The Nation Newspaper

Tag: gold

  • Worse NFP can potentially trigger a good buy signal on the Gold

    Worse NFP can potentially trigger a good buy signal on the Gold

    Second half of the October was for Gold. The price was declining almost every day and was close to create a major sell signal in the mid-term. Fundamentally, the main two reasons for this downswing were the risk on mode on the markets, negatively affecting the safe heavens and the stronger USD. The risk on mode itself would not be such a big problem alone as the gold dealt with that in the past but the appreciation of the Green back was really negatively affecting the price of the XAUSUD as the correlation between the USD Index and the Gold is significant.

    Currently the buyers are defending on the last crucial support here so they still have some hope. This support is created by few bullish elements. First of all, we do have a black up trendline here (connecting higher lows since the end of 2016). Second factor is the blue down trendline (connecting lower highs since the July 2016), which was broken in August and now can be used as a support. In addition to that, we do have two important Fibonacci lines, 61,8% of the latest upswing (brown) and the 38,2% of the main trend (light blue). All that coming together creates an 8 USD wide support and is marked with a green colour on the chart.

    We can see that the price bounced from this level but that is not significant enough to trigger a buy signal. First of all, the bullish reversal is closed inside a flag (blue lines), which in this case is still bearish. In addition to that, we are below the red line, which is a strong resistance connecting recent lower highs. The buy signal will be created, when the price will close a day above that one. Chance for that will appear later today as the NFP data from US is about to hit the screen and the lower number can be a bullish factor here.

    Tomasz Wisniewski
    Chief Analyst – Alpari Research & Analysis Limited

    Alpari Research & Analysis LTD (UK) is a company part of Alpari Brand, which aims to deliver superior market research, analysis and trading education for free both to Alpari’s clients and the general public.

  • Rashida Bello’s heart of gold

    The milk of human kindness is usually a rare commodity in the circle of the rich and powerful. But not so with the First Lady of Kogi State, Mrs Rashida Bello, in whose veins sympathy flows like a river. The youthful wife of Governor Yahaya Bello of Kogi State has been putting smiles on the faces of the downtrodden in the Confluence State since she ascended her exalted position.

    No sooner had she assumed office than she launched the Kogi Women and Youth Advancement Foundation (KOWYAF) to equip women and youths with the expertise needed for self-reliance and getting them off the streets. The career accountant has also built primary health care centres in each of the three senatorial districts in the state, a measure of her commitment to alleviating the health concerns of the populace.

    And just recently, Mrs Rashida, who at 32 years is one of the youngest first ladies around, launched a new initiative, DROP, to reach the women and youths in the remotest corners of the state. Her commitment to quality education also saw her recently take street children off the Lokoja-Jamata Bridge, placing some of them in good schools.

  • Adekunle Gold turns butcher in ‘Work’ video

    Adekunle Gold turns butcher in ‘Work’ video

    Adekunle Gold in celebration of May 1; workers day, released a new single titled ‘Work’, saying he respects the hard work of the people.

    Speaking on the new song, he stated, “The value of hard work my country people have to put in daily to survive cannot be dulled down. I respect your every profession no matter how little and I am thankful for you keeping our country running in spite of it all.

    “I give you “Work” as you rest on Workers day,” he added.

    The new single artwork shows the singer in a market square, as a butcher, with onlookers at the background.

    Commending the new work, Falz the bald guy stated, “From musician to Eleran in Oshodi that’s a unique move I salute you.”

    Adekunle Gold, who is under YBNL Nation released the making of the video on Sunday on his social media handles and in the clip of video which he posted, the singer is seen wearing a blue apron and working as a butcher, cutting meat in a market amidst other meat sellers as well as his fans.

    For a novice, the singer handled two knives expertly, sharpening one against the other, before proceeding to cut a large piece into smaller chunks.

    “My name is Jack … #ofalltrades,” Adekunle Gold captioned the short video.

    “Work hard, play harder or do both at the same time. #MorufuEleran #MeatBae.”

  • Gold or Silver? Which precious metal has bigger chances for an upswing?

    Korea, Syria, Trump. Geopolitical situation is complicated and increases the demand for the save heaven assets. So what should we choose, Gold or Silver? Both are highly correlated and seem like a good idea but one can be better than another so lets look on the charts and see if we have a favourite here.

    When we look at the XAUXAG chart (Gold/Silver) we can see a long term symmetric triangle formation, which is a typical sideways trend. Currently the price is in the middle so we get no answers here. Chances for an upswing and a downswing are 50/50%. We have to look for a clue somewhere else. Lets analyse both charts and look for the hints there.

    Gold beat a very important resistance yesterday – the dynamic one connecting long-term lower highs. The second one, crucial for the long-term situation is 20 USD away and is a horizontal resistance (grey). We are still making higher highs and lows and the chances that the price will get there soon are relatively high.

    And we have a Silver, which also broke the down trendline connecting recent lower highs and already used that as a support. They are one point ahead of the gold but they still have to deal with the horizontal resistance, which probably will be happening today as we are testing it just now. What is more, we do have an inverted head and shoulder pattern here, which promotes an upswing.

    To sum up, it looks like silver is in a slightly better shape and has better perspectives than gold. If you were wondering in which precious metal you can trust, hopefully our view will be helpful. Both

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    precious metals have a bright future ahead but this one in front of the silver seems more shiny.

  • If gold rusts…

    Security must be the most abused word in Nigeria’s lexicon. It is indeed the most debased concept, notion and in fact, action. It must explain why such phrases like ‘security vote’, ‘security report’, ‘security zone’, ‘security movement’, and ’security breach’, to mention just a few, are in common use here. They are also rich in their meanings – denotative and connotative.

    Consider security vote – a coinage probably native to this clime – a passerby would think it means a voting session in a Security Council meeting. How wrong. Nigerians literally woke up to find that it is an x sum of funds, unknown and unquantifiable, mapped out for security cover or protection of a handful of individuals in Nigeria. This huge sum of money parcelled out monthly to lucky beneficiaries (often presidents and governors), is never accounted for nor reported openly in appropriation bills.

    A security report is a discreet (read secret) document about you prepared of course, by security agents often designed to nail you or put you in unfavourable light. If it declares you a security breach or labels a security risk, well you are in the most unenviable position anyone would ever want to be, especially in Nigeria.

    Hardball is simply trying to say that we are in love with the word ‘security’ – we live it, we glorify it and actually make huge profit off it. Security expenditures are never queried nor returns made after they are disbursed. As we all know, to give account of funds provided for security purposes is to breach the very security and that is – wait for it – grand treason. So you are always secure with security funds but not the act itself.

    In other words, security here is the handmaiden of the dubiety and chicanery. It is a façade, an installation art of arms and uniform; a make-believe. A simple proof of this assertion was provided last month in Ibadan, Southwest of Nigeria.

    A band of five, shambolic young men drove into Command Secondary School, Ibadan; strangled the commandant, a Brigadier-General designate in his house, robbed him and drove out of the complex undetected. We understand it when civilian schools suffer security breaches as has happened recently in Lagos and Ogun states.

    But it represents an affront on the nation and worse, to the military establishment if mere hoodlums could stray into a command school, snuff out the life of the officer in charge and stroll out. You are supposed to escape into the command if marauders chased you isn’t it?

    You would think that security challenges of the past decade (Boko Haram) and the recent spate of kidnappings in schools would have raised our consciousness about our overall attitude to security matters. Nigeria ought to be among the most secured countries in the world today going by these recent experiences. But not much seems to have changed; the beat simply goes on.

    And Hardball asks: if gold rusts, if an army general can be taken out like a rat right in his fort, what fate ‘bloody civilian’?

  • NUJ Games: The Nation’s ‘Grandmaster’ wins gold

    NUJ Games: The Nation’s ‘Grandmaster’ wins gold

    The Nation published by Vintage Press Limited on Thursday recorded its first Gold Medal in the on-going Nigerian Union of Journalists Games which started on Monday at the National Stadium, Lagos.
    The medal was won in Chess as indoor games gets underway in the competition.
    A reporter on Sport Desk, Dayo Paul Oluwakoya, won the Gold Medal for the newspaper after defeating tough and strong contenders in a round-robing pairing with five media houses in the game.
    “This is the second medal I have won for Vintage Press. The first was in 2014 when I won silver medal. I did participate in 2015, but its feels good to be back and win the ultimate medal even as the game took the whole day,” Oluwakoya said in a post-match feedback with the Sport Editor, Ade Ojeikere.
    “I like to dedicate this sweet victory and gold medal to the Board of Directors of Vintage Press for giving me the privilege to make them proud once again and as well to exhibit the grandmaster skills in me,” he added.
    The Nation also won the bronze medal in scrabble by Joe Agbor of entertainment desk.

  • Kenneth Oboku strikes gold

    KENNETH Oboku is a man in the habit of seeing the possibilities in a seemingly impossible situation. And this is one trait that has turned him into an extraordinary individual. He understands the fact that greatness is never attained by mere flight of fancy. Hence he is in the habit of working hard while other men are asleep.

    The quintessential business tycoon is a realist and optimist; a dogged businessman with a lot of commitment to the development of the Niger Delta region.

    As one of the topshots at Saipem Contracting Limited and one of the richest dudes in the Niger Delta region, he powers around town in wonders-on-wheels vehicles.

  • Blind chase for gold

    Samson Siasia has not learned from history. He has bungled Nigeria’s 2016 Rio Olympic Games’ preparations. He is in a fix what with the panic measures he has employed to get at least 12 Super Eagles players into the country’s squad for the competition.

    Siasia’s tunnel-vision plans have cost Nigeria the platform for nurturing younger boys who will replace the ageing players in the Super Eagles. In other climes, products of the Rio 2016 Olympics will form the bedrock of their national teams to the 2018 World Cup in Russia. We have lost this advantage because Siasia keeps fidgeting with his players for reasons best known to him. Four months ago, Siasia produced Africa’s best for the U-23 category. Rather than strengthen that squad with better players, he threw the camp open to all manner of players, in his quest for new talents.

    In his blind chase for new stars and indeed the Rio 2016 Olympics’ gold medal, Siasia wasted the opportunities of the competitions that the Dream Team executed. It was clear from the African championship that Siasia’s team was weak in the defence, just as it had goalkeeping problems. It has only just dawned on Siasia that these are the problems with his team, two months to the competition. What is lost in Siasia’s myopia is the advantage of blending the Nigerian side through matches. He now wants to rely on the big boys’ talent to scale through. It is unfortunate.

    If the boys excel in Brazil, the credit goes to Siasia. If the team fails, the players and NFF chiefs carry the can, leaving Siasia to scratch his head, like he does after any failed adventure as if that would change anything. The seed for Dream Team VI’s rot has been sown by Siasia. I hope the players can rescue Nigeria from falling into this pit. Otherwise, another crop of talented players would be lost to Siasia’s shortsightedness and presumptive tendencies.

    Siasia will find out in Rio that most of the boys in the football event at the Olympic Games are the first choice players for their countries and they would be playing seamlessly while a highly talented Nigerian side will be tottering through its games. No wonder our coaches always ask us to pray for their team’s success as if others don’t worship God.

    Siasia’s 60-man squad has been pruned to 35. This is laughable. What it simply means is that the majority of those who secured the Olympic Games’ ticket will be dropped in the final selection. I wonder how such a team will excel with many grumbling at home during their matches in Brazil. That is the Nigerian coach for you, always erring on the side of caution.

    Is anyone shocked at Manchester City’s decision not to release Kelechi Iheanacho for the Olympics? Is it any different from what Arsenal did to Nwankwo Kanu in 2000? Our coaches play into the hands of these foreign clubs by demonising our young stars. These foreigners don’t like us dominating football tournaments, hence they stylishly destabilise us in matters like this.

    Had Siasia not misused the friendly games by fielding half-baked players, he would have gotten Iheanacho without breaking a sweat. Siasia would have seen Manchester City scouts in Brazil trying to see the player(s) who replaced Iheanacho, since they want to grab such talents at a cheaper rate.

    Nigeria can still win the gold medal at the Rio Olympics. All that Siasia needs to do is to invite some of the players who excelled at the U-17 World Cup in 2013 and 2015, which the Golden Eaglets won. If Siasia doesn’t know those to pick, he can liaise with coaches Garba Manu and Emmanuel Amuneke for names and how to effectively deploy them during matches. It isn’t too late, Siasia.

    Nigeria can do without the services of Mikel Obi, Odion Ighalo, Victor Moses et al. Siasia should pick boys who are younger, stronger, faster and hungry for glory. The legion of fledging players in the country is legendary. Featuring new kids will pay Nigeria more than those who are fatigued after the European season.

     

    Are the referees back?

    The noise from the stadia across the country has been unpleasant. The old refrain of match officials helping teams with big cash get the results that they desire has come to the fore.

    Accusing fingers have been pointed at desperate club officials eager to climb up the league table to avoid demotion. In fact, more pundits are not sure because every game is a must win as rich teams’ managers seek to justify the huge investment in the teams by their proprietors. So, what happened to the measures by the League Management Company (LMC) to checkmate the irate fans when they storm the pitch to take the law into their hands?

    It is instructive to note that the best security in any game is the centre referee. If he handles the game properly, people will leave the stadium in peace, even if the home team loses. Nigerians know the rudiments of the game to understand when a referee is partial or impartial. Violence at match venues starts with poor officiating. Most times, it is because of the referee’s inconsistencies during the game. Most referees don’t keep the whistles close to their chests such that they can blow it as the offence is committed. It is this delay in taking crucial decisions that leads to the allegation of double standard when the referee reacts differently to similar scenarios.

    LMC chiefs must accept this blame because they appointed a referee who had been sanctioned the previous season for such a sensitive game. Can the LMC tell us who freed this referee? When a referee is banned for being incompetent, such a man shouldn’t be given high stake games. I’m sure that referee Abiodun hasn’t stepped onto a football pitch since he was suspended, which is the norm. Yet, he was chosen for such a game. This can only happen in Nigeria. In civilised climes, such a referee would be demoted to the lower rungs and made to improve through the lower leagues’ matches before he returns to the big league. Here it is not so, especially if such a person is “highly connected.”

    Again, the LMC must know games that they give to inexperienced referees. Such games as the MFM FC vs Shooting Stars Sports Club (3SC) is a regional battle, with the Ibadan warlords serving as the symbol of the Yoruba race. Therefore, the best referee, preferably from the Eastern part of Nigeria, South South or North, ought to have handled the game. Choosing referee, Alaba Abiodun from Ogun State to handle a game between Oyo State and Lagos, isn’t quite wise, even though such a referee could be said to be neutral. The three states are too close for neutrality to befool proof.

    Traditional teams such as 3SC, Enugu Rangers FC, Heartland FC, Enyimba FC and Kano Pillars should be given efficient referees, especially when they travel within their locality. I’m shocked that LMC chieftains didn’t learn any lesson from the Sunshine Stars Akure against 3SC mayhem in Akure. Strictly speaking, MFM isn’t in 3SC’s class. We have seen Enyimba, Pillars, Enugu Rangers etc play at the Agege Stadium without any incident, largely because top referees handled these matches. I had thought that LMC men would pick match officials for the second round from their ratings during the first stanza. Or are they saying that the referee in last week’s game did very well in previous assignments since he was unbanned?

    LMC chieftains must henceforth pick only the best match officials, like it is done elsewhere, now that the domestic league is grinding to a halt. Every game counts on the league table – in terms of teams’ placing. And the fans are poised for trouble at the slightest opportunity.

    LMC’s decision to suspend Ref Alaba Abiodun is belated, especially as many people are in the hospital treating their injuries, with many vowing not to step into any stadium to watch matches.

    The game’s video clips should be given to the police to fish out the culprits so that they can be prosecuted. The police know how to get them. But can the LMC tell us where the hoodlums who caused chaos in the Sunshine Stars vs 3SC game in Akure are? They must be roaming the street free. They must have pulled a few strings and received a slap on the wrist. Is this not one of the reasons why fans take the law into their hands at match venues? Had those yoyos in Akure been brought in and out of the court and reported in the media, perhaps, those beasts at the Agege Stadium would have behaved properly. Those who cause trouble at matches are regular supporters of clubs, who are known to everyone. They are not spirits.

    Thank God the Referees Committee of the Nigeria Football Federation has retired referee, Abiodun Alaba of Ogun state with immediate effect, after reviewing the match tape and other reports.

    The Referees Committee’s report stated that: “Referee Abiodun Alaba lost absolute control of the NPFL Match No. 23 between MFM FC of Lagos and Shooting Stars of Ibadan played at the Agege Stadium, Lagos on Sunday, 19 June 2016.

    “He was not able to manage several frustrating antics of players during the match in spite of the helpful support from his assistant referees. The committee recalled that referee Abiodun Alaba was suspended last season from active refereeing for similar lapses.

    “Since it had become obvious that he is not going to be able to take full advantage of the opportunities offered by the federation to improve on his art of refereeing in the past one year, the NFF Referees Committee has decided to retire him from active football refereeing with immediate effect,” said a statement to thenff.com.

  • Fayemi promises to block leakages in minerals exportation

    Fayemi promises to block leakages in minerals exportation

    Mr. Kayode Fayemi, Minister of Solid Minerals Development, has promised to block all leakages that smugglers used to export minerals out of the country.

    Fayemi made the promise while receiving both local and foreign miners in Nigeria on Thursday in Abuja.

    According to him, a large quantity of Gold is being taken out of the country without any record to show the volume and royalty paid through the relevant agencies in charge.

    He said Blue Sapphires located in Manbila Plateau were being smuggled to Cameroon on a daily basis without any record to show.

    On multiple monitoring of mining companies magazines by the security agencies, he promised to liaise with the National Security Adviser to avoid exploiting the operators.

    He said stakeholders in the sector had enumerated different challenges, adding that the ministry would proffer solutions.

    While decrying importation of marbles, tiles and ceramics available in Nigeria, he noted that Dangote also imported coals for its productions.

    He urged operators to encourage communities where they mined to achieve peaceful operations; there should also be a joint venture between the federal, state and local governments on mining.

    Mr Innocent Ezuma said the sector would play a crucial role in the country.

    He urged the minister to set up Solid Minerals Development Bank with adequate funding to support professional mining operators.

    Mr Boniface Owuike, Senior Manager, Public Affairs, China Civil Engineering Construction Corporation Nigeria Limited, called on the minister to set up a joint task force to monitor explosive magazine.

    Owuike said the company had been encountering different security agencies monitoring its explosive magazine.

    “The explosive magazine is where we keep explosives for our foreign business.’’ he said.

    Other stakeholders in attendance urged the ministry to assist operators with intervention funds, to address dormant licences, stop illegal mining and block 1,400 routes where the minerals were moved to final destinations.

    Some called on the ministry not to increase royalty as it would discourage miners; update the existing mineral map and set up a policy to protect local products and patronage.

  • As good as gold

    As good as gold

    • But first, the Federal Government has to stop its solid minerals policy summersaults

    A PIECE of news just underscores how policy contradictions had under-developed the solid minerals sector. President Muhammadu Buhari’s new cabinet must seize the moment to make things right in this largely neglected sector. News has it that the Federal Government had reportedly abandoned a N26.4 billion World Bank-assisted scheme, aimed at developing and exploiting solid minerals.

    That scheme, the report claimed, was the biggest solid minerals intervention fund in the world. The scheme, extended to the Federal Government in 2004, and put under the Sustainable Management of Mineral Resources Project (SMMRP), was to tackle the following areas: build a world-class mining cadastre office, do an airborne survey to generate high resolution geological and physical data, promote Nigerian minerals endowment, construct a multi-million dollar solid minerals laboratory in Kaduna and also build a training institute in Jos, aside from setting aside $10 million as credit scheme for small-scale or artisanal miners and mining communities.

    The grant, an interest-free facility, has a 35-year tenor and a 10-year moratorium. There is even a follow-up: another $80 million facility, after a seven-year satisfactory disbursement of the initial loan. The overall goal of the scheme is to strengthen Nigeria’s long-term institutional and technical capacity to manage mineral resources, in a sustainable and environment-friendly and sensitive way. It takes no special acuity to know that this scheme, if well handled, could point to the economy’s new growth area, particularly with the sharp drop in resources from crude oil.

    Yet, over three ministers of solid minerals, parts of the project, particularly the non-self sustaining aspects, have lapsed into a coma, if not outright abandonment. That is unfortunate; and should not be allowed to continue. That is where Kayode Fayemi, the new Minister of Solid Minerals, comes in. Urgent efforts should be made to revisit the projects; and give life to the abandoned ones as quickly as possible.

    That might just be a good area to kick-start the Fayemi era in solid minerals, in the context of the positive change the Buhari Presidency promised, while campaigning for votes. Indeed, the whole solid minerals sector needs an urgent tweaking. First, is the extant legal framework. Right now, solid minerals mining is an exclusive preserve of the central government.

    But there is need to liberalise the sector, in consonance with Nigeria’s federal structure. Even if that would entail a constitutional amendment which does not come easy, mining laws should be amended, such that states with minerals find it easier to leverage the trove in the bowels of their earth to attract joint projects from foreign investors.

    On this score, the Federal Government would do well to consult with and actively engage states with solid mineral resources, before inviting foreign investors that can help mine these resources at mutual benefit to the three parties: the investors, federal and state governments.

    The demonstrable expertise for such easily comes from Australia and South Africa, twin countries whose economies thrive on mining. The United States too, though not so much into mining, is known to boast such technical skills. The most important thing, however, is to invite credible companies that can add value, and also reinforce the local value chain.

    Even with official dormancy in mining, a lot of illegal activity goes on in artisanal mining. Indeed, it is claimed that illegal mining is a N4 trillion business. That is huge!  What to do with these ‘Illegal’ miners? Definitely not to ban them, as is being clamoured by some quarters. Instead, the government should legitimise their operations under the new foreign technical partners.

    That way, their ‘illegal’ business is legalised, with the big investors buying from the artisans, and government collecting taxes from the transactions. With prompt implementation of sound policies, solid minerals should contribute its own quota, as foreign exchange earner for Nigeria. With the downturn in oil, solid minerals, with agriculture, should be the country’s new growth area.