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About kibuc

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  1. kibuc

    Retire at 75

    I was just about to post that, and that's one of the things I mentioned when I explained why I limited my SIPP contributions to minimun. SIPP access is currently set at state pension age minus 10 years so yes, it would go up to 65. However, there are already calls for reducing the gap to 5 years, which would make it 70 in that instance. Suck it, pleb. We're not meant to retire, ever. The system is not designed for that.
  2. Zero remorse. Miners are still lagging way behind metals, and metals recovered nicely yesterday. I believe there's still headroom for PMs and a lot of catching up to do for miners. However, I'm a believer, not a voice of reason.
  3. That's even better than mining asteroids! Can't believe they are going with that old chestnut again.
  4. It was going well, until around 1.30pm we clearly started mining asteroids. I can see futures at 1524, one spot ticker at 1498 and another at 1481, all at the same time. My Internet is too slow to cope.
  5. Before we moved to UK, my wife's idea of London was one of a place where razor-sharp skyscrapers populated with grizzled gentlemen in smart suits mix with farmers markets, with cheerful old ladies selling home-grown tomatoes to Jamie Oliver. Her first actual contact was upon resurfacing from the tube at Finsbury Park. She's been battling with PTSD ever since.
  6. That's exactly what should help in this particular case, where you want to get some of the capital back. If you have enough capital gains on your 5kg to trigger tax liabilities, you should be able to sell it, immediately buy back 4kg or whatever amount needed and only be liable for gains on the difference (presumably falling below CGT threshold as that's the whole point of this exercise). As you say, silver is silver so those remaining 4kg should be seen as "never-has-been-sold". If you want to stay fully invested and only want to reduce your future tax liabilities by materializing some of your gains, you'd have to buy back that missing 1kg after 30 days or do what you recommend and reinvest in a different asset class, like an ETF. Also, gold is a different asset to gold so you could flip one shiny for another
  7. I believe if you dispose of CGT-taxable items but re-purchase it within 30-days window, in some cases it does not trigger tax liability (or advantage). The reason for this rule was to prevent people from selling their positions just to bank some taxable losses (to offset them against gains in other investments) or to trigger CGT liability while still under tax-free threshold, but then immediately re-purchasing their position. So I would look into tax implications of selling your 5kg silver bar but then buying a 4kg one within 30 days.
  8. Reality bites. New Gold Inc. Announces C$150 Million Bought Deal Financing A reasonable move from the financial perspective, if you cannot make money mining gold you have to raise dough somewhere else, ideally taking advantage of a brief period of optimism around your stock. Surely not the last placing we'll see from them, C$150m hardly solves their long-term issues. However, for the small guy it should be a sobering reminder that balance sheet matters.
  9. I don't think they can. It looks like they achieved that collar by a combination of puts and calls, and those puts will have to be delivered on. If they cut production, they would be cutting their "un-collared", profitable ounces, therefore making their situation worse. Also, let's not forget that the main reason NG fell like a rock was due to operation issues at Rainy River, putting question marks about its ability not only to be profitable, but to run any production at all. Share price only started recovering after two quarters of smooth operations and month-by-month improvements in production. Should that trend be reversed for any reason, that would surely erase all the newfound optimism about NG and result in brutal re-pricing.
  10. Worth noting that gold went up $230/oz since the 30th of May while DXY lost just 0.5%. Whatever is pushing gold up, it's not dollar weakness... at least not yet.
  11. Happened to Great Panther not so long ago, when they diluted out of the blue. Went down -10% on a green day. Shit companies have the highest potential to go exponential in a bull run but it's important to remember them all the way for what they truly are, so when they run 4 placements in a month or report an operating loss for a quarter, it does not surprise you. And as far as shit companies go, Hecla is definitely up there with the worst of them. I've sold all my Harmony today and redistributed between Yamana-ooh-na-na and Guyana-na-na-na. Of all pure gold miners on my radar, Guyana seems the most likely not to lag too much behind its silver-oriented counterparts. Yamana is mostly there for diversification (hahaha) between gold miners, and it's silver output should give it a slight edge over other choices. Both should outperform Harmony if the run continues IMHO. And I know I might be forced to eat crow later this year but, boy oh boy, that $1300/oz ceiling for New Gold doesn't look too sexy now.
  12. Congrats @DurhamBorn on your PM earnings. However, seeing DXY still in the stratosphere I feel perfectly comfortable staying fully invested in the sector (2/3rd silver, 1/3 gold) and waiting for the real fireworks to go off. Most of my miners are way below their 2016 levels despite gold being $100/oz more expensive and with a lot of headroom to go higher. I'd be terribly disappointed not to double my stash from today's levels to be honest. I think we should expect a lot of noises coming from various Fed officials in August that will soften Powell's message and start pushing the dollar lower. Pullbacks are a natural part of any bull market and, as you say, nothing goes up in a straight line but I think it's fair to say the The Great Gold Bear Market Of July The 31st is well and truly over.
  13. Ups and downs are the natural part of any business. However, while NGD took an almighty beating when gold was down, they are signinging themselves out from any compensation when/if the gold recovers. Hedging is no less of a bet than just going with spot price, and AISC tend to go up along with spot price as workers demand higher compensations and companies turn to lower-quality ores which suddenly become economically viable. In that light they might be fixing their losses instead of profits. I'd expect a mining company to have much more expertise in digging ounces from the ground (admittedly, against their recent track record ) in the environment they know and control than in predicting future market moves, so sticking to one's guns sounds safer and more responsible to me.
  14. New Gold Q2 results are in. Big miss on EPS, who would have thunk it? Rainy River still mining at loss, copper from New Afton keeping them aflost. For 2020 this is hugely interesting, though: It might prove to be one hell of a move if we get the bust late 2019/early 2020 and gold drops with everything else. Still, I'd rather they focused on mining than suddenly playing the market roulette. I think they are already in enough trouble on that front.
  15. Guyana, ooh-na-na Half of my cash is in Guyana, ooh-na-na I keep some Wesdome and Yamana, na-na-na Oh, but my SIPP is in Guyana My wife will go bananas Guyana, ooh-na-na.. Guyana published their numbers yesterday and they finally managed to sell above costs $1325 realised price at $1323 AISC, woot-woot! Still some way to go before it reaches the 2019 guidance and it might be difficult to get there with grades getting lower... and lower... and lower... However, they deserve credit for managing to get those costs down despite lower grades and their production is still within guidance. One to watch for sure. With gold firmly above $1400 they should start generating cash flow even at their current sustaining costs. Also, they have finally disposed of their CEO so there's potential for another NewGold-worthy turnaround if they get the right replacement. I've got a sizable position, currenly under water - of course