning 15% margin of profit… and the majority of that profit was from the Escobal Mine.

Second …. the rich profits from the Escobal Mine came at a cost. And the cost was in the way of “serious human rights violations through its operations”, stated by several sources. Unfortunately, many investors that follow the Mainstream financial media do not understand that the Escobal Mine has been, and continues to be, a subject of human rights abuse and violations from day one.

I wrote about this in my 2014 article, Top Silver Supply Figures & Forecasts Are Incorrect:
https://srsroccoreport.com/top-silver-supply-figures-forecasts-are-incorrect/

Escobal will become a big player with forecasted silver production in 2014 of 18-20 million oz. Unfortunately for Tahoe Resources, the locals are not too happy with their Escobal mine. There have been murders and killings on both sides of the protest.

This is by no means a small matter by a few disenfranchised locals:

Tens of Thousands Oppose Tahoe Resource’s Escobal Project in Guatemala
https://miningwatch.ca/

Tuesday, December 17, 2013
(Guatemala City/Ottawa) Contrary to Tahoe Resources’ recent claims, tens of thousands of people oppose its Escobal project in southeastern Guatemala. Repression and violence have been the outcome of company and government efforts to install the project without social support. A recent high-court decision in Guatemala reinforces the legitimacy and importance of local decision-making processes.

More than half of the communities in the municipality of San Rafael las Flores, where the Escobal project is located, have declared opposition to the mine. In five neighbouring municipalities, in the departments of Santa Rosa and Jalapa, a majority have voted against the mine in municipal referenda, in which tens of thousands of people participated. The most recent vote took place on November 10th in the municipality of Jalapa, department of Jalapa. Over 23,000 people participated with 98.3% voting against mining and 1.7% in favour.

This is a perfect example of what Jim Sinclair states “As the wrong way to go about starting up a mining project in a foreign country.” Jim believes you must have the support of the locals, or the project will be doomed for failure.

And it didn’t help Tahoe Resources PR one bit when their contracted head of security, Alberto Rotondo gave direct orders to assassinate members of the community of San Rafael Las Flores.

Tahoe Resources executive in Guatemala orders killing of protestors
http://www.minesandcommunities.org/article.php?a=12291

“The preliminary investigations found that Rotondo gave the order to attack the community, he also ordered the crime scene to be cleaned up and change the police report.”

The information reveals Rotondo making several statements: “God dam dogs, they do not understand that the mine generates jobs”. “We must eliminate these animals’ pieces of shit”. “We can not allow people to establish resistance, another Puya no”. “Kill house sons of Bitches”

Rotondo was apprehended at the airport La Aurora, when he trying to flee the country. Wire tapping of conversations between him and his son reveal that he planned to leave Guatemala for a while, because “I ordered to kill some of these sons of Bitches.”

What seems to be missing from the current license suspension of the Escobal Mine is the extremely negative history it has had with the local community. As stated above, Tahoe’s former contracted head of Security, Alberto Rontondo gave the direct order to assassinate members of the San Rafael Las Flores community. While the wire-tapped conversation between Alberto Rontondo and his son, where he says, “I ordered to kill some of these sons of Bitches”, was published in the media, it didn’t get much coverage in the Mainstream press. This was BAD NEWS for a large corporate mining company, so many news agencies seemed to just ignore it.

So…. the assumption by many WESTERN investors that Tahoe Resources is only dealing with pesky legal regulatory issues, is a seriously inaccurate assessment that could cost them dearly going forward. Now, I am not saying that Tahoe’s Escobal Mine will not be able to return to operating status, but there are more serious issues that are coming to light that could be quite detrimental for the company going forward.

For example…. according to the website, Tahoe On Trial, they published the following:
https://tahoeontrial.net/the-bigger-picture/

The legal cases against Tahoe Resources are being carried out in a larger context of opposition to the Escobal mine. The violence, repression, and criminalization community leaders continue to face is not limited to what transpired on April 27, 2013.

THE ESCOBAL PROJECT DEPENDS ON A MILITARIZED SECURITY STRATEGY TO SUPPRESS OPPOSITION AND HAS LED TO VIOLENCE AND CRIMINALIZATION.
1. In 2011, Tahoe Resources hired a US security and defense contractor – International Security and Defense Management, LLC – that boasts experience with corporations working in war zones like Iraq and Afghanistan to develop a security plan that has treated peaceful protest and community leaders as if they were armed insurgents.

2. In June 2012, Tahoe sued the Guatemalan government, stating that protests were hindering its operations and that the State was not doing enough to allow its activities to proceed.

3. Between 2011 and 2013, some 90 people were slapped with unfounded criminal charges and made to endure legal processes causing them distress and hardship. Several spent months in jail before being cleared of all charges.

This is just the tip of the ESCOBAL MINE PROTEST ICEBERG… I could fill pages. However, those who believe the protests have gone away and now the public is totally supportive of the Escobal Mine, are completely being deluded.

If we fast forward to this year, the protests continue as reported in the article on June 23rd, 2017, Guatemala police clear access to Tahoe’s blocked Escobal mine:

…Police have used teargas to clear a public road near the town of Casillas, in south-east Guatemala, of protesters blocking access to Canadian miner Tahoe Resources’ controversial Escobal mine…

This proves that the public protests continue even as the Escobal Mine in in its fourth year of full commercial production.

I would imagine some readers-investors are probably thinking… “Well, this is just a matter for the local and federal governments to deal with in getting the LOCAL PEOPLE to BEHAVE, so they will leave the Escobal Mine alone to continue producing lots of silver and profits.” Well, that is one opinion, but if you think that is a WISE ONE… think again. Several large Funds have dropped Tahoe Resources from their portfolios due to what they term as, “A HIGH RISK .”

According to the Feb 2017 report titled, European Report Features Tahoe Resources as a ‘Harmful Investment’, Reveals Billion Dollar Funds Have Divested
https://tahoeontrial.net/tag/divestment/

Tahoe Resources is one of fourteen companies featured as a dangerous investment in the fifth edition of ‘Dirty Profits’ launched today in Hamburg, Germany and edited by the organization Facing Finance.

The publication identifies two billion-dollar European pension funds that have divested from the company, the Netherlands’ Pensioenfonds (PGB) and Norway’s Norges Bank Investment Management. The group calls for binding regulations on financial institutions and for the elimination of this and other harmful investments from their portfolios.

Problems cited include Tahoe Resources’ lack of respect for communities that have peacefully and democratically expressed their opposition to its Escobal mine in southeastern Guatemala, and a campaign of persecution through unfounded legal cases, violent incidents and militarization.

….The article about Tahoe Resources further describes how the company was granted a permit to put the mine into operation with disregard for over 200 individual complaints submitted against the license on the basis of environmental concerns. The officials responsible for this decision resigned in mid-2015 over serious allegations of corruption.

As we can see, the disinvestment of Tahoe Resources by two large European Funds should be a WARNING to investors that things may not be ROSEY for the company going forward.

Please understand, I am not only painting a negative picture for Tahoe, but rather providing additional information that seems to be missing from the Mainstream press. Thus, investors are making decisions without the COMPLETE information or story.

To be honest, as a silver analyst, I like the Escobal Mine’s performance. It is one of the most profitable primary silver mines in the world. However, I view this performance in a vacuum. By that, I mean based on the production and financial data alone. If we include the public and environmental issues, the Escobal Mine seems to be a very BAD DEAL for many of the local people that live adjacent to the mine.

I believe the suspension of Tahoe’s Escobal Mine by the Guatemalan Supreme Court may open a CAN OF WORMS that many individuals or companies invested in Tahoe do not realize or understand.

On the other hand, Tahoe might be able to work with the local people and Guatemalan government to resume operations. That being said, investors need to understand that the Escobal primary silver mine is a much HIGHER RISK than other silver mining companies. So, it would be wise to learn as much as one can before making a longer term investment in the company.

 

[monotonic]

I found a silver quarter from 1964 once. They have a striking ring to them.

 

[Ca.]

Credit Suisse, Wells Fargo To Cut 'Hundreds Of Jobs' As Shares Slump
11/15/2018 - 14:50

Given that the Swiss bank's shares have fallen 40% since CEO Tidjane Thiam took over Credit Suisse three-and-a-half years ago, the fact that he has managed to hang on is a small miracle. But with shareholders growing ever more anxious as CS's shares have slumped nearly 30% YTD, the embattled CEO is now taking a page out of Wells Fargo's book and resorting to a tried-and-true strategy for boosting profits: Staff cuts.

Ahead of an investor day set for next month, Thiam is expanding his yearslong drive to cut costs by announcing possibly hundreds of job cuts, with some of the dismissals potentially beginning before the end of the year. The dismissals, Bloomberg said, will help the bank achieve its 2019 expense targets. Amazingly, while the bank's struggling trading business won't be effected, the cuts could come from its International Wealth Management and Swiss Universal Bank businesses, which have historically been money-makers for the bank. More confusing still, Thiam has said he doesn't plan to cut any more trading jobs, while acknowledging that wealth management has been a money maker for the bank.

In a separate report, Wells confirmed that it's planning to cut 1,000 jobs in the US, including 400 workers in Des Moines, Iowa, according to the Des Moines Register.

Thiam's decision to raise billions of francs in capital by offering new shares hasn't helped the banks' shares, and the volpocalypse blowup that killed XIV (which CS created) in February stoked fears of lawsuit-related payouts (despite being the largest shareholder of the ETN, the bank has insisted that it had been 'completely hedged').

But Thiam, who has cut some $4 billion of costs since the bank's "restructuring" began in 2015, will still need to explain to investors next month how he plans to boost revenues as his pivot to emerging markets and wealth management has produced only tepid returns.

If Thiam doesn't figure it out soon, he could be the next CS employee to pack all of his stuff into a cardboard box and turn in his security pass.

Iran Hangs Gold Coin ‘Sultan’ in Crackdown After U.S. Sanctions
https://www.bloomberg.com/news/articles/2018-11-14/as-sanctions-hit-iran-executes-gold-currency-speculators
November 14, 2018,
Iran executed a gold dealer known as the “Sultan of Coins,” in a warning to merchants not to exploit the country’s financial troubles as U.S. sanctions squeeze the economy.

Vahid Mazloumin was sentenced to death in October after being accused by Iranian authorities of contributing to price hikes by hoarding gold. His assistant, Mohammad Esmail Qassemi, was also hanged early Wednesday, state-run Iranian Students News Agency said.

The very specter of sanctions, even before they were resumed in August, plunged the Iranian currency market into turmoil and sent the rial plummeting about 70 percent against the dollar, fueling a surge in prices and encouraging illegal trading.

Mazloumin didn’t hold a permit to trade gold and foreign currency, yet had formed the largest illegal network in that area, according to state-run Fars news agency. He instructed his team to corner the gold coin market to resell at higher prices, amassing about 2 tons of them, local media said.

Authorities have vowed the nation will weather the bruising U.S. measures against Iran’s energy, banking, automotive and gold sectors, without elaborating how. In an effort to restore calm and project a sense of order, they’ve repeatedly threatened to take harsh measures against anyone “disrupting the economy” while promising to provide assistance to the poor.

On Tuesday, Tehran police said security forces had arrested about 130 illegal currency traders in recent days.

To lessen the pain of rising prices, President Hassan Rouhani’s government is providing benefits for the neediest to help pay for food packages that include meat, cooking oil and dairy. Parviz Fatah, who heads the state-controlled Imam Khomeini Relief Foundation, said the program will initially reach 2.7 million Iranians after its launch on Tuesday.

Supreme Leader Ayatollah Ali Khamenei said in a speech on Wednesday that Iran “can solve its economic problems by correctly using its domestic resources.”

(Updates with food benefits in penultimate paragraph, Khamenei in last.)

https://twitter.com/x/status/1057362022210387968

In terms of total ounces, gold bullion transfers between members of the London Bullion Market Association were maintained at the same level in September as in August, while silver transfers are reported to have increased 8.7 percent.

A consortium of LBMA members help establish the criteria for setting the daily spot prices for precious metals.

The LBMA reports clearing data monthly that exhibit the net volume of gold and silver transferred between member accounts, offering insights into the level of trading activity.

A total of 18.9 million ounces of gold was transferred between LBMA member accounts in September, the same total reported for August.

The total of 2,662 gold transfers in September was down 8.4 percent from August, but the average transfer, 7,091 ounces, was up 8.7 percent in September from August activity. The market value of the September gold transfers was $22.6 billion.

Year on year, the September 2018 gold transfers were down from 22.1 million ounces in September 2017.

Silver transfers

The transfer of silver bullion between accounts in September climbed 20.6 percent over August, reaching 218 million ounces. The value of the September silver transfers totaled $3.11 billion, up 14.6 percent.

While the number of silver transfers at 817 was down 9.1 percent from August, the number of ounces cleared per transfer was 266,990 ounces, a 32.6 percent increase.

The gold/silver ratio measures how many ounces of silver would be required to buy an ounce of gold, with a large number reflecting outperformance by gold prices, according to the LBMA.

The gold/silver ratio in September 2018 hit a record high of 84, up from 80.1 in August.

Year on year, silver transfers in September 2018 were down from 225.4 million ounces in September 2017.

https://twitter.com/x/status/1062873327491014656

The World Gold Council reports that global demand for gold reached 964.3 metric tons during the third quarter of 2018, 6.2 metric tonnes higher than the same period in 2017.

Stronger gold buying was exercised by central banks adding to their national reserves. A 13 percent rise in consumer demand for the yellow precious metal helped offset large selloffs of gold from exchange-traded funds, according to the WGC.

Central bank buying witnessed demand climb 22 precent from the same quarter in 2017 to 148.4 metric tonnes, “the highest level of quarterly net purchases since 2015,” according to the WGC.

The WGC indicates demand for gold bars and gold during the third quarter of 2018 reached 195 metric tonnes, compared with 246 metric tonnes in the third quarter of 2017.

Global jewelry demand increased by 6 percent to 536 metric tonnes, from 506 metric tonnes in the same period in 2017.

https://twitter.com/x/status/1059853446717865985

Peruvian gold mine reports record production month
Canadian-based Inca One Gold Corp. yields 3,032 ounces of gold in September
September’s production of 3,032 ounces of gold in Peru by Inca One Gold Corp. was a record monthly total for the Canadian-based precious metals processing firm.

Based in Vancouver, British Columbia, Inca Gold One Corp.’s mineral processing operations produce gold and silver by processing minerals purchased from Peru.

Peru is the sixth largest producer of gold in the world and the Peruvian government estimates the small-scale mining sector accounts for a significant portion of all Peruvian gold production, estimated to be valued at approximately $3 billion in U.S. funds annually, according to Inca One Gold.

Inca One Gold Corp. purchases its minerals from government registered small-scale mining producers from various regions and processes it at its Chala One and Kori One milling facilities located in Arequipa, in southern Peru.

Inca One Gold recently announced consolidated gold production for September 2018 from its Chala One Plant (Chala One) and its recently acquired Koricancha Plant (Kori One).

All comparative production numbers relate only to Chala One.

Gold production reached 3,032 ounces as compared to 889 ounces in September 2017, an increase of 241 percent year-over-year and an increase of 100 percent from the prior month of August 2018 at 1,513 ounces.

The two processing plants combined processed 5,976 metric tonnes of gold-bearing material, an increase of 304 percent year over year and an increase of 89 percent from August 2018’s 3,170 metric tonnes.

Inca One Gold’s president and CEO, Edward Kelly, said, “We are extremely pleased to report, for the first time, the consolidated production numbers from our two processing plants. These figures will provide a new baseline for comparative purposes as we begin to scale our business. The synergies of having two highly optimized and integrated plants situated close to each other have already allowed for substantial efficiencies and cost savings. We have immediately doubled our output, are operating at a robust 200 TPD [metric tonnes per day] and have excess capacity of an additional 250 TPD [metric tonnes per day] available to us. This should translate to significant and continued positive cash flows as we scale up over the next few quarters.”

Inca One Gold Corp.’s detailed presentation on gold process operations can be read here.

https://twitter.com/x/status/1055127306157613058

China maintaining dominance in gold production
Nation continues to top South Africa as largest gold producer
While China’s gold mining industry is one of the largest in the world, a key Chinese official believes the country’s position could become even more dominant.

Zhang Yongtao, vice chairman and secretary general of the China Gold Association, suggests more dominance can be achieved by increased expansion globally in addition to exploiting mining opportunities at home.

The association reports that by the end of calendar year 2017, China had identified gold resources and reserves of 13,195.6 metric tonnes.

In 2007, China supplanted South Africa as the world’s largest gold producer and has maintained that ranking for 11 consecutive years. China produced 426.14 metric tonnes of gold in 2017, or just over 13 percent of the global market supply.

Almost 400 gold mining companies manage exploration and production activities in 3,389 gold mining areas across China alone.

Of the nearly 400 mining concerns, the top 13 combined produce 59.77 precent and 41.04 percent, respectively, of the nation’s finished gold and mined gold output.

The top four concerns — China National Gold Group (“China Gold”), Shandong Gold, Zijin Mining Group and Shandong Zhaojin Group — are particularly dominant, according to the China Gold Association.

According to Zhang Yongtao, “Gold mines are concentrated in the east of the country; most are small to medium sized and grades are comparatively high. Technological breakthroughs have also paved the way for deep prospecting, delivering further increases in reserves. Today, new gold reserves in the Jiaodong area of Shandong province amount to 1,840 metric tonnes, while identified gold reserves total nearly 4,000 metric tonnes.”

Zhang Yongtao reports through the World Gold Council that Chinese concerns have increased their importation of raw materials and expanded their presence beyond China.

In 2017, according to Zhang Yongtao, “China imported gold raw materials of 854,150 metric tonnes, with a value of $1.7 billion US, including the purchase of precious metal ore sands and concentrates from 55 regions and countries — 19 of these countries are within the ‘Belt and Road’ initiative area.”

“Overseas investment has been building steadily as well,” he continued. “Chinese gold companies have made international investments of nearly $4 billion US since 2011, boosting their gold reserves by more than 800 metric tonnes. Looking ahead, more such investments are expected. A quick glance across the industry highlights this trend.”

https://twitter.com/x/status/1063174961563664384

 

[Ca.]

https://twitter.com/x/status/1064024626005725184

https://twitter.com/x/status/1063806291922042880

Base Metals Weekly Round-Up: Green Lights, Bans and Discoveries | INN
Scott Tibballs - November 16th, 2018
This week was all about copper, from steps backward and forward for miners in the Democratic Republic of Congo to milestones in Romania.

https://twitter.com/x/status/1064480304230936576

Russia’s federal budget revenues were RUB15.8 trillion ($233bn) in January-October 2018, exceeded expenditures of RUB12.78 trillion by RUB3.02 trillion ($44.1bn) handing the government a surplus of 3.6% of GDP, the Ministry of Finance reported on November 13. The primary surplus, that excludes the cost of servicing public debt, was even higher at 4.5% of GDP.

Russia started this year expecting a budget deficit of 1.3% of GDP, but with the unexpected strong performance of oil prices the situation with Russia’s public finances improved dramatically. Oil prices averaged about $65 per barrel in the first quarter, against the budget assumption for this year of $40, and grew to an average of about $75 in the second quarter, topping $80 on occasion in the third quarter. However, this week a stand off between the US and Saudi Arabia shook markets and oil prices fell below $65 for the first time since March this year on November 13. Nevertheless, with sanctions back in place on Iran analysts speculate that $100 oil is possible soon.

The Russian treasury’s revenues have been growing all year long at an accelerating pace, primarily due to this rise in oil prices. Oil and gas revenues met 99.8% of the budget plan for the whole year after only the first ten months.

The last time the federal budget was in a headline surplus was in 2011 when revenues exceeded expenditures by RUB442bn.

All oil revenues in excess of $40.8 per barrel are sterilized and sent to the National Welfare Fund (NWF), which accumulated RUB3.55 trillion as of November 1 and is expected to reach at least RUB4 trillion by the end of this year.

At the start of this year the government exhausted the old rainy-day fund, the Reserve Fund, and retasked the NWF from paying future pension contributions to general budget support. At the start of this year the Ministry of Finance speculated that the NWF could be exhausted as well this year or next year unless Russia’s economic situation improved.

Even with the accumulation of new reserves in the NWF and the higher than expected oil revenues, the Ministry of Finance remains extremely reluctant to increase the cut off oil price for the budget rule from $40 that would spur more badly needed economic growth.

Former Finance Minister and co-head of the presidential council Alexei Kudrin has been calling for the threshold to be increased to $45. However, the liberal forces in charge of Russia’s economic and fiscal policies are erring on the side of extreme caution, preferring to build up the reserve fund cushion in the good times at the cost of slower growth, rather than gamble with less reserves while chasing faster growth. Ironically it was Kudrin himself that initiated this policy while he was Finance Minister.

Russia fine with oil price of around $70 per barrel, says Putin
November 15, 13:06 UTC+3
SINGAPORE, November 15. /TASS/. Russia is fine with the oil price of around $70 per barrel, President Vladimir Putin told a press conference on Thursday.

"A reasonable price both for producers and consumers is needed," he said. "What we are having now, what has been recently - around $70 (per barrel) - is just fine for us," Putin added.

According to President, the Russian budget relies on the price of Brent crude oil of $40 per barrel. "That allows us to feel comfortable, work calmly, stably, achieve very good results that influence macroeconomic indicators," he said.

https://twitter.com/x/status/1063091707833696256

Rosneft is fine with any level of oil prices, chief executive Igor Sechin told Kommersant radio station as quoted by news agency TASS.

"We manage risks. If prices fall, we will work on increasing our market share," Sechin said, adding that if prices continued their current slide, Rosneft would focus on maintaining and expanding its market share.

"In fact,” Sechin said, “the first important thing is to maintain market prices. Secondly, this needs to be discussed. I think that the period of time until March 31 will be devoted to preparing universal solutions, not just manual control."

Separately, Sechin told media in Singapore that the oil market was already adjusting to the Iran sanctions, Reuters reported earlier this week, quoting Sechin as saying it would be “silly” to make any price forecasts at the moment when it was uncertain what Washington’s next moves against Tehran would be and what steps other large oil producers would take to mitigate any adverse effects from these moves.

Meanwhile, however, Rosneft is having its own sanction troubles. With U.S. legislators preparing more sanctions against Moscow and state-owned entities, Rosneft is trying to persuade oil trading houses to take on themselves the risk of failed payments because of sanctions. Reuters reported that the company wanted to renegotiate the terms of its contracts with commodity traders and include penalties in case of failed payments next year.

“No sanctions ... shall terminate or amend any obligations of the parties stated by the contract,” a tender document that Reuters saw stated. One trading house, however, has refused to renegotiate the terms of its existing deal with Rosneft, a source from the house told Reuters.

Other Russian oil producers are doing this as well, and are arguing in favor of a currency switch for these payments from the greenback to the euro. By Irina Slav for Oilprice.com

 

[Ca.]

LBMA moving toward daily reporting of gold and silver turnover by end of February
By Paul Gilkes, Coin World Published : 12/21/18

The London Bullion Market Association is moving toward reporting the average turnover of gold and silver daily. The current average is provided weekly.

“This is an exciting moment for transparency in the Global OTC [Over the Counter] Market, with the next chapter to include publication of data for platinum and palladium, says the LBMA’s chief executive officer, Ruth Crowell.

The daily reporting of data is expected sometine during the latter part of February, based on the LBMA’s timetable.

According to the LBMA on Nov. 20, the daily average of turnover for gold totaled $36.9 billion and $5.2 billion for silver.

According to the LBMA, “These numbers represent all LBMA Market Makers’ and some Full Members’ share of the Loco London and Loco Zurich OTC markets. Data is currently displayed as an average over a business calendar week, and will be released each Tuesday for the previous week.”

“Loco London” reflects gold and silver bullion that is physically held in London. The totals represent Good Delivery bullion products that meet LBMA standards.

https://twitter.com/x/status/1078093614507540480

https://twitter.com/x/status/1078033212742488064

Good buy, if one can find them. IMHO!

Russia honors first human space walker with commemorative coin
DATED-Published : 04/27/15 Video / 2:00

Russian cosmonaut Aleksey (or Alexey) Leonov made history March 18, 1965, with a 12 minute, 9 second spacewalk.

He was the first ever person to make a walk in space, and he almost didn’t make it back. At the end of his spacewalk, his suit had inflated so much he could not return through the airlock, so he had to open a valve to release pressure, and he was barely able to get back inside the capsule.

Today, he is the last surviving cosmonaut from the Voskhod missions, and as of April 20, he appears on a commemorative coin from Russia.

The Central Bank of Russia announced the issue of a Proof .925 fine silver 3 ruble coin to celebrate the 50th anniversary of his spacewalk.

The coin shows Leonov on the reverse, floating in space but tethered to the Voskhod 3KD craft.

The earth appears in color in the scene below, and the sun is in the distant horizon. Inscriptions on this side translate to “The 50th anniversary of the first man to walk in space.”

The obverse of the coin depicts the emblem of the Bank of Russia, the two-headed eagle, with various inscriptions in Russian indicating the year of issue, denomination, metal fineness and alloy, as well as the Mint mark of the Saint Petersburg Mint, which struck the coins.

The coin weighs 31.1 grams and measures 39 millimeters in diameter. It has a mintage limit of 5,000 pieces.

Collectors interested in obtaining this coin will have to search the secondary market.

https://twitter.com/x/status/1077730794620272641

https://twitter.com/x/status/1076281221917954050

 

[Ca.]

Something Big Going Down – JP Morgan Cornering Silver Market, For Whom? w/ Andy Schectman | Miles Franklin
Miles Franklin by Andy Schectman | Jan 2, 2019 |

Published on Dec 19, 2018 10:10 / 49:22

Andy Schectman, President of Miles Franklin, rejoins the show to discuss the obvious out of whack conditions that are hitting the silver market. Not only are the prices below cost to quarry, but silver is also being hoarded by the most sophisticated traders in the world. In particular, JP Morgan has accumulated a mass hoard that is 10 times the size of the stash attempted by the Hunt Brothers before they were forced by authorities to stop purchasing. So why has JP Morgan been allowed to buy at these levels, obviously cornering the market? Schectman and I dig into this issue and other anomalies in the market by (Sarah Westall)

https://twitter.com/x/status/1080447370469523457

Global demand for platinum projected to climb in 2019
By Paul Gilkes / Coin World Published : 01/01/19
Report suggests smaller surplus of the metal compared to 2018 levels

The platinum market worldwide in 2019 is projected to experience a lower surplus for the metal than forecast for 2018 because of overall increases in demand to meet the supply, according to the World Platinum Investment Council (WPIC).

According to the WPIC, “2019 demand growth will be driven mainly by chemical and petroleum demand reflecting economic growth, and a doubling in investment demand as a rebound in exchange-traded-funds adds to robust bar and coin demand.”

he WPIC’s latest assessments of 2018 suggest a drop in mine supply of 1 percent from 2017, to 6,080,000 ounces, with increases in output from South Africa facilities offset by production reductions in Russia and Zimbabwe. North American production was expected to remain steady at 365,000 ounces.

Global investment in platinum is estimated at 125,000 ounces in 2018, according the WPIC’s latest projections.

“The low platinum price has maintained Japanese investors’ buying interest in platinum bars, and with the U.S. Mint raising the mintage of platinum American Eagle bullion coins, bar and coin demand is expected to improve somewhat from 2017,” according to the WPIC’s analysis. “However, with a small drop in exchange stocks likely and with ETF holdings now looking set to fall this year, the forecast for global platinum investment has been revised down to 125,000 ounces.”

The complete detailed platinum quarterly report for the third quarter of 2018 is found here.

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https://twitter.com/x/status/1079520013432836097

Highland Gold completes acquisition of Valunisty mine in Chukotka
December 31, 2018, 11:17 UTC+3
In spring 2018, Highland Gold announced its intention to purchase from the Cyprus-based Aristus Holdings three gold-bearing assets in Chukotka
MOSCOW, December 31. /TASS/. Russia’s gold miner Highland Gold announced on Monday it has completed the acquisition of the Valunisty mine in Chukotka, Russia’s Far East.
"Highland Gold Mining Limited ("Highland Gold" or the "Company", AIM: HGM) today reports that, further to its announcement on 20 December 2018, it has completed the acquisition of the Valunisty mine and related companies from Aristus Holdings Limited ("Aristus") after receiving confirmation of the legal transfer of ownership of the assets being acquired," the company said in a statement on its website.

The company issued 38,621,343 ordinary shares of Ј0.001 each to Aristus.

In spring 2018, Highland Gold announced its intention to purchase from the Cyprus-based Aristus Holdings (owned by Millhouse of Roman Abramovich and his partners) three gold-bearing assets in Chukotka. The deal price was $91 mln.

Operations of Highland Gold are located around three main hubs in the Khabarovsk, Zabaikalsky and Chukotka regions of Russia, as well as in Kyrgyzstan in Central Asia. The company currently has three operating mines, three development projects, and three exploration properties. Main shareholders are Eugene Shvidler (12.6%), Prosperity Capital Management (9.8%), Roman Abramovich (8%).

Nornickel inks deal to support North’s indigenous ethnic minorities
December 25, 2018, 17:10 UTC+3
Nornickel signed an agreement with Russia’s Federal Agency for Nations Affairs on cooperation in support for the North’s low-numbered indigenous peoples
MOSCOW, December 25. /TASS/. Nornickel (the Norilsk Nickel Company) signed an agreement with Russia’s Federal Agency for Nations Affairs (FADN) on cooperation in support for the North’s low-numbered indigenous peoples, who live in the areas, where the company works, Nornickel’s Vice President Vladislav Gasumyanov said at the ceremony of signing on Tuesday.

"By signing this agreement, the company confirms it follows the route of public-private partnership in the sensitive sphere like sustainable development of the low-numbered indigenous peoples and the areas where they live," he said. "I am adamant, by joint efforts we shall offer new systems of support for the North’s low-numbered indigenous peoples."

The cooperation between Nornickel and the federal authority is aimed at raising the living standards for the indigenous peoples, living in areas, where the company is working. The parties will address jointly problems of the local communities, including those related to education, the company’s press service said.

Nornickel is a diversified mining and metallurgical company, the world’s leading producer of nickel and palladium, a leading producer of platinum, cobalt, copper and rhodium. The company also produces gold, silver, iridium, osmium, selenium, ruthenium and tellurium. Nornickel is involved in exploration, production, enrichment and processing, as well as production and sale of non-ferrous and precious metals.

 

[Gwenllian]

Although this thread deals with the financial advantages of gold (or not) gold seems to have health benefits as well. I was thinking of an old friend of mine who was suffering all kinds of health issues and who received injections with gold in line with anthroposophic medicines.

Apparently, wearing gold might also have some health benefits like improved circulation and immunity?

If a person took pure gold (24-karat gold) and put it on an area of infection or a sore spot, it is said that it will help heal the wound and control infection. Moreover, in olden times, it was considered that gold possessed an energy that brought warm, soothing vibrations to the body to aid healing, for when the body relaxes and the blood vessels in the cells aren’t as constricted, blood can move through the tissue spaces more easily.

Here is an article about colloidal gold:

Unlike colloidal silver, colloidal gold is not considered an antiseptic. Instead, nano-particles of gold offer protection against auto-immune disease and cancer rather than infectious disease.
[...]
Gold has been used historically to treat digestive disorders, circulatory problems, depression, obesity, and burns. It is a catalyst for endorphin-like hormones as well as the mitochondrial antioxidant enzyme superoxide-dismutase (SOD). Lately, nano-particle gold has even demonstrated anti-tumor/cancer activity.

Gold nanoparticles are also used in cancer treatments (lymphoma) with good results, according to OncologyNurseAdvisor:

Gold nanoparticles kill lymphoma without chemotherapy - Oncology Nurse Advisor

Lymphoma can be starved to death by depriving it of what appears to be a favorite food: HDL cholesterol. A new nanoparticle appears to the cancerous lymphoma cell like a preferred meal of natural HDL.

www.oncologynurseadvisor.com

Edit: added a quote

 

[Yupo]

I think the easiest way to buy and sell gold is through individuals, for the melt price. You'll need a digital scale and a test kit. There are coins for sale out there. There is also some 22K and 24K jewelry. Small purchases here and there can add up. Obviously, deal with someone you know and trust. Any time I've tried to sell through a dealer, that person wants a 20-30% cut. You can go through yard sales and thrift shops to find unrecognized gold odds and ends, then either sell that to or have it processed by a melter. I have a relative that lets me look through his yard sale pickings before he sends a pile off to be melted or sold on eBay.
18K is 75% gold, 14K 58%.

 

[Yupo]

I think it a good idea to wear or carry some piece of decent gold at all times. It has served to get people across borders. You never know when it will come in handy to have (literally) on hand. For example, right now, if it is in a safe deposit box at the bank, I can't get to it here in NC because only employees can enter the building (because C-19). Think on that. My thinking is that since most anyone in their right mind would like to have some Gold (especially for free) it might be a very useful bargaining chip to use in the near future to influence certain unwelcome and intrusive encounters to go a way most in your best interest. This is done by appealing to someone else's best interest. I give some thought to the appearance of what is worn or carried for such purpose. No one should be able really to see it until displayed.
Another thing that can be done, mainly with coins, is to paint them with quality artist grade acrylic. They can look like plastic junk, ceramic, enamel or most anything this way. The paint is easily peeled off. Anyway, you can hang the coin in a bezel on a junk chain, sew it under a belt, whatever.

 

[michaelrc]

I think it a good idea to wear or carry some piece of decent gold at all times. It has served to get people across borders. You never know when it will come in handy to have (literally) on hand. For example, right now, if it is in a safe deposit box at the bank, I can't get to it here in NC because only employees can enter the building (because C-19). Think on that. My thinking is that since most anyone in their right mind would like to have some Gold (especially for free) it might be a very useful bargaining chip to use in the near future to influence certain unwelcome and intrusive encounters to go a way most in your best interest. This is done by appealing to someone else's best interest. I give some thought to the appearance of what is worn or carried for such purpose. No one should be able really to see it until displayed.
Another thing that can be done, mainly with coins, is to paint them with quality artist grade acrylic. They can look like plastic junk, ceramic, enamel or most anything this way. The paint is easily peeled off. Anyway, you can hang the coin in a bezel on a junk chain, sew it under a belt, whatever.

Gold is taking a beating today, watching and waiting.

Gold one Oz

1,863.30Bid

1,864.40Ask

High: 1,895.20Low: 1,854.20

-36.80-1.94%

/charts/livegold.html - Google Suche

www.google.com

 

[BHelmet]

Some ancient gold coins that were from before 1000 AD were recently found. Aside from the value associated with their rarity, they are still worth their intrinsic weight in gold. How many paper currencies have gone to zero through that time frame? At the end of the day, fiat paper is just paper but gold is still gold.

 

[Menna]

It’s a store of value that can bring more % in a positive direction than a bank account and is a universal currency...Important traits in the money world

 

[Mike]

This is looks like it could be pretty big news for gold and many other things, if the rule change actually is implement as is being talked about, since the following on impacts of ending the gold price manipulation are pretty huge, especially all the is going on with inflation, supply chain issues, etc imo... The BIS had this change of policy/rule change hanging out there for some time. Now it looks like the trigger might be being pulled on the fake economic collapse, since this change looks like it would effectively end the manipulation of the gold price sometime after it is implemented.

We Are at the Top of the Bubble – Alasdair Macleod | Greg Hunter’s USAWatchdog

By Greg Hunter’s USAWatchdog.com Finance and economic expert Alasdair Macleod says a new rule change at the Bank of International Settlements (BIS), aka the central bank of central bankers, is going to help drive the price of gold and many other commodities higher. The new rule is called “Net...

usawatchdog.com

We Are at the Top of the Bubble – Alasdair Macleod
By Greg Hunter’s USAWatchdog.com
Finance and economic expert Alasdair Macleod says a new rule change at the Bank of International Settlements (BIS), aka the central bank of central bankers, is going to help drive the price of gold and many other commodities higher. The new rule is called “Net Stable Funding Requirement” (NSFR). It goes into effect by the end of June in Europe and by the end of the year in the UK where the London Bullion Market Association (LBMA) operates the biggest gold trading platform in the world. The short story is this new BIS rule is going to stop paper contracts from conjuring supply of gold, silver and many other commodities out of thin air. Macleod says, “That’s what they do, and that is what is going to be stopped. For a long time . . . I think the American government has encouraged the growth of paper alternatives to gold in order to take demand away from the real stuff. . . .They said to the Bank of International Settlements that we can’t have another Lehman Brothers. So, what’s happened? They have come up with regulations to help insure we won’t have another Lehman. . . . I think the real big, big change is going to be in the second half of this year.”

Macleod says couple this BIS rule change along with the out-of-control global spending and coming inflation and you have the perfect predictable storm. Macleod says, “With these two things coming together, only one thing can happen. The dollar goes down and down and down. Also, people are going to be frightened and think we have no gold . . . they are going to go out and try to buy gold. It’s going to be like squeezing a bar of soap in the bath, it will just shoot up. I can’t see any other outcome than that. . . . Look at what is happening with the BIS and the new regulations that they are bringing in. From the gold point of view, you’ve got a falling dollar and you have sudden demand for gold being unleashed that was previously happy to sit in a bank on an unallocated basis.”

Macleod also says, “This has gotten to a point where we can’t go any further. We are at the top of the bubble. What happens when this market tops out? The dollar goes with it.”

Macleod predicts big corrections in bonds and stocks along with the dollar because despite what you are hearing, Macleod says, “Look at the fundamentals in the economy. They are talking about economic recovery, but . . . look at all the shops that are closed and never to be reopened. This is not a healthy economy. This is a very bad economy. The reason why prices are rising is you’ve got all this money being put into the consumers’ hands. This is the middle class here, and they are spending this money, and where is the production to satisfy the spending? It’s not there, it’s closed down. . . . There is no solution. We are getting to the point that there is actually no exit from this mess.”

Also, this is an interested take. If I remember right, Price, the author, is one of the most respected people in the alternative precious metals world:

Gold Prices

One Story at a Time

www.gold-prices.biz

On April 6, 2021, the website "Russia Today" made an announcement: (Putin poised to set out vision for future in dramatic speech, in what allies say will be ‘world’s most important political event’).

"Putin poised to set out vision for future in dramatic speech, in what allies say will be the 'world's most important political event'"

However, it turned out that Putin did not set out any vision for the future, in any dramatic speech, and "The world's most important political event" did not take place.

What has been going on?

In my opinion, there is only one explanation for this odd situation: Putin was threatening to restore gold backing for the Russian Ruble and for the Chinese Yuan, and this scared the living daylight out of the BIS, the Bank for International Settlements of Basel, Switzerland, which caved in to the pressure from Russia and its ally, China.

As a result of Putin's threat, this May the BIS advised that it was implementing new rules to govern international banks, regarding the presentation of amounts of gold which they hold, which are no longer to include "unallocated gold".

It has been the operations with "unallocated gold" i.e. "mythical gold" which have allowed the most important banks of Britain and the US to control and suppress a market price for gold. Under the new rules which are to be presented in full on June 28 of this year, the price of gold will no longer be subject to manipulation on the part of the US and the UK, because the most important banks of these countries will no longer be able to count on "unallocated" - i.e. non-existent gold - for their collusion regarding price control of the metal.

Russia and its ally, China, have thus cancelled the power of the US and UK to keep the price of gold in a "deep freeze" for so many years.

Nobody knows how high the price of gold will be after June 28, but the higher it goes, the lower goes the international value of the Dollar, and of other national currencies that are linked to the Dollar, through the concentration of their Reserves in Dollars.

The enormous US imports of Chinese goods will have to fall to a trickle. And that reduction - the result of a return to economic reality - will decimate the standard of living of Americans.

A New Age, imposed by Russia and China, will begin on June 28, 2021, as gold regains its age-old function as MONEY.

 

[on_strike_usaexpat]

SOTT Editors, this really deserves a link to the wider audience. I know the gold bug crowd have been wrong about their predictions for the past couple of decades, but this time really may be different (from my discernment).