Saturday, November 9, 2013

Weekend Chillout - Ain't No Sunshine

Well it seems the clouds have gathered over the precious metals markets going into the weekly close, with both gold and silver down over 1.5%. Hopefully the following video will bring back some sunshine.

Two of Australia's greatest voices; mother and daughter duo Marcia and Deni Hines.

The City of London - Money and Power

* Update: One of my followers at Before it is News suggested this book as a companion read on this topic: "Empire of The City" by Edward C. Knuth published in 1946, a version in PDF form can be found here

AngloGold plans to cut 400 jobs at Ghana mine

Lower prices reduce supply, reduced supply leads to hight prices - simples


Article link

Author: Ekow Dontoh (Bloomberg)
Posted: Thursday , 03 Oct 2013

(Bloomberg) -

AngloGold Ashanti Ltd., the world’s third-largest producer of the metal, said it plans to cut 400 jobs at its Obuasi mine in Ghana by end of the year to rein in costs as the decline in the price of bullion erodes profit.

“The current cost structure is not appropriate; we are transitioning to a more mechanized operation,” Mark Morcombe, the senior vice president in charge of the mine, said in a Sept. 30 interview in the capital, Accra. “The transition is for a three-year period, which will result in more efficient operations.” Obuasi employs 4,800 people.

To combat higher costs and the retreat in the bullion price, Johannesburg-based AngloGold suspended its dividend, is cutting spending and exploration and is laying off 40 percent of the 2,000 employees in its corporate offices. The company, with 21 operations in 10 countries, reported a loss in the second quarter ended June after the metal’s price had dropped 23 percent in the period, a record quarterly decrease.

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Glenn Beck on The Wizard of Oz

I think Glenn Beck has finally lost it. Glenn does an eccentric look at the movie version of The Wizard of Oz and how it relates to current political issues in the USA. Well worth watching as entertainment if nothing else.

If you wish to read a more learned piece on the book The Wonderful Wizard of Oz there is this post from this blog's friend Hugo Salinas Price here

Mind Over Mechanics

Cool and a bit spooky, overtones of the Client Eastwood movie Firefox

From University of Minnesota

Vanessa Collette and John Kaiser - The commodity supercycle isn't over yet

From Cambridge House