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Just like the Oct 7 attack in Isreal and Feb 24 Ukraine invasion by russia back in 2020 gold and oil prices went up for a week or two, Oct 7 attack have sent oil up about $10 and gold up $140, Feb 24 attack have sent oil up by $40 and sent gold up by $160, theres a good chance we can see oil going over $100 and gold reaching $2500 next week or two if war between iran and isreal escalates.
Russian military is vastly overated....Full of useless conscripts....out dared hardware...2 years struggling against Ukraine....
Katenip,
You make some very pertinent points!
Personally I can see numerous levels of support at 2265 and 2301, but doubt I'd be in if it went below 2327 and 2319. hopefully with the attack over the weekend everyone who was out on Friday will want to be back in on Monday, The good ones gap up and go, hopefully this is what Gold is doing,
Even with a small consolidation here It still looks good for CEY.
Am I correct in thinking that gold around 2300-2400 would double CEY profits from the last few years?
If only been in here since 5th March, spent to much time waisted on KEFI
Interesting price action and food for thoughts....
Friday unprecedent drop in POG, orchestrated or not by FED US or whoever you like, it comes spot on before the Iran recent attack on Israel.
Whatever was behind Friday POG drop it was nevertheless paper gold, not physical. Hence central bank are still buying gold and we will possibly see China tonight taking advantage of recent price correction, but also I wonder, is there any shorter needing to close positions ? Is there a new POG record high comes next week?
150 in in sight very soon. 200 is possible at POG price expecting big jump tomorrow
After the USA threatened to pull the rug out from funding Israel’s war efforts as the Israeli government refused to downgrade their invasion of the whole of Gaza , the Israelis deliberately incited the Iranians by bombing the Iranian consulate and embassy in Damascus, which killed several senior Iranian military.
Israel has deliberately pulled Iran into overt action.
Diplomatic efforts have to be made to control the situation and rein in both Iran and Israel.
Western / NATO criticism and sanctions against Russia look hypocritical if the same measures aren’t applied to other invaders.
NATO will begin to immediately fragment after Trump's reelection | Michael Clarke
https://www.youtube.com/watch?v=Z0P63HAapLs&list=PLGeQKoGUstRDKNEs656pLBQnNH-OQg9xS&index=3
Washington can no longer dither in support for Ukraine
Editorial
Le Monde
As Russian forces pound Kharkiv and the country's energy infrastructure, it's urgent that America's Trump-supporting Republicans lift the six-month block on a $60 billion aid package.
Published yesterday at 2:57 pm (Paris) Time to 2 min. Lire en français
https://www.lemonde.fr/en/opinion/article/2024/04/13/washington-can-no-longer-dither-in-support-for-ukraine_6668321_23.html#
Putin's economy could be 'crippled' by tightened sanctions | Tim Ash
The West has the power to ruin Putin's economy directly limiting its capability to fund the war if the allies can find the political will, says Economist Timothy Ash.
https://www.youtube.com/watch?v=uDEglbl0Afw
NATO ‘isn’t prepared’ for war with Russia | General Sir Richard Shirreff
General Sir Richard Shirreff, former deputy supreme allied commander Europe joins Frontline to discuss the challenges facing NATO as it celebrates it's 75th anniversary, and updates from the war in Ukraine.
https://www.youtube.com/watch?v=LzzhQSEj-Nw
PUBLIC OPINION: USA Abandoning Ukraine? Or just Trump GOP?
A proposed $60 billion in aid to Ukraine passed a US Senate vote but has been held up for months in the House of Representatives.
Meanwhile, Ukrainian troops lacking crucial ammunition have had to abandon positions to invading Russian forces.
Kyiv Post took to the streets of Washington DC, Austin and London to ask people whether they thought the US was abandoning Ukraine or whether it was only a far-right group of Republicans holding up Ukraine aid.
https://www.youtube.com/watch?v=oVbZy-kW3qE
Iran has warned Israel that any "reckless" retaliation to its unprecedented aerial attack would receive a "much stronger response".
More than 300 drones and missiles were launched at Israel by Iran overnight, following the 1 April Israeli strike on Iran's consulate in Syria.
Israel said it and allies had intercepted 99% of the weapons.
It marked Iran's first direct attack on Israel, with the two countries having waged a years-long shadow war.
https://www.bbc.co.uk/news/world-middle-east-68811241
Iran launches direct drone and missile attacks at Israel - as it happened
Ahram Online , Sunday 14 Apr 2024
Iran's Revolutionary Guard Corps (IRGC) launched a drone and missile attack on Israel on Saturday, according to a statement released by the IRGC.
https://english.ahram.org.eg/NewsContent/58/1262/520848/War-on-Gaza/War-on-Gaza/Iran-launches-direct-drone-and-missile-attacks-at-.aspx
The war escalates!
This could touch 140 tomorrow on the middle East
Gold price will jump tomorrow as will oil price. Expect big jump in Cey share price.
2281-2285
2257-2267
2238-2249
2187-2193
2170-2175
I believe in gap filling and appreciate not all readers care about it. The rally closed on the monthly resistance line going back to 1980. Again I look at charts and others do not. Gold now in a consolidation phase for the coming weeks imop. Bottom target I have for gold is possibly around $2120 per ounce. Long term channel support has moved beyond $1800 per ounce and is increasing with time.
Https://www.msn.com/en-gb/news/world/iran-launches-massive-drone-attack-on-israel/ar-BB1lzFah?ocid=winp2fptaskbar&cvid=58bccd0ba27d4737cfa1772075b0dc18&ei=5
That's very likely and it wont end there because then there will be a retaliation on retaliation and the US may get involved as well.....
There is a strong Jews presence in USA notably I the financial sector but they are a bit everywhere at the top of industries, under Biden the Jews are kind of in charge of US affairs....hence we may be witnessing a start of a Iranian war with some of the west getting involved. IMO big mistake from the Iranian to retaliate, is just what they were waiting for, with market indexes at the top the financial mafia needed a reason to reset the markets for more gain to come.....
Too much money in the system create speculations and bubbles.
Apologies for the conspiracy theories drivels....
MIDAS SHARE TIPS UPDATE: Shareholders reap rewards from miner Hochschild
Before Christmas, gold was trading at $1,980 an ounce. That was already pretty punchy, but the price has since risen 18 per cent to more than $2,300 an ounce.
Silver – sometimes described as gold on speed – has gone even further, up 23 per cent in the past four months to $28 an ounce.
And there is talk of further gains. Both metals tend to do well when investors are worried about the future, when inflation is considered a risk and when interest rates are low.
Recent enthusiasm has been driven by the first two, with central banks adding further spice. Many have been keen and consistent buyers of gold – and they are supposed to know what they're doing. Looking ahead, interest rates are widely expected to come down, albeit more slowly than markets anticipated. When reductions start to come through, that could give gold a fresh fillip.
Silver and gold miner Hochschild has been basking in the precious metals' glory. Shares were £1 when Midas recommended them in December. Today, they are £1.49, an extraordinary increase in just a few months. Hochschild is not alone in profiting from gold and silver's recent run, but the South America-based miner has undertaken several self-help measures that should provide extra ballast this year and beyond.
Hochschild has been operating in Latin America for the past 100 years but went through a period of turmoil when government officials threatened to close its flagship mine in Peru.
That threat was finally averted last year, a new political regime is in place and the mine is back on track. Hochschild has also begun production in Brazil, on time and on budget, with a mine acquired just a couple of years ago.
Further expansion is expected in both countries with two further mines near existing sites. The group also owns a mine in Argentina which delivers high-grade gold and silver.
Chief executive Eduardo Landin is optimistic about Hochschild's prospects – and brokers tend to believe him. Appointed last summer, Landin has spent decades in the mining industry, with a thorough understanding of potential pitfalls and how to avoid them.
Production is expected to climb from 301,000 ounces to about 350,000 ounces this year, rising to more than 450,000 ounces from 2027. That should feed into strong sales and profits growth, particularly if gold and silver prices remain high.
Midas verdict: Shareholders have reaped rewards from Hochschild and there could be more to come. Shares were trading at close to £3 before the Peruvian debacle, when gold was much less in vogue and production was lower. But a 49 per cent gain in four months is unusual, and gold and silver have come a long way fast. Cautious investors should sell half their stock at £1.49, bank profits and keep the rest.
https://www.dailymail.co.uk/money/mailplus/article-13304235/MIDAS-SHARE-TIPS-UPDATE-Shareholders-reap-rewards-miner-Hochschild.html?ns_mchannel=rss&n
Iran have attacked isreal in retaliation of isreal attacking iranian embassy in syria and killing iranians.
Gold and silver gonna bounce straight back up next week in my opinion because it will be just the same reaction from the markets when russia invasion of ukraine back in 2022 febuaray 24th everything including gold went down and then everything went back up the next day but gold and oil prices went up even higher.
Stayed low for so long but those who stuck it out well rewarded
Thanks Red. Look forward to seeing you back in when the time is right.
And don't eat all those Teacakes at once!
Best wishes,
Prof
Hi Prof,
Obviously, my last post was not my last post! (how many times can someone actually retire?)
I'm glad you got back in. Your selling up below £1 just shows how markets drain the will out of long-term investors. It is a fact, which recent Centamin price action has shown, that most money is made by those who invest just as the price breaks out of that choppy/nothing period. They then catch a massive rise in next-to-no-time. At least I did take the dividends, re-invest them at cheap prices (and added a few more besides), and caught the rally. It took a long time though, but I've made enough to keep me in Tunnock's Teacakes for a bit longer.
I'll give buying in again some serious thought when the time comes. There are lots of positives.
Best wishes
Red
XX
Red,
Farewell for now and best of luck with your investing. I fully sold up my Cey holding somewhere below £1 as it was getting too painful watching it drop daily. I then bought back in for a fraction more than I had sold because I realised that I still believed in the Cey story.
Best wishes,
Prof
It's been ages since my last post, and I thought I'd write one last post to tell you that I am no longer a Centamin share holder.
Sadly, I've taken this last week's opportunity to sell all my holding. With dividend reinvestment and occasional purchases over the years, I'd accumulated a reasonable holding - far too large to be comfortable with in any share portfolio - and so decided to hand them over to the traders for any remaining morsels from this brilliant run.
I don't know yet whether I will buy Centamin again. If I do go for precious metal miners, I think I'll stick with ones that afford less geopolitical risk. There are a small handful of miners that have done the right thing in the quiet period, and developed good mines that will come on line when the gold price is due to go ballistic again after a pause.
I firmly believe gold is still in a long-term bull market, despite any scary pullbacks we will see - they are inevitable, aren't they? I also firmly believe that equities are the place to be, again despite any scares (however painful). I will just try to choose the right sectors to be in at the right times in line with the economic cycle. I will avoid government debt at all costs. That will not be worth holding for the long term until well into the next decade (if I'm still around).
I will not sell any gold at this point. Rather, I shall buy more when my target price is reached. I was told by a mine owner many years ago that whenever a Labour government comes into office, for Ch**st's sake buy gold. When l look back at gold price charts, I think he was probably right.
Anyway, thanks for all the banter over the years. I haven't read the board for some time but I'm so pleased to see all the wise heads are still posting. If I do buy Centamin again, I'll let you know.
Very best wishes to you all.
Red (Svetlana, the communist economist).
XX
Absolutely Paul, the timing of a trade of this magnitude and type has all the hallmarks of FED who are trying to hold down the POG..
The EU realises that it makes sense to take BRICKS seriously, however the FED seems reductant to accept the reality that there is going to be an alternative reserve currency to the dollar!
On 1 January 2024, BRICS – the intergovernmental organisation comprising Brazil, Russia, India, China and South Africa – admitted four new members: Egypt, Ethiopia, Iran and the United Arab Emirates. The group's decision to open the door to new members was taken at its Johannesburg summit in August 2023, sparking a debate about its growing international influence. According to estimates, BRICS+, as the organisation has been informally called since its expansion, now accounts for 37.3 % of world GDP, or more than half as much as the EU (14.5 %). However, besides an increase in economic power the new members could bring potential conflicts (Saudi Arabia/Iran or Egypt/Ethiopia) into the group, making the reaching of consensus on common political positions more difficult. Since the new members would only contribute roughly 4 % to the group's cumulative GDP, the significance of the expansion should be seen beyond the purely economic effect, in the form of greater influence for the group and for developing countries as a whole within international organisations such as the United Nations, the World Trade Organization and the Bretton Woods institutions. The EU engages with BRICS+ countries individually. For instance, it has strategic partnerships with Brazil, India and South Africa, and is negotiating a free trade agreement with India. On the other hand, current conflicts in Ukraine and Gaza show the divergent approaches to security taken by the EU and BRICS+. The European Parliament has stressed that further political dialogue with the BRICS countries is needed, including on an individual basis. In an exchange of views with European Commission representatives in October 2023, Members of the Parliament's Committee on International Trade (INTA) underlined the need to keep an eye on the group's expansion, especially considering the effect of a potential BRICS+ currency and the consequences for EU trade policy.
I think that if gold recovers or even stays at its current level, that for the next few Fridays we could have similar falls around close of play in London. I know people talk about profit taking and the like but that drop was pretty hard and fast around 4.30pm.