Newjerk? can you try harder than dig up another person's blog. My first promo was with Billabong and my name in English is modified with a T, am Perth born but also lived in Sydney to make my $$ It's Absolutely Fabulous if it includes brilliant locations, & high calibre tenants..what more does one want? Understand the power of the two "P"" or be financially challenged Even better when there is family who are property mad and one is born in some entitlements.....Understand that beautiful women are the exhibitionists we crave attention, whilst hot blooded men are the voyeurs ... A stunning woman can command and takes pleasure in being noticed. Seems not too many understand what it means to hold and own props and get threatened by those who do. Banks are considered to be law abiding and & rather boring places yeah not true . A bank balance sheet will show capital is dwarfed by their liabilities this means when a portions of loans is falling its problems for the bank.
US gold miner Newmont has made heavy write-offs against its Australian mines - Boddington and Tanami - totalling $US1.5 billion ($1.62 billion) following the slump in the gold price.
The group is in the process of cutting its global workforce by a third as it seeks to ensure it can survive with the downturn.
Locally, 38 jobs were cut at the regional head office in Perth in June, with 29 cut at the Tanami mine since the end of June, and 27 cut at Boddington over the past fortnight.
A further 80 jobs are to be cut at Boddington by the end of September, a spokesman for the company said this afternoon. These cuts do not include further positions cut by contractors.
“All our operations are actively reviewing costs in response to a lower gold price/higher cost environment," Newmont said in a statement. "We expect this may result in a reduced scope of work in some areas and a possible reduction in employees and contractors.
“Rising costs ... and continued volatility in metal prices only reinforces the need to run our operations as safely and efficiently as possible to ensure success in any commodity cycle."
The write-offs, which total $US1.8 billion globally, come as other global gold miners such as Goldcorp and Newcrest have also made heavy write-offs and provisions against some of their higher cost mines amid pessimism over the near term outlook for the gold price.
It is. Except gold is in increased supply and has lower demand. That why its more than 20% down this year.
Are you differentiating between GLD & physical here?
Lower demand? Around the world people are lining up to buy physical.
Many central banks are net buyers.
Gold is in backwardation which suggests physical shortages.
Increased supply? Are we talking paper gold or physical onto the market? Its rumoured the B o E released 1300 tonnes onto the market to dampen the price so that may account for the supply increase.
Spot gold has gained 11 per cent since June 27 when it was at $US1200.65. At 0758 AEST bullion was up US cents 65 to $US1333.95, according to Bloomberg data, up from $US1333.30 Friday. The share prices of gold miners have shown even greater gains.
The stock of Newcrest, Australia’s biggest gold miner, has risen 33 per cent since June 25, when it was at levels not seen since 2003, at $9.06 according to Bloomberg. Meanwhile, Medusa Mining has gained 53 per cent since a June 25 share price of $1.265. Resolute Mining is up 47 per cent since July 9, when its share price was 52.5 cents, and Perseus Mining has added 34 per cent since June 28.
It’s not hard to see why gold has not lost its allure. Earlier this month the International Monetary Fund said it expects the world economy to grow more slowly that it previously forecast. The IMF now thinks global growth will be 3.1 per cent this year. Moreover, the IMF notes, financial market volatility has increased, especially in May and June. That may be good news for traders but not for those who wish to pin their flags with some degree of certainty to an asset they think may be able to weather such financial storms.
Enter gold. Damien Boey, Credit Suisse’s Australian strategist, says bullion continues to keep its shine because investor sentiment remains extremely nervous. There is no evidence, based on their own subjective experience, to believe government pronouncements the economy is getting better, says Boey. Every week there seems to be news of job losses, including at gold miners.
Last week Newmont, the world’s second-biggest gold miner, said it will get rid of about 80 jobs from a workforce of 1,870 at its Boddington mine in Western Australia. The Colorado company reported a second-quarter loss after taking a $US1.77 billion writedown on the value of its two Australian mines and stockpiles. Gold miners have announced at least $US15 billion in writedowns in the past two months, according to Bloomberg. Newmont wants to reduce its workforce by a third. Investor sentiment and gold company sentiment on bullion could not be further apart.
It is. Except gold is in increased supply and has lower demand. That why its more than 20% down this year.
Are you differentiating between GLD & physical here?
Lower demand? Around the world people are lining up to buy physical.
Increased supply? Are we talking paper gold or physical onto the market?.
Don't worry about timmy, no one listens to him around here. He's just bitter that home prices havent doubled in 10 years like they promised him at the seminar. Gold is holding nicely above it's lows now and is poised for a big runup as more people wakeup to the fact that paper assets will not give them the retirement they believed was their birthright. Unfortunately many will buy as it approaches it's peak and then get wiped out.
Shadow was hopelessly wrong about the Gold Bull Market. What else is he wrong about?
Newjerk? can you try harder than dig up another person's blog. My first promo was with Billabong and my name in English is modified with a T, am Perth born but also lived in Sydney to make my $$ It's Absolutely Fabulous if it includes brilliant locations, & high calibre tenants..what more does one want? Understand the power of the two "P"" or be financially challenged Even better when there is family who are property mad and one is born in some entitlements.....Understand that beautiful women are the exhibitionists we crave attention, whilst hot blooded men are the voyeurs ... A stunning woman can command and takes pleasure in being noticed. Seems not too many understand what it means to hold and own props and get threatened by those who do. Banks are considered to be law abiding and & rather boring places yeah not true . A bank balance sheet will show capital is dwarfed by their liabilities this means when a portions of loans is falling its problems for the bank.
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