(CEY) Centamin
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| Wed 16:44 | ||||
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There is nothing Dickensian about a 12 hour shift pattern. Such patterns are common in the UK and elsewhere. A lot of workers like the free time which a 4-on 4-off gives them. I know I did when I worked those shifts myself for 3 years. In fact, it's hard to adjust back to 5-on 2-off.
.............. I would presume that these workers while they live on site have families who live elsewhere - as we know Sukhari is somewhat remote and there are no major (or even minor) centres of population nearby therefore I assume most if not all workers are bussed in. A four day shift allows them to work for four days and potentially spend up to four days with their families elsewhere in Egypt, if that's the case then it makes sense to me. The alternative is working five days and then spending the weekends travelling to see their families and then travelling back to start the Monday shift which I doubt would give them much family time and create a tired and discontented workforce with absenteeism and/or a high turnover of staff. I am pleased that they are paying over the national average and are introducing strict drug tests etc and appear to be taking a robust view of working procedures. I'd rather read about a zero tolerance towards drug abuse than a regime where drug abuse is tolerated and accidents happen as a consequence. I'm sure there will be accidents and even fatalities - several people have been killed in the UK in mining accidents recently and I would presume that H&S legislation is a lot more stringent in the UK than in Egypt. I'm not excusing deaths or accidents at Sukhari, just making the point that mining is a very dangerous activity and therefore all the more reason to establish a zero tolerance against dug use and enorce strict health and safety rules. On the whole I thought it a poor article - I would expect a British newspaper to do a lot more than report allegations and to actively investigate the situation themselves and establish the veracity of the rumours, which this newspaper did not attempt to do. This does put CEY in an awkward situation, on the one hand if they rebut the article then they take the risk of perpetuating what might be a non-story but if they ignore it then it can take on a life of its own. |
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| Wed 14:23 |
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We have a shortage of miners in Northern Ontario. Miners in this country make typically over 100,000 ca a year. Great money . All of these men and women drive nices cars have boats and snow machines, lots of big boy toys. working 12 hrs shifts is how you keep the mine working, even our police and firemen work these kind of shifts so they can get many days off.
Safety is always an issue an yes men die. But mining is one of the safest jobs if you take all precautions. and yes you could get your walking papers if you show up impaired by alcool or drugs. glta |
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| Wed 13:38 |
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Thanks for taking the trouble, TT
My observations on the story being put about: 1. There is nothing Dickensian about a 12 hour shift pattern. Such patterns are common in the UK and elsewhere. A lot of workers like the free time which a 4-on 4-off gives them. I know I did when I worked those shifts myself for 3 years. In fact, it's hard to adjust back to 5-on 2-off. 2. If conditions are so bad, then why are workers clamouring to be reinstated? |
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| Wed 11:46 |
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CEY Office says nothing but rumors, as Centamin employees are the highest pay in the country, and they said some of the employees been dismissed for drug tests and those are trying to creates rumors by contacting any news papers.
Please call/email Centamin and stop the gossip. katharine.sutton@centamin.com +44 (0) 20 7569 1670 |
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| Wed 11:40 |
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The fact that workers have been found with drug issues can also be seen in a positive context in the fact that checks are being conducted.The vehicles are state of the art and weather conditions should not make any difference.When at the mine with Richard Osman i asked about workers conditions(ive had a steel business myself) and he was adamant about health and safety. I could see this myself how stringent it was.The workers are probably not used to this as life is cheap in these areas.
Im sure if there were any work related deaths/injuries/spillages then they would have to be reported.A billion pound company has to answer to relevant authorities. Not doubting this story for one minute and either way i expect the company to issue news confirming/denying this report.One thing after a bloomin other lol. Normally the market would drop the SP by 20p following this and yet its up so take from that whatever you believe. Surprised PJ hasn't been on yet. |
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| Wed 11:16 | ||||
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Tigertrade I am invested in another Egyptian mining company so follow things at Centamin a bit though not to the same depth as investors here. However do not buy that it is all down to a couple of druggies talking to the newspapers Lol. In the past the official sites in Egypt have been the least reliable.
If you have contacts in the country and Arab friends I think certain things could be checkable, the fact that production stopped (according to Mohamed Hamed, Deputy Director of the Marsa Alam Youth Center for Development), that "A delegation from the Ministry of Manpower's bureau in Hurghada visited the mine on Monday, but makes no promises regarding the realization of workers' demands, and that the mayor of Marsa Alam City, has "sought to re-instate 24 workers sacked from the different companies operating in the mine," Andy Reilly on the bright side it all looks fixable to me if enough efforts are made to fix it even if half of it is true. Would be a pity for Centamin to trip itself up when it has such a increasingly promising future. |
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| Wed 09:19 | ||||
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Surely time to sell then P51, as you will look pretty intelligent if you point out the dangers only to get caught holding your shares...I told you so but didnt act...
The report of worker unrest, is indeed distressing to me also, particularly in regards to health & safety & working conditions...It is also a repeat of previous reports from management regarding worker unrest during the uprisings... 12 hr shifts are normal practice in Australian mines where heat is a factor, but with aircon in plant & vehicle cabs, that reduces the worker exposure... As the company is in recent prodution startup, with many new operations,the working practices are being based on Aussie best practices, adopted from Western Australia... It may well prove to be the case that strict adhereance to H & S in the workplace is a difficult transition for workers new to this environment of industrial mining. Discipline procedures & dismissals for gross misconduct, create tension... The Centamin CSR report of 2010 http://www.centamin.com.au/centamin/assets/lib/documents/CSRReport2010.pdf Shows a good health & safety lost time injury report...A zero alcohol test report, but a worrying 25 drugs test positive...Now that could be an area of extreme friction... I await the 2011 report which will include the underground mine details, where safety is always more of complicated issue...But if proactivly managed should not impinge on workers safety... As always, many challenges, as the startup rolls out, & many systems bed in..."When the going gets tough the tough get going"... Joshef El-Ragey was talking at the African Mining Indaba Tuesday (yesterday) as yet no details to hand...20 minutes in hall 4... Holding steady as always...Phil... |
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| Wed 09:09 | ||||
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r66 - even if half of what is claimed to be going on its not good. Clearly the main info comes from one worker who has been sacked, but that doesnt mean there is no basis to the claims - the shifts and conditions all sound very Dickensian. It is worrying. AR
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| Wed 08:24 | ||||
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Hi David,
'On a further note, robjm66's post has rattled my nerves a little regarding CEY's production, lets hope that the company gets on top of this problem quickly!' not if 'the company' /is/ the problem. And to everyone here... It's too early for me to say I told you so, but it surely can't be far off until I do... Regards Peter |
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| Tue 23:55 |
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The 2 sites you mentioned are not an official news sites, as I understand they been issuing many news about other oil/gold companies and every time was proved wrong.
At Centamin mine it was a couple of employees were fired for illegal smoke (Heroin, etc..) and those guys start rumors and contacting such news papers and sites claiming wrong news. I have some sites in Arabic and I got it translated to me by an Egyptian friend. |
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| Tue 23:44 | ||||
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5th paragraph should read 'plausible' and not 'not plausable'.
Sorry! DTG |
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| Tue 23:38 |
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Evening Andy, the chart indicated a reversal as it did in the same fashion for the corrections in 2008/09 2010 & now 2011 where the retest and move higher was put in towards the end of November.... This is when I was a lone voice supporting a reversal as charts posted for 3rd December.... The market has made a tremendous come back to the level we see today.
http://dl.dropbox.com/u/4216959/FTSE/FTSE100%20-%20Corrections%20and%20Reversal%202008-2011.JPG FTSE100 is holding up very nicely and if a false dawn was to be shown from this rise I would have expected a heavy fall by now breaking down through 5,800, this hasn't happened yet only consolidation is taking place and the next target of 6000 to 6040 is within reach with the probability of heading higher, maybe not tomorrow so give it space to breath. Greece/Portugal are old news, the market is expecting them to fold anyway........... The main question is what else is available to invest in directly without committing to a lengthy time frame? Not much out there at present. We all know the Western world is in deep debts but assets remain a store of wealth because they are tangible and quickly trade-able, on the right side of the fence that is, I don't believe the garden gate has been opened yet! The markets could even make an all time high from here but at present that's a wild guess but certainly not plausible. If I'm rambling forgive me as I've been on the sauce tonight! All work of course! On a further note, robjm66's post has rattled my nerves a little regarding CEY's production, lets hope that the company gets on top of this problem quickly! ATB DTG |
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| Tue 22:45 |
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| Tue 22:12 |
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Gold is repeating the Silver story of the last year or so...
Numerous, secret cash settlements of Gold contracts @ the crimex, begining this month, due i suspect to shortage of Metal... Sprott willbe looking for approx 176000 ozs 5.47 tons of GOLD for his last placing of his Physical gold fund, that will boost the cause...He will soon have his PM backed bank... Gold today went from low $1710 to $1750 high as expected, as the tree shake, left the bear bare, wearing naked shorts...LOL...Looking to close at $1745 approx... The bidding overwhelmed the blagging, bluff called, another 10 ton goes East... When will the mhuppetts learn, they try to short the market with paper & the East takes the Gold straight out of the refinery...All the while they Feed the bull, its getting stronger... Cheap gold rises a knotch, if $1710 is the new base, Centamin is looking at, $11/1200 margin oz range for gold sales, short term....Then rising, to what? The prospects of closing the expansion programme here, with production at 500,000 ozs pa starting 2013 Q1 for many years,is to say the least mouthwatering... Remember Gold stays the same its money thats failing...Silver now looking tough as old boots, could be looking at a ratio to gold nearer 10 to 1 a disconnect appears to have taken place, the last few days...Its a great life if you dont weaken... The glint of Early Spring golden rays, will soon be with us, Priceless....Regards Phil... |
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| Tue 21:35 |
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DtG - well, things can change so quickly, but Ashbaughs weekly take on US markets makes for a very interesting and encouraging read. Particularly the Nasdaq nudging the 50% retracement pint from the 2000 bubble top!
http://www.marketwatch.com/Story/story/print?guid=479BB36E-51A8-11E1-A6A2-002128040CF6 Lets hope the market wont be let down by false hope for a Greek deal! Even if they agree to the current terms, sorry to say, I still think they are only putting off the inevitable! ATB - AR PS - soti, how are you, well I hope - and your talented ice skating duo too? I trust you are doing OK in these 'funny' markets? |
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| Tue 18:57 |
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Stocks in US advance as Euro strengthens on Greece Rescue Optimism
Greece, Troika Work on Final Rescue Draft http://www.bloomberg.com/news/2012-02-07/greek-officials-working-on-final-draft-to-meet-international-rescue-terms.html GLTA, TT |
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| Tue 15:05 | ||||
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Based on the news indications that Bernanke is not changing any to better news other than what he said or mentioned last speech.
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| Tue 14:19 | ||||
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| Tue 14:05 |
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DtG - the Iran/Israel situation is always liable to 'blow up', but the video is a little too close to conspiracy theory for my liking.
As to the Greek/EU situation, I dont know why the Greeks dont just say they will leave, and have an 'ordered' default, with a start date for the relaunch of their old currency. The Germans and French are just locking them into a downwards spiral where it is completely impossible to pay off the growing debt. Such a move would resolve that worry at least, but then there is Portugal...... ! Gold still correcting, CEY pulling back a tad more..... and I couldnt get the new website to download properly (twice), so I dont know whether anyone else has had problems with it. ATB - AR |
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| Mon 23:18 | ||||
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http://www.centamin.com.au/centamin/
Forget the pennies, bring on the shiny £'s and 100p+ |
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| Mon 18:01 |
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Not had time to read all comments, as on holiday and the internet not been a priority, so apologies if I'm duplicating comments already made.
For me this stronger link-up with Nyoto is extremely useful, as a good financial and strategic move. Financial benefit is buying into Tulu Kapu which is potentially a new Sukari, at a very cheap price caused in part by spin - off fears caused by Arab spring type tensions and recent corporate governance misfortunes i.e. resignation of fairy new CE in Terry Tucker. Strategic value is in spreading influence and links - latter being most significant in linking funding up for Nyoto alongside International Finance company - a key investment arm of the World Bank. In fact not sure if anyone has noticed the recent acquisition of 70 million shares makes CEY the leading shareholder in NYO, with the IFC in second place with just over 65 million, according to the NYO invetors listing: http://www.nyotaminerals.com/share_structure.php I think we ought congratulate the Centamin BoD on an excellent strategic move in both financial and geo-political respects. For me a link with Nyoto and the interests of its other shareholders sends out a subtle 'don't mess with us' message to Egyptian and other politicians. This is because if they do they will be taking on the IMF, World Bank and the entire international investment community. |
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| Mon 17:31 |
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Hi Andy, I believe this is the case, thanks for the link, not too sure regarding the timeline for the increase of interest rates, they maybe forced to commit to a higher rate sooner than they think but they do have a printing press and can make loads of temporary free cash for the economy, a very strange method of controlling debt!
As for my earlier reference to September, I found this piece interesting if there is any credance to it that is, what would be the probability for this?.... Personally I think it's highly likely! http://www.youtube.com/watch?v=r6QKJs_JKok&feature=related ATB DTG Added a 4th poster to my ignored list today, funny how they are all traders!!! |
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| Mon 17:20 |
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Well go away then and leave us thicko's in peace.
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| Mon 17:17 | ||||
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I'm very well thanks Andy.Thought Shindys was harsh but true and i only stated a waste of a cucumber lol.
Yes i should just ignore but even my limits are stretched.Of all the shares in the system we have to find another 103Trader. |
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| Mon 15:57 |
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pc - I dont approve of your post (and shindy really should use the 'ignore' facility!), BUT I did laugh. Hope you are doing OK since your enforced retirement?
I wished pj some 'peace' as he seems more troubled than anything, and posts like yours and shindy's merely feed his need to justify! As you advised me some time back when I was getting very irritated - he isnt worth it! So best of luck. DtG - found this on marketwatch, and it puts forward a reasoned case for more of a bull run: http://www.marketwatch.com/story/2012-a-repeat-of-03-and-09-2012-02-06 I have read other stuff the guy has written, and he has a good track record over the last year. ATB - AR |
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| Mon 15:13 | ||||
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'Once again PJ you come out of hibernation when the gold price has dropped a couple of bucks.'
-------------------------------------------------------------------------- You need to 'look up' the meaning of hibernation pc.......another clueless poster. Gold dropped exactly as per PJ's expectations....again made 'in advance' PJ......now only intending to reply to sensible and informative posts.....far too much 'dross' on here for him to bother with !! |
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| Mon 14:48 |
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I'm sick of the company only making $1000 + on every ounce.
Feasible at $900 an ounce so 1400-1500-1600-1700 doesnt make no difference whatsoever. Once again PJ you come out of hibernation when the gold price has dropped a couple of bucks. Would be a waste of a good cucumber. |
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| Mon 14:27 | ||||
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So we had a little breakout from the down channel to above 102p.
Did we have a confirmation with the double bounce off 96p i.e. the top of the down channel producing resistance (15min chart)? Onwards and upwards. Yours Optimistically vb6 |
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| Mon 13:50 | ||||
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S
I'm sure the BB is not the least interested in your sexual fantasies.........and i'm certainly not. If I spout rubbish......no problem....there's always 'ignore'.....but I think you've tried and failed on that score in the past also. On a more interesting note.....the 'risk' asset gold is lower again today ! PJ |
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| Mon 13:34 |
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PJ i know what i would like to do with that cucumber...
no not up your backside,but in your mouth you don't half spout some rubbish!!! |
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| Mon 09:27 |
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Morning Andy, I'll try to post a view later today of what could potentially be the catalyst for September, not my own but fits in well with the present global situation.
Off owt ta get some more mud! ATB DTG |
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| Mon 08:44 | ||||
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Well....let's put this to bed......as i'd already forgotten about it.
A symptom of this point in the markets is the 'non-agreement' of politicians , governments and the intra-looking nature of both individuals and conglomerates. When an individual is uncertain and feels under pressure.......they react in an unpredictable way...... If you look back....you will see that all PJ did was to point out that CEY was at resistance and likely to move lower.....he was correct. The recent 'spat' of posts was actually started bY DTG with his Fri 21:42 post.........interestimg... Just another observation.....if some on here don't like being told some 'home truths'.........may I respectfully suggest that they refrain from 'mud-slinging' in the first instance.... There will be other disagreements........the markets dictate so.......but they won't be initiated by pj.......he's cool as a cucumber ! |
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| Sun 23:57 |
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DtG - I cant really see what would drive the FTSE above the 6100 area, especially as the recent rise has more than an air of desperation about it to me. Despite my bemusement, I have done a couple of very pleasing short term trades to build my cash position, but strictly in and out jobs, as I just cant bring myself to trust this market..
Not sure whether I am reading you right when you talk about developments in September? Are you suggesting markets might keep up for that long, or is that when you think the proverbial may hit the fan, linked to any one of the states you mention? I am still reluctant to give up on the idea that markets cant hold up too much longer, because the negatives seem to outweigh the positives by a mile. In the light of pj's recent posts, I think all one can do is wish him peace, and all the best for the future. ATB - AR |
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| Sun 19:14 |
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Hi Andy, hmmm, a hard call with the FTSE, consolidation after an adventurous spurt on Friday seems fitting, I think 5,800 remains the key here for further gains if so maybe a minimal target near term of between 6000-6040 should develop after consolidation (if this happens).
Do I expect further gains? My answer to this would be 'probable', I do not see a threat yet but the world is becoming a shaky place to live at present and the shakes could be the catalyst for market weakness going forward, I don't mean defaulting countries either, Syria, Iran, Israel, US, UK, China & Russia seem to be the ingredients to watch for any development coming up to September. Lets hope everything is peacefully settled BUT I fear this will fall on deaf ears! ATB DTG |
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| Sun 19:11 |
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| Sun 18:34 |
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I don't think a bunch of idi ots killing each other at a football game is going to stop the gold stuff comming out of the ground. Im just glad that Sukari is a good distance from Cairo and therefore the day to day stuff that goes on generally doesn't affect mining operations (apart from the explosives restriction last year).
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| Sun 18:32 |
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Marshsi: patience is required, but value will out. This is a great long term stock IMO, and now with growing value in Ethopia
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| Sun 17:13 | ||||
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Whenever this share looks like recovering something goes wrong. From the burning of churches to directors passing away to rioters we finally got back over £1. Now the football match tragedy has had its impact with more conspiacy and rioting. This really is going to be a long long haul to get back anywhere near £1.50p despite record production.
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| Sun 09:14 | ||||
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Why don't you go out and about and spend all your profit instead of boring folk to death on here?
Unless you haven't got anyone to share it with.If so medals have been given for far less. I'd give 103Trader a call. |
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| Sat 22:21 | ||||
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yeah, thanks phil.........so much for the 'tweedles'....with friends like that...who needs enemies ! lol
1) I wouldn't worry about US figures.........you'll find economic news will be totally contradictory....ie, Bernanke on interest rates.....you'll get nowhere listening to economists. 2) Cheap gold ?....you were saying that at $1920....I seem to remember............who's a laughing stock now ? 3) Pj is never 'tetchy'..........and I'll tell you why...... What the people who accuse PJ of ' selective amnesia' fail to realise is this........ Traders are able to interpret the market on ALL timeframes........thus, it is now undergoing a bullish correction within a Bear market...........traders often trade in different directions on consecutive days. Thus, those that don't understand will always jump to the wrong conclusions. So yes, relax and buy gold...........I know your posts on gold fundamentals are excellent..........but you'll never really be sure if its cheap or not...... PJ..........not interested in AURA...........just profit |
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The discussion boards on this site are intended to be an information sharing forum and is not intended to address your particular requirements. Whilst information provided on them can help with your investment research you need to consider carefully whether you should make (or refraining from making) investment or other decisions based on what you see without doing further research on investments you are interested in. Participating in this forum cannot be a substitute for obtaining advice from an appropriate expert independent adviser who takes into account your circumstances and specific investment needs in selected investments that are appropriate for you.
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