Hi Slider on the black and all,
I have mentioned in the past I still hold an interest in engineering business manufacturing equipment in the main for the mining industry. Over the last six months we have had people in Africa, Brazil, Chile and currently have a guy up in Oregon USA. I was in WA last month and of course we always have people in the Hunter valley and Central Queensland.
In all my time in the industry I cannot recall so much talk of wage and cost cutting by the mining companies. The main large haul truck and equipment suppliers are asking employees to accept 20 to 25% direct salary cuts to avoid even more job losses. Of course the big mining companies are watching this with great interest. Rates for many contracting services in the industry are now down by as much as 50%. Also over the holiday season many mines sites and loading facilities are taking extended breaks, some employees will have paid holiday leave but many will face several weeks of un-paid enforced lay off time.
There are several long term strikes in Gold and Platinum mines in South and other parts of Africa and the management there are telling strikers to expect lower wages if and when they return to work.
I have been in business since 1989 and working in this industry since around 1982 and can tell anyone that is interested if they don’t already Know (Wake up Canberra)
The Great Australian Mining Boom Is Well And Truly Over!
http://www.themorningbulletin.com.au/news/jobs-not-safe-despite-cuts-hastings-deering/2453100/
With his budget now in shreds the best Joe Hockey can come up with is suggesting that Australians go out and spend up big this Christmas. (Give me strength.)
It’s my personal view that if we are not currently in the midst of an Australian recession / depression then we certainly can’t be far away from having one.
I tip my hat to my old nemesis Timber for his timely escape. Biggle’s may remain clueless on Gold; however, I dare say his beef cattle, chickens and patch of arable land will look like brilliant forward planning in a couple of years.
As for Gold as we have a FOMC gathering next week so expect a price dip; however, personally I feel if Gold can hold above the AUD $1,450.00 line through until the end of December things may look brighter for the Gold price next year.
Internationally Japan is a bankrupt basket case there are protest’s from Ireland to Greece and beyond.
In Ireland after paying out (public money) to unsecured bond holders they look like now doing the same for many junior unsecured bond holders. If you are wondering where the money will come from don’t worry they have a cunning plan to charge for drinking water. (Pay attention Tony and Joe.) Water tax what’s next I wonder, breathing air I guess!
http://america.aljazeera.com/articles/2014/12/9/irish-water-protestsausterityhumanrightsday.html
http://www.bloomberg.com/news/2014-...-irish-bondholders-might-just-get-repaid.html
Maybe in time this will look like one of the best ever Australian government long term planning measures:
To those with confidence in paper money, banks, the best politicians money can buy and the Nanny state I wish you good luck with that.
As for me I still put my trust in physical Gold and those companies that look for and mine it out of the ground. I admit it has not been easy for Gold enthusiast the last three years; however, I still retain the faith.
By the way it’s not all doom and gloom I did hear something both enterprising an amusing this week. Car dealers along Brisbane golden mile of car yards have been seen taking ball pein hammers to their long standing stock in the hope of putting them through a big hail damaged stock car auction next week. A few happy car salesmen may be able to help out Joe Hockey with his wish for this Christmas.
There have been some terrific contributions on these threads this year and I thank those that try and help others and supply information and share news.
Good luck to all irrespective of your Gold view have a great Christmas and remember family and friends are a big part of your wealth.
The last word from:
The Dalai Lama
“Our prime purpose in this life is to help others. And if you can't help them, at least don't hurt them.”
Cheers and very best regards: Andy
