London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East and have access to Premium Chat. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
BOE cuts Bank Base Rate to 0.25%
The Bank of England announced on Wednesday that it cut its main interest rate to 0.25%. The rate was previously at 0.75% and the move comes amid global concerns over the economic impact of the coronavirus.
More to come...
Breaking the News / VP
This should add a little colour to the day..
European markets traded lower on Wednesday after most countries on the continent reported an increase in the number of newly discovered infections yesterday.
Meanwhile, European Commission President Ursula von der Leyen revealed yesterday that a €25 billion investment fund will be set up to ease the impact of the novel coronavirus (COVID-19) on the EU economy, while European Council President Charles Michel said that the bloc will use all tool at its disposal to battle the negative economic consequences of the virus.
The DAX declined by 0.19% at 7:44 am CET, while the FTSE 100 lost 0.41% at the same time. The CAC was 0.49% down at 7:42 am CET.
The euro increased by 0.73% compared to the dollar at 7:48 am CET, trading at 1.13626. The British pound advanced 0.20% against the American currency, going for 1.29342 at the same time.
Breaking the News / MS
Happy hump day... Gold is at $1663.00 +.82% at least better than yesterday’s close.
You sound like "Oddball" with those negative waves . Hey show some charity for those who have suffered working from home, washing one's hands to the sound of "happy birthday" for 20 seconds. No "Golden Hand shakes here" - we have to avoid those at the moment. Our time will come, thy will be done, as it is in earth and before we go to heaven. Be patient -The Fed has not spoken and handed down to his disciples a half a percent interest cut yet, but I am sure he will very soon. If not we still have a divi coming in May. Overall what with interest rates falling all around us this is still a better place to have your money longer term.
I remember when we talked about the flip flop party at £2. Sadly it never came to fruition. I only hold a small amount now because of the lack of ambition and the constant hiding of bad news. How can such a great company can get so much so wrong so often, next figures are surely to disappoint most but not all ! x
I understand exactly your meaning Mr Bond!
Excuse my comment.
Those people pay far less tax than others.
Ha Ha Tibbs you are not wrong.
But perhaps one of they plebs or staff ,pass it on to the Toffs.
Which is toffee nosed gentry.
They are gradually getting less.
They just need that extra help for much less.
A valid observation Razor's, but remember that Cheltenham is entertainment for the "Toff's" who suffer the attendance of the "Plebs" at the event because provides revenue to support the 'Toff's" playtime!
Dividends are great but you have to remind yourself how they came about - drilling, drilling, drilling...
Sure, you can look at all the money spent in West Africa as frivolous when compared to money OUR pockets but that is short sighted.
A possible outcome might be Barrick or Newmont partnering with Centamin to develop Burkina Faso and Cote D'Ivoire. Share the cost of construction, the risk of jurisdiction and of course the rewards of wealth creation.
I would be happy with that type of arrangement. And sooner rather than later...
Thank you Sotolo, for your understanding and not least of all your kind words which are greatly appreciated!
Yes a fall in gold matters three times more than a fall in ounces mined. A 33% drop in gold price would equal no profit, or same as no ounces mined, particularly as aisc would also soar.. A 33% rise in gold would equal roughly double the ounces mined or profit, at same cost tho costs would fall a little.. As the gold price rises however this multiplier of 3 is falling to 2.5 and of course when gold is above $2000 it will fall further and above $5000 be relatively insignificant. And yes I would like them to stop investing (?) money on the useless mines in West Africa tho happily they don’t spend much on them, and continue churning out profit and huge dividends, and hope a higher gold price will increase both.
If you are happy for them to just stay Egypt mining Sukari, then why dont they sell their other mines in BF and IV.
We can not rely on gold price to make more profits. Going by your definition 10% rise in gold price = 30% rise in Oz mined, then would that mean 10% drop in price would mean 30% less mined Oz.
I will stick to my theory that we need to mine more gold. At the end of the day we are gold mining company and not a gold trader.
A 10% rise in price of gold = 30% rise in ounces mined, so I own this for rising gold and only hope for consistent ounces year on year.
Better half a brilliant mine, in my view, churning out the stuff for the next 20 years or more, and returning all the profit to me that I can choose how to reinvest, than the many rivals with their gold running out, pouring their profit into new holes in the ground that mostly come to nothing. I for one hope that Cey keep giving me the profit and don’t put it into useless self aggrandising holes in the ground, like their empire building rivals who have destroyed so much shareholder value in the last 10 years, and just keep extending Sukari or expand tentatively nearby in Egypt
Rebess, That is so funny(We are a half-mine operator.)
Regarding a takeove, it would be nice if we are at 160p when it kicks off and not 100p. Next update will decide if Barrick makes an offer.
Regarding the gold price after UK markets close. I have notice that it always fade before our market reopens and so we get no benefits from it. Even yesterday Gold up Cey DOWN. Gold down Cey DOWN.
We have to mine more gold , It is as simple as that.
Anyway topped up today
Mr Tibbles, you are a wonderful and discerning man
Back in Washington, "Our pathetic, slow moving Federal Reserve, headed by Jay Powell, who raised rates too fast and lowered too late, should get our Fed Rate down to the levels of our competitor nations," said Trump ahead of Tuesday's New York open.
"They now have as much as a two-point advantage, with even bigger currency help. Also, stimulate!"
Trump is also set to announce taxpayer aid for the heavily-indebted US shale oil sector after crude oil sank at its fastest pace since January 1991, bouncing 6% on Tuesday.
Copper meantime rallied 2.8% from Monday's plunge to the cheapest since December 2016, down by 15 cents in the Dollar from January.
Tuesday, 3/10/2020 15:30
GOLD PRICES fell hard Tuesday as world stock markets bounced from yesterday's plunge and government bond prices also retreated, edging long-term interest rates sharply higher from Monday's record lows amid the worsening coronavirus outbreak.
US President Donald Trump meantime demanded yet more rate cuts and QE from the Federal Reserve, ahead of a press conference at which he promised overnight to announce tax cuts and state aid for workers paid by the hour.
The government in Japan today approved a bill enabling Shinzo Abe to declare a "worst case" state of emergency after the Prime Minister was criticized for failing to respond quickly enough to the outbreak of Covid-19 in the world No.3 economy – "most likely" far worse than official estimates say, according to the National Institute of Infectious Diseases.
No.3 European Union economy Italy meantime began its first day of near-total shutdown after Prime Minister Giuseppe Conte extended Sunday's restrictions on north-eastern region as to the whole country.
"All forms of gathering in places open to the public are prohibited...[with] all organized events...including those of a cultural, recreational, sports or religious character suspended...[whether] in public or private...indoors or outdoors."
Milan's FTSE MIB stock index rallied just 0.5% by mid-afternoon after losing over a tenth of its value on 'Black Monday'.
European stock markets as a whole halved their earlier 4% bounce from yesterday's plunge to 14-month lows on the EuroStoxx 600 index.
Gold priced in the Euro touched a 1-week low at €1452 per ounce, down €100 from late-February's new record high – and down from yesterday's spike to €1500 – as bond yields rose steeply before slipping back.
With 10-year German Bund yields whipping from -0.90% to -0.71% and then -0.80% – formerly the record low of last August's global growth panic – yields on US Treasury also swung higher only to retreat.
Real 10-year rates, adjusted for inflation expectations, currently show a near-record relationship with gold prices, recording an r-squared of 93.2% across the last 52 weeks.
I can't stand Mark Bristow, he hunts Africa wildlife and poses with the elephants he has slaughtered for fun!
Although I can't see Barrick making a bid they would have to pay too much money and take on EMRA as a partner!
I don't see a theme but I am am sure that I can smell bulls***!
The Endeavor share price will have also dropped and a lot can happen in the 6 months it would take them to mount another attack, especially with the out of debt they have!
Good Point Rebess!
I have noticed after London closes the Gold price always seems to recover. Perhaps there is a message there as the NYSE turns Red again, after early gains. I feel a lot of traps are being set here. I am still pleased even though we are down that I am here in the precious metals market.
The Bank of England issued a statement late last night to say that they had never seen so much demand for bullion sales and I am sure this will have an effect to turn our price around sooner of later.
I agree with your point about markets and ambition. - The single-mine status has held us back I feel and also exposes us to set-back. All our eggs in one basket as it were, makes for vulnerability. - Actually, we haven't even got a single-mine, we've only got a half of one. - We are a half-mine operator.
...it’s a mess anything could happen.
I hope one of the pharmaceutical companies come up with a vaccine for the coronavirus.
Everywhere is shutting down and rightly so... why is Cheltenham on... these people are risking the lives of many for some sporting entertainment.
Wake up lads... the world is in trouble