Ann: West African hits 45m at 7.3 g/t gold below reserves at M1S, page-20

A few observations:

First, another terrible massacre in Burkina Faso. My heart goes out to the people there, trying to survive and raise their families in peace. From Ethiopia to Congo, I have talked with far too many locals who have suffered because of others greed and religion.

Second, the attack was in Barsalogho (north-central Burkina). It's in the usual Sahel conflict zone and quite a distance from the capital Ouagadougou and even further from Sanbrado./ Kiaka. Google Maps says 250kms but this is Africa and you would be lucky to cover that distance in one day.

Third, persistent selling today as 100k orders kept getting lobbed at the price. Someone wanted out and wanted out now. Double usual volume traded.

Fourth, perhaps with PRU offering increased dividend and an on-market buyback there was some rotation out of WAF and to PRU.

Fifth, gold price down 1% ahead of US GDP on Thursday and PCE inflation data on Friday.

Sixth, nothing has yet changed big picture. Burkina junta still in power and still fighting the militias up north. I have seen videos out of Burkina recently where President Traore is being protected by Russian-flagged mercenaries (not a political comment, just an observation). WAF is still producing gold and on track to 500k p.a. in 2 years.

Thanks for reading and enjoy your evenings.