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He sold at £2.20 or thereabouts and re-bought at £2.10 so that's 10p per share x 65000 shares. That's 6.5k isn't it? (i was wrong first time). In any case, a nice little bit extra made on the side. Well done.
Bleak outlook for UK savers & the economy17 Sep '20
From this website-
(Alliance News) -Â The Bank of England on Thursday kept interest rates on hold, as expected, and said it is looking with regulators into how pushing Bank Rate into negative territory could be implemented if needed.
The nine-strong Monetary Policy Committee voted unanimously to maintain Bank Rate at 0.1%, while also voting to maintain the target for bond purchases at GBP745 billion.
The rate-setting body noted that the outlook for the economy remains "unusually uncertain", though said that recent data have been slightly stronger than expected.
The BoE expects gross domestic product in the third quarter to be around 7% below its level in the fourth quarter of 2019, "less weak than had been expected in the August Report."
"Administrative data suggest that the number of paid employees has fallen by around 700,000 between February and August. The number of furloughed workers has continued to decline; considerable uncertainty remains around the labour market after the government job support schemes unwind," the BoE said as it turned its eye to the labour market.
Inflation is expected to remain below 1% until early 2021, albeit "slightly higher than expected" at the time of the August monetary policy report.
"The Committee does not intend to tighten monetary policy until there is clear evidence that significant progress is being made in eliminating spare capacity and achieving the 2% inflation target sustainably," the BoE said.
Looking out, the central bank said recent upticks in Covid-19 cases in some parts of the world, including the UK, have the potential to weigh further on economic activity, though this is likely to be on a lesser scale than seen earlier in the year.
The MPC said it will continue to monitor the situation "closely" and stands ready to adjust monetary policy if needed. The committee will keep under review the possible actions that could be taken.
Minutes of the meeting showed: "The committee had discussed its policy toolkit, and the effectiveness of negative policy rates in particular, in the August Monetary Policy Report, in light of the decline in global equilibrium interest rates over a number of years. Subsequently, the MPC had been briefed on the Bank of England's plans to explore how a negative Bank Rate could be implemented effectively, should the outlook for inflation and output warrant it at some point during this period of low equilibrium rates. The Bank of England and the Prudential Regulation Authority will begin structured engagement on the operational considerations in 2020 Q4."
The pound was quoted at USD1.2902 after the BoE decision, having traded above the USD1.2960 mark prior to the announcement.
By Lucy Heming;Â firstname.lastname@example.org
Copyright 2020 Alliance News Limited. All Rights Reserved.
Very valid points Rebess, It would certainly emphasise just how farcical the court case stuck in limbo is . Whatever happened to the SCC & LAW 32 ? I wonder if Veritas mining (Lord king of the ringers company) will have been awarded a concession?
I think it's a reasonable expectation that a new licence in Egypt would reflect in a positive way upon the SP. - It would be a move away from being a single-mine-dependent company. - I believe the market would welcome the news. - IMO
That’s what Powell said but it all depends on your view of where inflation will go as it is real interest rates that count, which are surprisingly 13 times higher In the UK than USA now: latest UK interest rate .1%, inflation .2% so real rate -.1%, latest USA interest rate 0% inflation and 1.3% so real rate -1.3%. With collapse in economies, and especially wages, some predict deflation, despite fed targeting 2%+; the Japanese have fought to get any inflation for 30 years and their QE hasn’t done it. However assuming all this money printing does create inflation, and real interest rates remain negative that should be good for gold. But that is not proven yet, nothing new yesterday, gold is still range bound and could equally break out down as up, as this correction probably has further to go, so you are probably a wiser man than me Prof in selling. I don’t try to time the market short term, so just hold, or reinvest the dividend, but this time mostly done that in Hoc as itching to go if/when PM,s rise
Europe lower in premarket ahead of BoE decision17 Sep '20
Major European stock markets declined in premarket trade on Thursday ahead of the release of important economic data that include the Eurozone's inflation report, construction output, as well as the monetary policy decision of the Bank of England on the interest rate. A day earlier, the United States Federal Reserve decided to keep interest rates unchanged at 0.00-0.25%.
The DAX lost 1.07% at 7:32 am CET. The FTSE 100 dropped 0.63% a minute later.
The euro lost 0.42% against the dollar to sell for $1.17668 at 7:35 am CET and pound sterling slipped 0.29% against the greenback to change hands for $1.29289 at 7:36 am CET.
Good morning Siko. IMO ,the SP would only be affected short term by traders buying or selling. As normal. The value of the share is still in the ground. This share is always sucesptable ,because traders see it as a safe base if they get it wrong.The only time I can remember this share plummeting was when I bought. That was the suspension of mining after him in jail now,made accusations of wrongdoing. The way I see increased value rapidly is if gold rises as some guru's predict .Then most miners would get rocket propulsion.
I'll say there's upside to the share price if they do get a concession. But I don't see any negative fallout if they do not. In fact if a BIG player like Barrick were to get the adjacent property Centamin's share price would probably go up more initially (by proxy interest) than if Centamin got it for themselves.
IMO it all comes down to the irrelevance of our position in the pecking order of global gold miners. But that can and I hope will change with West Africa coming online and any expansion in Egypt.
Love your phrase in your post over on ADVFN: 'The share price is itching to rise...'
Key question is was I stupid or was I wise in dumping 65,000 shares yesterday. I agree with you that there seems to be momentum behind the SP but I have kicked myself many, many times before for not taking some of my over-large holding off the table to benefit from a good rise to then enable me to buy back on the dip.
"an official source, who asked to be anonymous, revealed to Ahram Online that the 2017 bid round was cancelled amicably and all sums that had been paid in accordance with the MoUs that had been signed by the winning companies had been refunded, except that of the English company Veritas* Mining Limited, who refused the refund."
Ahram Online contacted Lord Nabil El Nagy, the owner of Veritas Mining Limited, who asserted that he had refused to receive a refund of the sum he had paid in 2017, which was estimated at $320,000 plus $50,000 as primary insurance.
He added that the EMRA had asked the winning companies to pay such sums within 15 days of announcing the winners, or the companies would be crossed off.
“We fulfilled our commitments, and the government should hand the concessions to the winning companies, as there are no legal causes to prevent that, and we already signed reports on receiving our concessions,” El Nagy added.
As Siko's Egyptian contact said "Good times coming, Good times coming!" A well informed acquaintance is of the opinion that this was a prominent factor in the strategy of why Endeavour were so desperate to get their hands on Centamin