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London's FTSE 100 was lower on Friday ahead of United Kingdom housing prices data, which will be published by Nationwide before the opening, and the Bank of England's report on mortgage applications, set to be released early in the trading session. Yesterday, UK Prime Minister Boris Johnson estimated that the coronavirus passed its peak in the country, as additional 674 victims of the disease have been reported in the authorities' latest update. The DAX in Frankfurt and France's CAC 40 will be closed for International Workers' Day.
The FTSE 100 dropped 1.32% at 7:27 am CET.
The euro was flat compared to the dollar at 7:28 am CET, trading at 1.09516. The British pound declined 0.19% against the American currency, going for 1.25708 at the same time.
Breaking the News / MS
Might be good to go to quality businesses, good margins, producing real needed service is and products...CEY? gold?
For 3 years, the administration of U.S. President Donald Trump has attacked and mauled the global trading system. Now COVID-19 is stoking new pressure for protectionism, and the World Trade Organization (WTO) needs to prepare for more countries (not companies!) to capitulate under the strain.
If the trend is left unchecked, the world may/will repeat the experience of the 1930s, when industrial production fell by nearly 40 percent, unemployment soared, and economic activity remained anemic for the better part of a decade. Then as now, trade barriers did not cause the problems. America’s Smoot-Hawley Tariff Act did not trigger the Great Depression, and tariffs today will not have caused the COVID-19 depression.
But such barriers could affect the recovery, especially given the modern importance of cross-border supply chains. What happens now will influence the shape the future ...
Will the world be a better place. The NGO's and all the groups with real or imagined cases are taking to the streets...
Just lost $70b on the ASX today, my guess more to follow. Home prices in OZ are looking super vulnerable. The big 4 banks looking very soft. The economy? "The reality is there is no V-shaped recovery," ANZ CEO.
"Why? Because our economies are open and very, very dependent on exports and tourism and migrants and foreign students. So what does happen when the barriers go up. The foreign students don't turn up.
Going to be a lot longer for the market to come back than September is my bet.
No response regarding my last post.Odd.Like life really.
Having just posted that, I read this article, which sums what I meant up quite nicely:
(Apologies for posting a ZeroHedge link here. They publish all kinds of garbage, but this summary of the past month is useful).
There's an old stock market adage - "Sell in May and go away until St. Ledger's Day" (i.e. September).
I'm thinking this may be good advice this year. There is a huge disconnect between the high valuations of financial assets and the slumping real economy. IMO, fundamentals are like gravity - you can ignore them for a short while, but in the long run they are relentless. If the stock market doesn't collapse before then, then surely dreadful Q2 earnings (July) will bring it down.
I've left a little money in Centamin and in Sylvania Platinum, but otherwise I've sold everything. Now I'll just wait and see what bargains may or may not appear over the next few months.
IMO the story will go - demand shock, mass unemployment and collapsing GNP, deflation, another stock market crash, US Fed money printing binge and announcement they will buy stock market ETFs as well as all the other junk they already have on their balance sheet, and then stagflation... It's that last one that will be REALLY good for gold, but we're not there yet.
Hi RazorsEdge. I use HL to trade and am ok there but Webull’s sudden departure is extremely unhelpful to all that use it. And with no explanation on their website it seems downright irresponsible to say the least. Hope you can find alternatives. ATB.
(Bloomberg) -- Out of cash and desperate for help in propping up its oil industry, Venezuela is raiding its gold vaults and handing tons of bars to its long-time ally Iran, according to people with direct knowledge of the matter.
Government officials piled some 9 tons of gold -- an amount equal to about $500 million -- on Tehran-bound jets this month as payment for Iran’s assistance in reviving Venezuela’s crippled gasoline refineries, the people said. The shipments, which resulted in a sudden drop in Venezuela’s published foreign reserve figures, leave the crisis-ravaged country with just $6.3 billion in hard-currency assets, the lowest amount in three decades.
The two nations -- both pariahs of sorts in international circles -- are working more closely together as they try to withstand withering U.S. sanctions and a coronavirus-sparked collapse in the price of oil, their main source of revenue. For Iran, the deals provide a fresh source of revenue. For Venezuela, they ensure that its supply of gasoline doesn’t totally run out.
Iran is the latest destination for Venezuelan gold after the U.S. cracked down on similar deals that the Nicolas Maduro regime was conducting with Russia, Turkey and the United Arab Emirates.
After a brief -- and rare respite -- Venezuela’s currency is once again in free fall and inflation has started picking back up, with the annual rate climbing to about 3,500%, according to a Bloomberg index. A strict quarantine to fight the coronavirus pandemic is beginning to show cracks and the risk of greater social unrest is growing as Venezuela frantically tries to secure food and fuel.
With much of the central bank staff self-isolated at home, the transport of the gold bars into armored cars to be taken to the airport was discrete and conducted by employees and heavily armed security officials from the vaults located in downtown Caracas, according to the people familiar with the matter.
Spikephoto I am already using Teletrader but only for market news and gold/oil prices, they have a real time quote service so I’ll add my list there.
Thanks again for your help.
Thank you Spijephoto, are you fully registered with Webull and do you buy and sell through their website?
I use a broker local to me and don’t know if they dumped me as I am not either registered or trading through them.
I am quite shook by this as I mentioned I rely heavily on there service.
Thank you for replying.
I also had the same message on my Webull and no data has been supplied today. I have no idea what's going on and there is nothing on their website to confirm any changes. In the meantime I'm using Investing.com as its also pretty good if slightly different. At least its real time prices and may help you out till we get some clarity on Webull.
Siko gave me the name of a website for real time quote’s. It is Webull. Can I ask if anyone else is using this site as today the posted a message saying that they were no longer supplying U.K. stock market data.
As Sike is no longer around I can’t ask him if his service has the same message.
I emailed Webull but am yet to receive a response.
Can anyone that also using Webull please confirm if your service has the same message.
Also as I now have no real time data can anyone please recommend a similar website
Thank you for your help regards razor.
Centamin down 3.5p at 159.25 which is less than the dividend of c5p. Also interesting in percentage terms that we are down 2.15% vs a FTSE market down c2.6% which means we are performing better than market even before taking into account going ex-dividend. If we can close in the 160s that would be really nice but likely to depend on where gold goes in the next 90mns.
Re- London Gold Price Slips Near $1700 as Scotia Shuts Shop, Covid Sinks China Demand, Moscow Won't Buy
Wednesday, 4/29/2020 14:53
I ran the piece above past Andrew Maguire (London gold trader) and BB members may like to read his opinion of the situation below-
To suggest that there is a connection with SM’s exit from Bullion Banking and the price decline to 1700 spot is laughable.
Also the Russia story proved to be wrong last month, and will be proved wrong again next month.
Actual accumulations over the last 12 months is closer to 1200 Tonnes far from what is being reported!
At present the main factor holding gold from its fair value of $2200 per month is the Bank of international Settlements, which also happens to be holding a market to market event today.
Andrews recent Webinar. https://kinesis.money/blog/talking-gold-with-andrew-maguire/
Thanks very much Spike. Frankly I'd happily pay monthly for Webull, I was so impressed with it. They even have a desktop app which syncs with the alerts, charts and lines you create on the mobile app.
Thanks for the tip on Investing.com I'll give that a go, Google Finance is a shadow of what it used to be so I need to find something else if Webull is offline permanently. Will let you know if I find anything out or find a good alternative.
Looking forward to reinvesting my dividend! GLA
Hi Jimbo. I got a banner on my Webull phone app that data from the LSE would not be available from 30.4.20. (today). I checked the Webull website and found no reference to this and no explanation. Whether this is a technical issue or a way of getting subscription I just don't know. Its a very very good app and it will be a shame to lose it. Please post if you find anymore info on this.
I'm using Investing.com today. You may find this a good stop gap.
Google charts don't seem to be working for me today and I'm not sure Yahoo finance is updating it's prices correctly. Is anyone else seeing these issues? Feel like I'm operation blind at the moment.
Is Webull working for anyone on here this morning on LSE stocks, ie CEY? After a recommendation on here I've been using Webull since lockdown and have found it to be excellent, but this morning all my watched LSE stock have stopped updating? Does anyone else have this issue?
Demand for gold increased 1% annually to reach 1,083.8 tonnes in the first quarter of the fiscal year as investors turn to safe-haven assets due to the uncertainty caused by the coronavirus outbreak, the World Gold Council said in its report on Thursday. Translated to value, global gold demand reached $55 billion, marking the strongest quarter since the second trimester in 2013.
Global gold reserves surged by 145 tonnes in the first quarter compared to the same period last year. However, the council expects "a significant slowdown in future buying after Russia announced that it would suspend its long-term buying programme from April."
Meanwhile, gold-backed ETFs (gold ETFs) recorded huge inflows of 298 tonnes, raising global holdings in these products to a fresh all-time high of 3,185 tonnes, while demand for jewelry slumped 39% on an annual basis to 325.8 tonnes, marking its lowest level on record.
Gold traded 0.06% lower against the dollar, selling for $1,711.88 per ounce at 1:29 am ET.
Breaking the News / GA
Major stock market indexes in Europe jumped in premarket trade on Thursday ahead of European Union inflation and gross domestic product data releases as well as the European Central Bank's interest rate decision. Investor sentiment remained positive as Gilead Sciences and US scientists announced a day earlier that remdesivir is showing good results in a COVID-19 treatment trial, but the negative economic impact of the coronavirus pandemic was stressed once again by the International Energy Agency (IEA) in its latest report which warned of record low energy demand.
The DAX rose 1.52% at 7:22 am CET and the FTSE 100 was up 1.23% at the same time. France's CAC 40 was up 0.48% at 7:02 am CET.
The euro declined 0.12% to 1.08594 against the dollar at 7:25 am CET.
Breaking the News / VP
The solution would be to sell and buy back in an ISA, if of course you are able to.
That way all divi payments are tax free and can be taken as income or reinvested.
European stocks were higher in premarket trade on Wednesday after Airbus, Standard Chartered, Deutsche Bank and Daimler all posted their quarterly results before the bell. Meanwhile, investors continued to digest the coronavirus situation in Europe as countries prepare to remove lockdowns amid declining new cases figures.
Germany's DAX gained 0.48% at 7:27 am CET. The FTSE 100 increased 0.52% at 7:28 am CET and the CAC 40 was 0.55% in the green at 7:11 am CET.
The euro was 0.32% higher compared to the dollar, going for 1.08529 at 7:29 am CET. Meanwhile, the pound rose 0.42% to 1.24750 against the greenback at the same time.
Breaking the News / VP
Numbers growing in Egypt,
Not sure how much testing in Ivory Coast or Burkino Faso
Hopefully Sukari will stay clear of this.
Egypt Cases: 5,042 O/Night: +260 Deaths: 359 O/Night: +22
Ivory C Cases: 1,164 O/Night: 0 Deaths: 14 O/Night: 0
Burk F Cases: 635 O/Night: 0 Deaths: 42 O/Night: 0
Zambia miner is right, nothing to do with settlement. It is who owns on the share tomorrow ie the buy or sell date . I usually sell on the last day (tomorrow this year) to avoid getting the dividend, often at 4.20pm, I have never accidentally got it, so the buyer must. I get the equivalent when buying back the shares for less the next morning, and two weeks earlier
However tomorrow I may bite the bullet not sell and pay ove 50% tax on the divi, as I am afraid of losing even more as Centamin correction may be nearly through, and I don’t want to be caught without it overnight in this climate..... pondering.
If this is factual (and I can't see why it's not — as it's being published in Junior Mining Network) then it follows Centamin will also be permitted to adopt the new terms
"The three year extension should allow ample time for Aton to migrate to the new regime from its existing concession agreement and benefit from the improved terms."
...the Company had numerous discussions with representatives of the Egyptian Mineral Resource Authority (“EMRA”) and Ministry of Petroleum and mutually agreed it was in the best interests of the Company to proceed with a three year extension to its current exploration license for a number of reasons, including:
Avoiding the expense and time commitment of immediately forming a Joint Venture company with EMRA to advance the exploitation of the Hamama deposit, in accordance with the Company’s existing concession agreement;
- Allowing the Company additional time to continue its exploration program, while at the same time retaining its right to declare a commercial discovery during the three year extension period, should it choose to;
- The ability of the Company to retain more exploration ground given the relinquishment required under the three year extension is reduced; and
- Avoiding the expense of paying rental fees on retained areas, given no rental fees will now be payable during the three year exploration period.
“We are very pleased with this recent development,” said Mark Campbell, President and CEO, “as it will allow us to carry on with an aggressive three year work program that we have planned for our targets such as Rodruin and Abu Gaharish, as well as at Hamama West while allowing us to negotiate with the Egyptian authorities a transition from the existing PSA regime to the new tax, rent and royalty regime.”
My thoughts: If Aton's CEO has negotiated new terms - we sure as hell ought to be able to negotiate new terms.
I would like to thank everybody for their replies.Very great depth to all the replies.Back in 1980 when gold soared I got interested in gold,.The price had spiked to 840,and was down to the 400 to500 mark.But after doing research,i worked out that the fundamental price of gold was about 333 dollars an ounce.I was quite crushed that all the work I had done had led a lower price than I had anticipated, and therefore little hope of profit.
I was though happy when I read in the Times that Swiss dealers were looking at that time for a floor of 333 dollars.
Using Elliott wave I worked out a bottom of 250 dollars,which was reached years later and was the low.Not having a lot of spare cash,i passed on the opportunity, Ouch !!!!.
If gold spikes up like it did in 1980,my calcs give at current inflationary rates at a top of about 4,000k,more obviously if inflation was to rip in the years to come.
The big question is how governments get out of the upcoming recession (and Depression ?).They cannot go down the 1930,s deflationary route as we saw what happened then !!!.Already at this early stage, social unrest is beginning to rear it's head.
In Germany,the Far right and the Far left were seen at the weekend at a demo,apparantly singing from the same page,(work that one out,weird!!!!).
So I ask the question, what is the chance of governments going down the inflationary route ?.